Author Topic: New credit card - Fidelity Amex?  (Read 26380 times)

ZiziPB

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New credit card - Fidelity Amex?
« on: November 15, 2013, 06:57:40 AM »
Got an offer in the mail for a new Fidelity Amex card with 2% cash back on all purchases (deposited into my Fidelity brokerage account) and no annual fee.  I currently use a Capital One Visa that gives me 1% on most purchases, 2% on some a few selected ones.  I never carry a balance and have it set up so that cash rewards are automatically applied against purchases when I reach a certain threshold.   I would still use the Capital One card for international transactions as they charge no fees for that - I use it to pay my child's college tuition and get a nice bonus for that ;-) and use it when I travel internationally. 

It seems like a no brainer to switch to the Fidelity card and get better rewards on everyday purchases (groceries, gas, etc.). Am I missing anything?  Negative impact on my credit score?  Anything else?

kamikazejello

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Re: New credit card - Fidelity Amex?
« Reply #1 on: November 15, 2013, 07:09:32 AM »
Hard to beat 2% cashback. From a quick glance at the user reviews, the common thread is that a) card may have issues updating in to a Quicken/Mint style software (reportedly only updates monthly activity, not daily) and b) very aggressive fraud detection to the point of being frustrating and having the card declined & locked out frequently.

However, the good input far outweighs the bad. For a $0 fee card, it looks to be very good.

zinnie

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Re: New credit card - Fidelity Amex?
« Reply #2 on: November 15, 2013, 07:23:10 AM »
I switched to it 6 months ago and haven't had any issues yet. AMEX is slower in posting transactions for some reason but we are talking a day or two instead of being immediate.

Before this we used the Barclay rewards card (still do for the rare vendor that doesn't take AMEX), but this worked out to be a much better deal.


Guizmo

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Re: New credit card - Fidelity Amex?
« Reply #3 on: November 15, 2013, 07:31:13 AM »
Hah, yesterday I got an offer in the mail for the Chase Freedom card. Usually I would just throw all that stuff in the garbage, but they were offering me $200 bonus after $500 in purchases. It seems like that is $100 more than they offer on the website. So I looked up if opening more credit cards would hurt my credit score and I came to the conclusion that the people who write the articles know about as much as I do.

ZiziPB

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Re: New credit card - Fidelity Amex?
« Reply #4 on: November 15, 2013, 08:18:02 AM »
Thanks all for your input.  I think I will go for it then.  They are also offering $50 bonus after $500 in purchases so it sounds like it's a good deal overall.

arebelspy

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Re: New credit card - Fidelity Amex?
« Reply #5 on: November 15, 2013, 08:25:28 AM »
Nice.  I'd go for a Fidelity Amex card with 2% if offered!

I use my Amex Blue for most purchases.  Some places (local Seahawks bar, for example) don't take Amex, so I'm forced to carry around a second card (Visa debit card from Schwab) as well, but still worth it.
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madage

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Re: New credit card - Fidelity Amex?
« Reply #6 on: November 15, 2013, 09:38:06 AM »
Nice.  I'd go for a Fidelity Amex card with 2% if offered!

I use my Amex Blue for most purchases.  Some places (local Seahawks bar, for example) don't take Amex, so I'm forced to carry around a second card (Visa debit card from Schwab) as well, but still worth it.

The 2% Fidelity Amex card is available to all. You can have your 2% cash back redeemed automatically to a Fidelity Cash account, which is basically a checking account. Your cash back does not have to be redeemed to an investment account. This card is actually an AMEX-branded card offered by FIA Card Services (Bank of America). If you call customer service you are not connected to American Express. I was not impressed with FIA when I had the Fidelity Visa card.

That said, I prefer to seek out cards with high initial bonuses. For instance, you can get 40,000 miles from Barclay right now, redeemable for $400 in travel spending, on a card that pays you back at a 2.22% rate when miles are redeemed for travel. This card does have an annual fee of $89, but it's waived for the first year, and you can just move to the no-annual-fee card (1% back in miles) after that.

