FIDO credit card - recent experience?

[Potstickers]

We looked at getting a Fido credit card a couple of years ago, but the reviews on the bank that managed the card were terrible, with lots of declines for legitimate purchases.

Has the situation improved? We'd love to get the flat 2% cash back, but not if it comes with a lot of hassle.

 

[misanman]

We've had the Fidelity card for several years and have never had a problem.

I should add that we use it very heavily and enjoy the 2% cash rebate.

 

[Go-NoGo]

Never had a problem with Fido's card - and I have been using it for 5+ years

 

[Jerry1]

Only been using it for a couple of years now but I have had no issues. They pay the bills, I pay them. When I look at reviews of credit cards, the things I see that label the card as poor come from people that are not in my situation. I never see a negative review from someone who uses their card regularly, stays under their limit and pays it off every month. In that situation, I’ve never actually interacted with the bank to have any basis for evaluating them. The card just works.

 

[Corporateburnout]

We also have been using Fido CC for the last 5 years with no declines or any other problems.

 

[greydog17]

+1 Have used for several years with no problems.

 

[freedomatlast]

If you don't like the Fido reviews, get the Citi Double Cash card. Same 2% cash back on everything with no limits.

 

[JPatrick]

Charge almost everything on the FIDO card with no problems. Nice to see the $60 to $70 reward in my FIDO account every month also.

 

[braumeister]

No problems here either, and I've found them to be excellent in catching fraudulent transactions, both before and since they've been run by Elan.

 

[Chuckanut]

No Problems.

 

[foxfirev5]

I've been using it for 95% of my expenses with no issues. The fraud dept quickly issued a new card when the number was stolen a couple of times. Cash rewards are promptly credited to my brokerage account.

 

[pb4uski]

If you don't like the Fido reviews, get the Citi Double Cash card. Same 2% cash back on everything with no limits.

We have the DoubleCash and have for years. We received an offer for the Fido 2% card in the mail and I looked at it casually... as I understood it you had to have your rebate deposited into a Fido account to get the 2%, otherwise it was 1%. While we have a tIRA and HSAs with Fido, we don't have a taxable account.... so I don't see much advantage to the Fido card unless one has a Fido taxable account. Right?

 

[gwraigty]

I've had not problems with the card in years of having it. There have been a few instances of fraudulent charges that were promptly taken care of.

While we have a tIRA and HSAs with Fido, we don't have a taxable account.... so I don't see much advantage tot eh Fido card unless one has a Fido taxable account. Right?

It appears that you are wrong.

https://www.fidelity.com/cash-management/visa-signature-card

Choose from up to 5 eligible accounts,4 including:

Brokerage account
Fidelity® Cash Management Account
Fidelity®-managed 529 College Savings plan
Retirement account
Fidelity Go® account
Fidelity Charitable® Giving Account®
Fidelity HSA®

The fine print:

4. Eligible accounts include most nonretirement registrations as well as Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, Fidelity Charitable® Giving Account®, Fidelity HSA®, and Fidelity®-managed 529 College Savings Plan accounts. The ability to contribute to an IRA or 529 college savings plan account is subject to IRS rules and specific program policies, including those on eligibility and annual and maximum contribution limits. Full details appear in the Program Guidelines new card customers receive with their card. Contributions to Fidelity Charitable® are generally eligible for a federal income tax charitable deduction. Please consult with your tax advisor. The list of eligible registration types may change without notice at Fidelity’s sole discretion. For more information about whether a particular registration is eligible, please call 1-800-FIDELITY (800-343-3548).

 

[FANOFJESUS]

I set up autopay on my Fido card. They underpaid the bill by $8 I was watching so I saw it. It might have cost my some money otherwise. I hope next month goes better.

 

[pb4uski]

.... It appears that you are wrong.

In my circumstances, you are wrong

I'm retired and have no earned income so I can't contribute to my Fidelity tIRA and our current health insurance is not HSA-eligible so we can't contribute to the Fidelity HSA accounts either. In both cases I presume that any credits from the credit card would be considered contributions.

 

[Carol1862]

We’ve also been using it for years with no problem. We use it heavily as well to get the cash back.

