Fidelity is giving away $100 limited time

[COcheesehead]

I already have cash accounts (FDRXX or SPAXX) associated with every HSA, Roth, Rollover and taxable account. I don't think I purposefully added those, they just came when opened those investment accounts. Are these considered "cash management accounts"?

No.

 

[COcheesehead]

I did this and got the $100 deposited into my tiny new roth account - my favorite kind of money.

I have a taxable brokerage account at Fidelity (as well as their best in class HSA) and decided to also sign up for their unlimited 2% back visa, rewards to be deposited into taxable brokerage account.

There are various promos for this visa, with typical first few months spending requirements. My chase 5% category activation required visa was getting annoying!

I used to pursue promotions and it was a fun hobby, but now I'm tending to stick with fewer accounts, trying to keep my identity footprint small. If there's a good promo where I already have an account, I'm there!

We’ve had the Fidelity Visa for years. 2% back on everything beats the cards with the selective 5% rewards. We easily doubled our cash back since switching.

 

[Dtail]

We’ve had the Fidelity Visa for years. 2% back on everything beats the cards with the selective 5% rewards. We easily doubled our cash back since switching.

Most of the time, but not if one has reward CC with 100k in ML/BOA.

 

[RetiredAt55.5]

We’ve had the Fidelity Visa for years. 2% back on everything beats the cards with the selective 5% rewards. We easily doubled our cash back since switching.

A little more work, but we have 3 Citi's cards-

- one Custom Cash card for 5% for a single category. That's our restaurant/fast food card.
- one Custom Cash card for 5% for a single category. That's our grocery store card.
- one Double cash card for 2% on everything.

We write "restaurant" and "grocery" right on the custom cards. One card is in my name one is in DW's wife. They do allow getting a second card for the other person, so we both carry 3 Citi cards.

And we round that out with the Sams CC for 5% on gas, and the Amazon 5% card.

So, I've weaned us off of keeping track of revolving 5% quarterly cards, which were too difficult to keep track of (sorry Discover and Chase).

 

[4legsgood]

Most of the time, but not if one has reward CC with 100k in ML/BOA.

That one is a winner for sure, just don't want to open more accounts!

 

[Chuckanut]

We’ve had the Fidelity Visa for years. 2% back on everything beats the cards with the selective 5% rewards. We easily doubled our cash back since switching.

Very true.

But, if you can also take advantage of 5% cash back that's even better as long as one keeps it simple. For example, when my Discover card offers 5% back on groceries in the first quarter, I am going to take advantage of that since there is rarely a week that goes by that I don't buy grocers. The same goes for gasoline in the second quarter. OTOH, 5% back on 4th quarter purchases from Walmart are not worth much effort for me since the two nearest Walmarts are to far for me to visit on a regular bases.

Psychologically, I consider cash back credit cards as a way to fight back in the War on Savers that has been beating us up for over a decade.

 

[RobbieB]

I won "The War on Savers" (really who comes up with this stuff) by being an investor.

The last decade has been just wonderful -

 

[Earl E Retyre]

I just did it. Took me about 5 minutes. That's $1200 an hour.

Alright already. I felt the peer pressure. So, DW and I just opened up 2 CMA accounts. That's $200 for 5 minutes plus 20 seconds more to add 2 lines to my spreadsheet where we track accounts. Thanks all ... now, back to being lazy and watching the football game.

 

[teejayevans]

Do they do credit checks when you open an account?

 

[tulak]

Thanks for posting this. I created another account this morning. I don’t need the account, but it’s an easy $100.

 

[ER2B]

I'm almost sure fidelity's $100 incentive is a taxable event. I live in a state that I have to pay 5% , add the 22% to Uncle Sam. That leaves $73 and another account to keep track. Hmmm.

 

[4legsgood]

I'm almost sure fidelity's $100 incentive is a taxable event. I live in a state that I have to pay 5% , add the 22% to Uncle Sam. That leaves $73 and another account to keep track. Hmmm.

I think true for a taxable account but not for roth (or other ira), promotion goes into that account and isn't a taxable event. If you're not working like me, then you need to transfer funds from an existing ira to do the required funding of the account since you can't make new ira contributions.

 

[Amethyst]

Yep, it's considered interest. I figured $76 after taxes wasn't too bad since we already have a Fidelity account.

I'm almost sure fidelity's $100 incentive is a taxable event. I live in a state that I have to pay 5% , add the 22% to Uncle Sam. That leaves $73 and another account to keep track. Hmmm.

 

[COcheesehead]

I think true for a taxable account but not for roth (or other ira), promotion goes into that account and isn't a taxable event. If you're not working like me, then you need to transfer funds from an existing ira to do the required funding of the account since you can't make new ira contributions.

I work part time, 4 days a month, just so I can fund a Roth. Oh and have more money for wine.

 

[ER2B]

I think true for a taxable account but not for roth (or other ira), promotion goes into that account and isn't a taxable event. If you're not working like me, then you need to transfer funds from an existing ira to do the required funding of the account since you can't make new ira contributions.

I might just go for that. Fund a Roth cash management account from my Roth IRA. Not a taxable event since it's all within the Roth. Thanks for your response.

 

[Free2BMe]

Do they do credit checks when you open an account?

That is my question too.

 

[Free2BMe]

For opening a new account. I thought I had all the accounts at Fidelity I needed, but a cash management account qualifies as well.
Offer good for current Fido customers too.

Check out the link. Super simple to open/fund an account.

https://www.fidelity.com/go/special...3175&msclkid=fc86aa4a731e196f4cfccbe1eddd0d55

My credit is frozen. Does anyone know if that will be an issue? I am an existing customer with Fidelity.

 

[2017ish]

Aarggghh. Just opened FIDO Roth up on Wednesday and converted monies from existing FIDO Rollover IRA. Oh well, maybe next time.

 

[RobbieB]

Funded today. Transferred $100 from my existing investment account to the new one.

I like easy round numbers.

 

[RE2Boys]

I'm almost sure fidelity's $100 incentive is a taxable event. I live in a state that I have to pay 5% , add the 22% to Uncle Sam. That leaves $73 and another account to keep track. Hmmm.

Several years ago I received $1500 from Fidelity as an incentive to move my brokerage account to Fidelity. The $1500 incentive payment was reported on a 1099MISC, thus taxable income reported to the IRS. I fully expect this $100 to be reported the same way if you open a taxable account.

 

[Landolink]

Thx. Always just been a Vanguard guy. Now I’m a Fido guy too. So is my wife. [emoji385][emoji385]

 

[RobbieB]

Me thinks that's why they're giving away benjies!

 

[COcheesehead]

My credit is frozen. Does anyone know if that will be an issue? I am an existing customer with Fidelity.

No credit check.

 

[ER2B]

Several years ago I received $1500 from Fidelity as an incentive to move my brokerage account to Fidelity. The $1500 incentive payment was reported on a 1099MISC, thus taxable income reported to the IRS. I fully expect this $100 to be reported the same way if you open a taxable account.

Thank goodness credit card rewards are still tax free.

 

[jazz4cash]

Most of the time, but not if one has reward CC with 100k in ML/BOA.

Ok, I’m interested in the ML/BOA Preferred Rewards. How do they pay the reward? I love the Fido Visa that pays 2% automatically into my account monthly.

I already got the $100 Fido new account bonus for opening a CMA when the promo was posted in the bank bonus thread. Already have several accounts there so no credit check.