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Re: New credit card - Fidelity Amex?
« Reply #7 on: November 15, 2013, 10:03:26 AM »
Hah, yesterday I got an offer in the mail for the Chase Freedom card. Usually I would just throw all that stuff in the garbage, but they were offering me $200 bonus after $500 in purchases. It seems like that is $100 more than they offer on the website. So I looked up if opening more credit cards would hurt my credit score and I came to the conclusion that the people who write the articles know about as much as I do.

This reminds me of the time I got $200 from Chase for 2 hours work.

They mailed me a promo for a $200 bonus if you opened an account and deposited $100 into it.  I read the fine print, and you had to keep the account open for 6 months, but that was it.  So I went over to a Chase branch with $100 cash, opened the account, and a few days later it had $300 in it.  I then took out the cash and deposited it to my credit union account (I left enough in there to cover the then $6/mo fee on the account for 6 months).

6 months and 1 day later, I show up at a Chase branch to close my account.  They sit me down with a banker who starts giving me a hard sell on why I should keep the account open, and move them all my business from my CU. 

I go point for point with him, that the CU offers better rates on deposits, lower fees, lower international transaction costs, and with the credit union network they're a part of, more national coverage than Chase.  His boss/branch manager eventually walks over and says to the guy (within earshot of me) "Let me show you how it's done."

I got the same rope a dope from him, but since Chase was in every measurable way inferior to my CU, it didn't go very well for him.  Eventually I got back the $10 and change left in the account and was on my way.

About 4 months after that, I got another offer in the mail.  They had added that you now needed to set up direct deposit to them to get the bonus.  Guess the first promo didn't go too well.

ZiziPB

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Re: New credit card - Fidelity Amex?
« Reply #8 on: November 15, 2013, 10:08:53 AM »
I will take cash back rewards any time over any other type of rewards.  It's probably just me but I have no patience for complicated reward programs.  Blackout dates, exclusions, restrictions, hoops to jump through - I've never had any luck with FF programs or other "special" reward programs. A simple cash back program with no annual fee wins every time!

madage

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Re: New credit card - Fidelity Amex?
« Reply #9 on: November 15, 2013, 10:14:03 AM »
I will take cash back rewards any time over any other type of rewards.  It's probably just me but I have no patience for complicated reward programs.  Blackout dates, exclusions, restrictions, hoops to jump through - I've never had any luck with FF programs or other "special" reward programs. A simple cash back program with no annual fee wins every time!

I understand your position. You should know, however, that there are no blackout dates, exclusions, restrictions or hoops to jump with this particular Barclays card. You put the travel purchases on your card, then redeem the points in your Barclays account for a statement credit.

Psychstache

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Re: New credit card - Fidelity Amex?
« Reply #10 on: November 15, 2013, 02:25:12 PM »
I have had the Fidelity Amex since 2011. I have a brokerage account and my Roth with them, so the 2% cashback just gets thrown into those.

I love the card and it is my default card (when i'm not using some rotating category card shenanigans). I highly recommend it.

arebelspy

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Re: New credit card - Fidelity Amex?
« Reply #11 on: November 15, 2013, 06:42:58 PM »
The 2% Fidelity Amex card is available to all. You can have your 2% cash back redeemed automatically to a Fidelity Cash account, which is basically a checking account. Your cash back does not have to be redeemed to an investment account. This card is actually an AMEX-branded card offered by FIA Card Services (Bank of America). If you call customer service you are not connected to American Express. I was not impressed with FIA when I had the Fidelity Visa card.

Thanks! 

Does the Fidelity Visa card also have 2% cash back? (EDIT: It's 1.5% for the first 15k spent, then 2% after that. /END EDIT)

Anyone know how the Retirement Rewards part works?  Are they assuming you are eligible for and don't max an IRA or something and dump it into that (until the 2% caps it out, if you spend that much)?