 

[Chuckanut]

We have the DoubleCash and have for years. We received an offer for the Fido 2% card in the mail and I looked at it casually... as I understood it you had to have your rebate deposited into a Fido account to get the 2%, otherwise it was 1%. While we have a tIRA and HSAs with Fido, we don't have a taxable account.... so I don't see much advantage to the Fido card unless one has a Fido taxable account. Right?

Right. I have a Fido account with a MM fund in it. The cash goes into the MM fund. I transfer it to a bank when I want to spend it.

 

[Cobra9777]

No problems at all after 5 years using the Fidelity 2% card. We have the cash-back deposited into a MMF in our Fidelity cash management account, which we use like a checking account. Very convenient in our situation. The Citi Double Cash looks like a great card as well. I might get that just to have a separate 2% card for recurring bills, where the physical card never leaves my sock drawer.

 

[Potstickers]

Thanks much -- that all makes it easy.

 

[RobbieB]

No problems here either, my favorite card. I have my cash back credited to my fido cash account and I have the interest from the muni bonds sent there too. I pay off the card with the dough in the cash account, discounted by last months card usage.

 

[njhowie]

In my circumstances, you are wrong

I'm retired and have no earned income so I can't contribute to my Fidelity tIRA and our current health insurance is not HSA-eligible so we can't contribute to the Fidelity HSA accounts either. In both cases I presume that any credits from the credit card would be considered contributions.

Read the quote in the comment you replied to again...

Eligible accounts include most NONretirement registrations as well as...

Go to the linked page and scroll down to "Link to Fidelity accounts" - you can have it deposited to a Fidelity brokerage or cash management account. You don't even have to use those accounts for anything other than having it with only FZFXX or SPAXX. Link to your primary bank account and you can ACH money out whenever you like.

https://www.fidelity.com/cash-management/visa-signature-card

 

[jazz4cash]

I set up autopay on my Fido card. They underpaid the bill by $8 I was watching so I saw it. It might have cost my some money otherwise. I hope next month goes better.

I ve had the card almost two years now, use it heavily and never had anything declined. Love it.

I think they switched to the current provider Elan Financial Services right before I signed up.

I setup auto pay also and I typo’d my account number. I noticed it at the last minute so I called them to fix my mistake. They said it was too late but I would not be penalized. I did not believe them at the time but I paid the full amount after the autopay was declined which was into the next billing period. They treated the payment as if it was on time. I got the full Cashback reward and zero interest was charged.

 

[pb4uski]

Read the quote in the comment you replied to again...



Go to the linked page and scroll down to "Link to Fidelity accounts" - you can have it deposited to a Fidelity brokerage or cash management account. You don't even have to use those accounts for anything other than having it with only FZFXX or SPAXX. Link to your primary bank account and you can ACH money out whenever you like.

https://www.fidelity.com/cash-management/visa-signature-card

I'm not interested in setting up a taxable account with Fido solely to capture this 2% rebate... we spend about $3k per month so our 2% rebate would be only $720/year... I currently get that directly from Citi using their DoubleCash card.. why would I go to the effort of setting up a Fido taxable account when I ready get the same rebate in cash from Citi?

Also, not impressed with FZFXX or SPAXX and I've owned both and currently own SPAXX.

My main point was that they advertise 2% but it is only 2% if you put the rebate into a Fido account, otherwise it is only 1%.... I already get 2% so it isn't at all interesting to me. If it paid me 2% in cash then I might consider it.

 

[gwraigty]

In my circumstances, you are wrong

I'm retired and have no earned income so I can't contribute to my Fidelity tIRA and our current health insurance is not HSA-eligible so we can't contribute to the Fidelity HSA accounts either. In both cases I presume that any credits from the credit card would be considered contributions.

Oops, I'm sorry. I stand corrected.

I've read that some people open a CMA or brokerage account solely to get the 2% rewards, but that's a matter of preference, of course.

 

[gwraigty]

On the general subject of 2% cards, PayPal has been soliciting me once a week to apply for their 2% MC. You have to manually redeem to a PayPal account, then transfer it to where you'd really want to keep it. I'm passing on it because it doesn't give me any advantages over what I already have.