They basically count on you to keep track of that and not go over in contributions, I suppose?
« Last Edit: November 15, 2013, 06:46:00 PM by arebelspy »
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wtjbatman

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Re: New credit card - Fidelity Amex?
« Reply #12 on: November 15, 2013, 08:03:45 PM »
I use my Amazon rewards Visa to pay for everything and obviously pay it off every month (every 2 weeks actually). It's basically a 1% "Amazon cash" earner on all purchases (with 2% on gas and groceries, and 3% on amazon purchases not using the points accrued). Sure, I'm not technically getting any cash back,  but the points I accrue I can use to buy things on Amazon that normally are not in my budget. This lets me splurge on a new game once a month, or buy some new books for my kindle, or whatever I want. I don't feel bad about spending the money because hey, it's free money!

Or, if you don't feel like spending your points on Amazon, you can use the points to pay down the balance. Ok thanks for the free money.

kmm

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Re: New credit card - Fidelity Amex?
« Reply #13 on: November 15, 2013, 08:19:55 PM »
I love my Fidelity Amex. I use it a lot for reimbursable work expenses, and transfer the cash back into my child's 529 plan.

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Re: New credit card - Fidelity Amex?
« Reply #14 on: November 15, 2013, 08:48:02 PM »
+1 on the Fidelity Amex 2% cash back.  Works awesome. 

Capital One has a 1.5% cash back Visa card.  Quicksilver Cash Rewards Credit Card.  And they offer $100 cash bonus for signing up.



madage

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Re: New credit card - Fidelity Amex?
« Reply #15 on: November 15, 2013, 09:08:13 PM »
The 2% Fidelity Amex card is available to all. You can have your 2% cash back redeemed automatically to a Fidelity Cash account, which is basically a checking account. Your cash back does not have to be redeemed to an investment account. This card is actually an AMEX-branded card offered by FIA Card Services (Bank of America). If you call customer service you are not connected to American Express. I was not impressed with FIA when I had the Fidelity Visa card.

Thanks! 

Does the Fidelity Visa card also have 2% cash back? (EDIT: It's 1.5% for the first 15k spent, then 2% after that. /END EDIT)

Anyone know how the Retirement Rewards part works?  Are they assuming you are eligible for and don't max an IRA or something and dump it into that (until the 2% caps it out, if you spend that much)?

They basically count on you to keep track of that and not go over in contributions, I suppose?

You're welcome!

I'm pretty sure you can direct your cash back into any eligible Fidelity account, regardless of the "version" you have. It is also pretty easy to change the disbursement account at any time.

BoulderTC

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Re: New credit card - Fidelity Amex?
« Reply #16 on: November 15, 2013, 09:47:50 PM »
To those who already have this card: is Fidelity strict at all about which accounts are 'eligible'? My company-hosted 401k is through Fidelity, so it would be a neat perk to be able to link up there. And arebelspy makes a good point about having to keep track of contributions. 

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Re: New credit card - Fidelity Amex?
« Reply #17 on: November 16, 2013, 05:23:39 AM »
I have the card and am probably going back to using it.  The rewards are the best

I'm in banking and I really appreciate the service of "real" American Express.  The Fidelity Card is franchised through FIA Card Services and the service level is not like regular AMEX.  I used it in the past, then had an issue where I needed help and it wasn't the same.




madage

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Re: New credit card - Fidelity Amex?
« Reply #18 on: November 16, 2013, 06:03:04 AM »
To those who already have this card: is Fidelity strict at all about which accounts are 'eligible'? My company-hosted 401k is through Fidelity, so it would be a neat perk to be able to link up there. And arebelspy makes a good point about having to keep track of contributions.

I last had the card in 2011, but I don't think I could choose my Fidelity 401(k) as the redemption account. That might have changed, of course.

Nords

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Re: New credit card - Fidelity Amex?
« Reply #19 on: November 16, 2013, 11:06:56 AM »
It seems like a no brainer to switch to the Fidelity card and get better rewards on everyday purchases (groceries, gas, etc.). Am I missing anything?  Negative impact on my credit score?  Anything else?
I have a Fidelity Amex, and let me offer a contrary opinion to this cheery consensus.  FIA Card Services is a subsidiary of Bank of America, and I had a terrible experience with their "customer service" department after my card data was stolen.

http://the-military-guide.com/2013/01/24/dealing-with-credit-card-fraud-any-suggestions/

Perhaps every credit card customer service department is this incompetent, especially after theft or fraud, and maybe Fidelity's Amex is no different.  But even after FIA replaced the card, for the next several weeks it was randomly suspended because they were hyper-alert for more fraudulent activity-- even when I was using the card at my local Home Depot.  The paperwork was also seemingly endless, and the victim persecution was rampant.  It got to the point where I'd go to a store, look at the Amex in my wallet when I got to the cash register, wonder whether it would be approved, think about the paperwork, wince, and pull out my USAA Mastercard instead.

I put the Fidelity Amex in my desk drawer in February and maybe I'll bring it out again someday.  But in the meantime I've been very happy with my Costco Amex.

madage

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Re: New credit card - Fidelity Amex?
« Reply #20 on: November 16, 2013, 12:40:22 PM »
It seems like a no brainer to switch to the Fidelity card and get better rewards on everyday purchases (groceries, gas, etc.). Am I missing anything?  Negative impact on my credit score?  Anything else?
I have a Fidelity Amex, and let me offer a contrary opinion to this cheery consensus.  FIA Card Services is a subsidiary of Bank of America, and I had a terrible experience with their "customer service" department after my card data was stolen.

http://the-military-guide.com/2013/01/24/dealing-with-credit-card-fraud-any-suggestions/

Perhaps every credit card customer service department is this incompetent, especially after theft or fraud, and maybe Fidelity's Amex is no different.  But even after FIA replaced the card, for the next several weeks it was randomly suspended because they were hyper-alert for more fraudulent activity-- even when I was using the card at my local Home Depot.  The paperwork was also seemingly endless, and the victim persecution was rampant.  It got to the point where I'd go to a store, look at the Amex in my wallet when I got to the cash register, wonder whether it would be approved, think about the paperwork, wince, and pull out my USAA Mastercard instead.

I put the Fidelity Amex in my desk drawer in February and maybe I'll bring it out again someday.  But in the meantime I've been very happy with my Costco Amex.

Nords,

That's even worse than my experience with FIA Card Services when my Fidelity Visa number was stolen. In my case, at least, FIA flagged the charges as possibly fraudulent and suspended the card, but they didn't notify me. I discovered the suspension when my wife called after having the card declined by a merchant. Somehow, the thief managed to change my online account information such that I was locked-out of that, too. After the charges were reversed, the old card closed and I had a new card, I canceled the account. I am not comfortable doing business with an issuer who doesn't notify you (email, text, phone, whatever) when the online account information is changed. I don't have a problem with the proactive suspension of the account on possibly fraudulent activity, but the lack of notification is a problem. Discover has suspended my account a few times, but they always call my home phone immediately, as it should be.

RootofGood

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Re: New credit card - Fidelity Amex?
« Reply #21 on: November 16, 2013, 06:37:15 PM »
It seems like a no brainer to switch to the Fidelity card and get better rewards on everyday purchases (groceries, gas, etc.). Am I missing anything?  Negative impact on my credit score?  Anything else?
I have a Fidelity Amex, and let me offer a contrary opinion to this cheery consensus.  FIA Card Services is a subsidiary of Bank of America, and I had a terrible experience with their "customer service" department after my card data was stolen.

http://the-military-guide.com/2013/01/24/dealing-with-credit-card-fraud-any-suggestions/

Perhaps every credit card customer service department is this incompetent, especially after theft or fraud, and maybe Fidelity's Amex is no different.  But even after FIA replaced the card, for the next several weeks it was randomly suspended because they were hyper-alert for more fraudulent activity-- even when I was using the card at my local Home Depot.  The paperwork was also seemingly endless, and the victim persecution was rampant.  It got to the point where I'd go to a store, look at the Amex in my wallet when I got to the cash register, wonder whether it would be approved, think about the paperwork, wince, and pull out my USAA Mastercard instead.

I put the Fidelity Amex in my desk drawer in February and maybe I'll bring it out again someday.  But in the meantime I've been very happy with my Costco Amex.

Sounds like my experiences with FIA fraud department.  Except I was flagged multiple times in one day.  Buying gas in my neighborhood and shopping at the grocery store in my neighborhood.  Not exactly out of the ordinary purchases for me. 

After being declined, the call to customer service was relatively quick, and I kind of laughed at their hair trigger fraud detection system because these purchases weren't out of the ordinary.  Earlier that day I bought something online that was from a sketchy sounding dot com (but totally legit - I forget who it was though).  That may have given me a high "fraud potential" in their algorithm. 

 I also rotate between different cards to try to maximize cash back, so when I first switch back to Fidelity Amex, my spending might appear to FIA Card Services to be atypical because they don't see my other CC purchases on other cards.

I have also been issued around 3-4 different Fidelity Amex cards in the last few years because of "compromised accounts" or some other reason.  I'm getting pretty good at updating the autopay data at my internet provider, cell phone company, natural gas company, etc.  when the card #'s change. 

Such is the cost of getting 2% cash back.

FYI, I haven't had any fraud alerts or fraud holds since probably March, so maybe you should give yours another shot, Nords.

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Re: New credit card - Fidelity Amex?
« Reply #22 on: November 18, 2013, 06:33:09 PM »
I use it as well and my only gripes besides the fraud protection are how horrid the website is.   Half the time I can't figure out what a merchant I'd actually is vs store name and they never match my balance that I keep in my own personal books (off by a few cents to 10s of dollars).

It's also hard to tell exactly how much they deposited in your account but I still use it as my primary card.

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Re: New credit card - Fidelity Amex?
« Reply #23 on: November 18, 2013, 11:03:28 PM »
I have also been issued around 3-4 different Fidelity Amex cards in the last few years because of "compromised accounts" or some other reason.  I'm getting pretty good at updating the autopay data at my internet provider, cell phone company, natural gas company, etc.  when the card #'s change. 

Such is the cost of getting 2% cash back.

FYI, I haven't had any fraud alerts or fraud holds since probably March, so maybe you should give yours another shot, Nords.
When the guy who stole my card data made his test charge of $1.30 at a cosmetics store in Orlando, I called FIA's fraud guys.  They argued that it was probably a merchant card error and would clear up in a few days.

"A few days" later they got all upset by the crook's purchases of round-trip tickets on a Swedish airline and made me do all the paperwork.  Then when I kvetched to their management, they argued that they'd complied with all of the terms of the cardholder's agreement.  What was my problem?

It'll probably take me another year or two to calm down, let alone have the faith that enough of their corporate bozos have been turned over to make it worth my time to try again.

Costco/Amex has a more complicated rewards system, but they've never turned down my card or messed with me.  Yet.

Your experience with FIA's Amex card turnover is the reason that I keep my autopay on my checking account instead of my credit cards.  It's the same checking account that's received my military pay & pension deposits since 1978, and I don't think I'll ever change that one, either.

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Re: New credit card - Fidelity Amex?
« Reply #24 on: November 19, 2013, 02:36:59 PM »
I've been using this as my primary card for about 8 months now. My main complaint is that they don't have an option to auto-pay the statement balance each month - they only allow auto-pay of a fixed amount.

The only interaction I've had with customer service is when I requested a limit increase - they called to ask a few questions, like why I wanted the increase. Mostly painless, though I don't see why they can't just put those questions on the online form I filled out to make the request in the first place.

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Re: New credit card - Fidelity Amex?
« Reply #25 on: November 19, 2013, 02:44:44 PM »
I've been using this as my primary card for about 8 months now. My main complaint is that they don't have an option to auto-pay the statement balance each month - they only allow auto-pay of a fixed amount.

The only interaction I've had with customer service is when I requested a limit increase - they called to ask a few questions, like why I wanted the increase. Mostly painless, though I don't see why they can't just put those questions on the online form I filled out to make the request in the first place.

I think I had to call them to get my card on auto pay.  Maybe a form and a fax was involved, don't remember.  But you can get on auto pay of the full balance.  Or that's how mine was set up a few years ago and still works that way today.

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Re: New credit card - Fidelity Amex?
« Reply #26 on: November 19, 2013, 02:47:51 PM »
Costco/Amex has a more complicated rewards system, but they've never turned down my card or messed with me.  Yet.

Yet.  Exactly.  I have a very low level of expectations with any company I do business with, so your experience with FIA would roughly meet my expectations.  :)

Quote
Your experience with FIA's Amex card turnover is the reason that I keep my autopay on my checking account instead of my credit cards.  It's the same checking account that's received my military pay & pension deposits since 1978, and I don't think I'll ever change that one, either.

But once you switch card numbers for your autopays a few times, you become an expert at switching!  The last time I did it, it only took 10-20 minutes for probably 4-5 accounts. 

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Re: New credit card - Fidelity Amex?
« Reply #27 on: November 21, 2013, 10:02:15 PM »
But once you switch card numbers for your autopays a few times, you become an expert at switching!  The last time I did it, it only took 10-20 minutes for probably 4-5 accounts.
When I was on sea duty the logic was "Hey, it's not that hard!"  The answer was "Sure, but why have to do it in the first place?"  There are some things I never want to gain proficiency in.

Let's see:  three credit cards, two mortgages, two sets of HOA dues, health insurance, electric bill, water/sewer bill, cable TV/broadband bill, car insurance, home insurance, liability insurance ... that adds up fast.  I hope I never have to change checking accounts!

Our cell phone automatically recharges its minutes from a credit card.  I guess I could put that on our checking account, too, but I haven't made the time to do the research.

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Re: New credit card - Fidelity Amex?
« Reply #28 on: December 13, 2013, 01:48:00 PM »
Question:

I'm considering switching to the Fidelity Amex card, but I ran across this in the fine print:

Quote
Fidelity® Rewards Program Information. Point earnings are based on new net retail purchase transactions (qualifying purchases less credits, returns, and adjustments) charged to the card each billing cycle (“Net Purchases”). Earn 2 points per dollar in Net Purchases. Fractions of points greater than .50 are rounded up and less than or equal to .50 are rounded down. Balance Transfers, Cash Advances, including purchases of money orders or other cash equivalents, purchases made by or for a business or for a business purpose, fees, interest charges, unauthorized/fraudulent transactions and certain other charges do not earn points. Earn unlimited points. Points are valid for 5 years. Points cannot be redeemed if your account is not in good standing and will be forfeited upon account closure. Rewards begin at 2,500 points for cash/air, and 5,000 points for deposits into designated eligible Fidelity Accounts

What does that mean?  I won't get any rewards until I go over $2500 in spending?  The wording is a little vague.  Is that per year?  Or after I get the card?  After I reach that point, do I still get the rewards for the $2500 I spent?

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Re: New credit card - Fidelity Amex?
« Reply #29 on: December 13, 2013, 01:51:06 PM »
Question:

I'm considering switching to the Fidelity Amex card, but I ran across this in the fine print:

Quote
Fidelity® Rewards Program Information. Point earnings are based on new net retail purchase transactions (qualifying purchases less credits, returns, and adjustments) charged to the card each billing cycle (“Net Purchases”). Earn 2 points per dollar in Net Purchases. Fractions of points greater than .50 are rounded up and less than or equal to .50 are rounded down. Balance Transfers, Cash Advances, including purchases of money orders or other cash equivalents, purchases made by or for a business or for a business purpose, fees, interest charges, unauthorized/fraudulent transactions and certain other charges do not earn points. Earn unlimited points. Points are valid for 5 years. Points cannot be redeemed if your account is not in good standing and will be forfeited upon account closure. Rewards begin at 2,500 points for cash/air, and 5,000 points for deposits into designated eligible Fidelity Accounts

What does that mean?  I won't get any rewards until I go over $2500 in spending?  The wording is a little vague.  Is that per year?  Or after I get the card?  After I reach that point, do I still get the rewards for the $2500 I spent?

That just means you can't cash out your points until you have 2,500. 5,000 is the minimum for automatic redemption into a Fidelity account.

prodarwin

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Re: New credit card - Fidelity Amex?
« Reply #30 on: December 13, 2013, 01:56:35 PM »
Ah, they won't auto-deposit less than $50.  Makes sense.  For some reason that was tripping me up.

Paul der Krake

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Re: New credit card - Fidelity Amex?
« Reply #31 on: July 19, 2014, 10:15:36 AM »
Thread resurrection!

Is their fraud algorithm still crappy? I just got approved for that card and a cursory web search for "FIA card services" is making me a little nervous. SO has a BoA card issued by them and so far so good, but it looks like the Fidelity AMEX has hordes of unhappy customers complaining on the intertubes.

MayDay

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Re: New credit card - Fidelity Amex?
« Reply #32 on: July 19, 2014, 10:45:59 AM »
We have this card except the 529 version- so it deposits the 2% into a fidelity 529.

We have used it plenty of places on trips (although always in the us) and never had fraud detection issues. 

Psychstache

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Re: New credit card - Fidelity Amex?
« Reply #33 on: July 19, 2014, 10:58:42 AM »
Thread resurrection!

Is their fraud algorithm still crappy? I just got approved for that card and a cursory web search for "FIA card services" is making me a little nervous. SO has a BoA card issued by them and so far so good, but it looks like the Fidelity AMEX has hordes of unhappy customers complaining on the intertubes.

I will stand up for them.

This has been my primary card for almost 32 years now and I love it. I went online and set it to auto-pay the balance every month, and periodically request credit increases online and have had no issues with that whatsoever. My card number did get sucked into a local fraud scam from a shady contractor once almost a year ago. They reversed all the charges no questions asked and sent me a new card post haste. When I get enough points accumulated, a few clicks turns it into cash in my Roth IRA or Taxable Brokerage within a few days. My only issue is merchants who don't accept amex (which I understand from their point of view).
« Last Edit: July 19, 2014, 02:24:28 PM by ksaleh »

Gin1984

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Re: New credit card - Fidelity Amex?
« Reply #34 on: July 19, 2014, 11:16:15 AM »
The 2% Fidelity Amex card is available to all. You can have your 2% cash back redeemed automatically to a Fidelity Cash account, which is basically a checking account. Your cash back does not have to be redeemed to an investment account. This card is actually an AMEX-branded card offered by FIA Card Services (Bank of America). If you call customer service you are not connected to American Express. I was not impressed with FIA when I had the Fidelity Visa card.

Thanks! 

Does the Fidelity Visa card also have 2% cash back? (EDIT: It's 1.5% for the first 15k spent, then 2% after that. /END EDIT)

Anyone know how the Retirement Rewards part works?  Are they assuming you are eligible for and don't max an IRA or something and dump it into that (until the 2% caps it out, if you spend that much)?

They basically count on you to keep track of that and not go over in contributions, I suppose?
When it transfers, fidelity counts in against your contributions.  But you can put it in anything, taxable, IRA or 529.

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Re: New credit card - Fidelity Amex?
« Reply #35 on: July 19, 2014, 03:18:54 PM »
Mr. der Krake,

It's a good card but they seem to be overly cautious about fraud.  I just had my card replaced again for the fourth time in less than 10 years.  They had a third party with a security breach, so they are replacing everyone's card proactively. 

Which means switching the auto-pays to some other card.  Again.  I'll keep it since the 2% cash back is worth it.  Although there are decent competitors out there (Barclay Arrival at 2.22% CB for travel redemptions, with an annual fee; Capital One Silver 1.5% CB on everything and it's a VISA/MC). 

Paul der Krake

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Re: New credit card - Fidelity Amex?
« Reply #36 on: July 19, 2014, 04:30:48 PM »
Hm, that's good to know. One would think they would get their shit together considering that this card clearly targets top tier customers who have enough money to have investment accounts in the first place... Or maybe they ran the numbers and decided it was better to look like they are very aggressive towards fraud as a selling point?

I will keep the CapOne 1.5% card as my default card for recurring payments then.

RootofGood

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Re: New credit card - Fidelity Amex?
« Reply #37 on: July 20, 2014, 01:09:23 PM »
Hm, that's good to know. One would think they would get their shit together considering that this card clearly targets top tier customers who have enough money to have investment accounts in the first place... Or maybe they ran the numbers and decided it was better to look like they are very aggressive towards fraud as a selling point?

I will keep the CapOne 1.5% card as my default card for recurring payments then.

The CapOne is a good keeper.  I haven't obtained the card yet, but if I ever run out of churning/sign up bonus offers, I'll be getting the 1.5% capOne card and keeping it in the wallet. 

I can't figure out Fidelity Amex - it seems to be the most frequently replaced due to fraud, and the only card in recent history where I've been repeatedly fraud blocked while shopping for routine stuff in my own neighborhood or zip code.

Nords

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Re: New credit card - Fidelity Amex?
« Reply #38 on: July 20, 2014, 02:03:42 PM »
Hm, that's good to know. One would think they would get their shit together considering that this card clearly targets top tier customers who have enough money to have investment accounts in the first place... Or maybe they ran the numbers and decided it was better to look like they are very aggressive towards fraud as a selling point?

I will keep the CapOne 1.5% card as my default card for recurring payments then.
I can't figure out Fidelity Amex - it seems to be the most frequently replaced due to fraud, and the only card in recent history where I've been repeatedly fraud blocked while shopping for routine stuff in my own neighborhood or zip code.
They're not only "very aggressive" toward fraud, they're total customer-service jerks on the phone. 

The one time that someone fraudulently used my card, I notified FIA Card Services.  They said that it was probably just a merchant error and would be corrected in a few days.  Things went downhill rapidly from there, and for some reason I was the lucky guy who had to fill out all the paperwork. 

I've had several instances of being unable to use the card on Oahu, too, and they say it's Home Depot's fault. 

So... for the last year the card's been sitting in my desk drawer, quietly bolstering my credit rating without ever being actually used. 

I just received a letter that FIA Card Services is transferring the card's maintenance to Bank of America.  This is a little confusing because if I recall correctly the website was already run by BofA (or a subsidiary).  Considering the mail that I get from BofA on our rental property's mortgage, it's hard to see how BofA could be a better deal than FIA.  I see no reason to start using my Fidelity Amex card again...

RootofGood

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Re: New credit card - Fidelity Amex?
« Reply #39 on: July 20, 2014, 06:00:52 PM »
I just received a letter that FIA Card Services is transferring the card's maintenance to Bank of America.  This is a little confusing because if I recall correctly the website was already run by BofA (or a subsidiary).  Considering the mail that I get from BofA on our rental property's mortgage, it's hard to see how BofA could be a better deal than FIA.  I see no reason to start using my Fidelity Amex card again...

Awesome, BofA! They're known for excellent customer service right?  Oh wait, Bank of America?  Crap.

rmendpara

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Re: New credit card - Fidelity Amex?
« Reply #40 on: July 20, 2014, 07:59:49 PM »
I think 2% is a no-brainer, but the AMEX part annoys me.

I prefer to have minimal cards in my wallet, and I wouldn't want to carry around a second credit card just because I get turned down on occasion (though not often at all) for a merchant not accepting AMEX.

Right now, I've got the BOA 1/2/3 cash back card. I calculated my rewards over the past year, and it looks like I go from 1.1- 1.9% per month (total rewards / total purchases average was 1.4%). For now, I'll let it be, but if within a few years I get married and definitely once I have kids, I'll probably consider switching to another card which allows overseas spending. I find getting a .5% not worth the trouble and would rather have a good card with decent rewards.

If it's still around, I think the Capital One quicksilver 1.5% cash back would be a great choice. Simple, straightforward, and no extra thinking involved. Plus, it's a Visa.

I find credit cards that require me to do extra work to squeeze extra rewards from to be counterproductive. I'm supposed to just get a little extra dough for spending money I would spend anyway.

aj_yooper

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Re: New credit card - Fidelity Amex?
« Reply #41 on: July 20, 2014, 08:12:49 PM »
I have used the card for 2 years now and like the cash back to my Fidelity account.  No problems so far.