Author Topic: Has anyone used this credit card?  (Read 4346 times)

SpendyMcSpend

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Has anyone used this credit card?
« on: April 29, 2015, 03:26:39 PM »
I just got an advertisement of the Fidelity Investment Rewards American Express card which deposits money into a Fidelity as you purchase items.  Is this a good deal?  I would prefer my cash back rewards go back into savings and I'm not at all a credit card churner.  After paying down some student loans my credit score is in the low 700s.

Catbert

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Re: Has anyone used this credit card?
« Reply #1 on: April 29, 2015, 09:01:52 PM »
I think it's a good plain vanilla 2% cash back.  No yearly fee.  No "catches" that I know of.  Unless you want to churn cards or have multiple cards for different purposes this is a good card.  But remember that American Express isn't accepted every where.  You would need at least one more general card.

Dodge

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Re: Has anyone used this credit card?
« Reply #2 on: April 30, 2015, 12:11:41 AM »
I just got an advertisement of the Fidelity Investment Rewards American Express card which deposits money into a Fidelity as you purchase items.  Is this a good deal?  I would prefer my cash back rewards go back into savings and I'm not at all a credit card churner.  After paying down some student loans my credit score is in the low 700s.

It's a fantastic deal.  It doesn't need to go into an investment account, you can put the money in a Fidelity Cash Management account, and transfer it over to your personal bank/savings after 1 business day.

Mother Fussbudget

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Re: Has anyone used this credit card?
« Reply #3 on: April 30, 2015, 04:17:50 PM »
There is only one 'catch' that I know of - you can only make a limited number of payments per month.  I think it's ~6 payments/month.
I was trying to use it regularly, and pay it DAILY (after including it in my Mint account), and hit this limit regularly.  I haven't used it often since December.

kendallf

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Re: Has anyone used this credit card?
« Reply #4 on: April 30, 2015, 08:12:39 PM »
I have it, and it's my 'regular use' card when I'm not meeting the spend requirement for a bonus on a new card.  As mentioned above, there are a fair number of places which don't take Amex so I always have at least one other in my wallet.

Captain_Burrito_Pants

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Re: Has anyone used this credit card?
« Reply #5 on: April 30, 2015, 11:10:57 PM »
I've had one for a while, it's good though many places wont' take AMEX.  I try only to use it at large stores and use other cards for local stores/restaurants because AMEX has high fees for merchants.  Though recently I've been using the Barclay Arrival MasterCard for everyday purchases and just used the Amex when I'm at Costco.

aj_yooper

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Re: Has anyone used this credit card?
« Reply #6 on: May 01, 2015, 01:52:40 AM »
I like the card, recommend it, and love the rebates and no cost feature; just pay it off every month and your good.  Most places take AE.  Like others, I have not been using it as much lately as I have the airline bonus points to earn (AA and US Airways). 

kpd905

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Re: Has anyone used this credit card?
« Reply #7 on: May 01, 2015, 06:26:21 AM »
There is only one 'catch' that I know of - you can only make a limited number of payments per month.  I think it's ~6 payments/month.
I was trying to use it regularly, and pay it DAILY (after including it in my Mint account), and hit this limit regularly.  I haven't used it often since December.

That just seems inconvenient to pay daily.

laufen

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Re: Has anyone used this credit card?
« Reply #8 on: May 18, 2015, 01:34:59 AM »
I've been thinking about getting this card and using it to load the AmEx Serve prepaid card and then using the Serve bill pay feature to fund my Vanguard accounts and pay other monthly bills (can load up to $1000 a month with an AmEx card to Serve). Might even switch the brokerage account from Vanguard to Fidelity, but still thinking that over.

My one hesitation is that I opened 5 new credit cards in the past 4 months for travel points/miles purposes. I'm not concerned about my Fidelity AmEx application being denied- have a FICO of 820 or something like that- but there is a fairly good chance I'll be applying for a mortgage in 22 months.

Am I being overly cautious? Is it even worth it for the $50 signup bonus and $20/month cash back that I'd get from spending $1000 a month? My reasoning is I'm going to be paying $1000 worth of bills each month one way or another, might as well get $20 back for doing it. But not if it messes up my mortgage rates.

Catbert

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Re: Has anyone used this credit card?
« Reply #9 on: May 18, 2015, 03:16:36 PM »
Personally I wouldn't worry about a mortgage application 22 months from now.  I'm cautious enough that I would stop churning credit cards a full year ahead of time although I've heard many say that 6 months is enough.

laufen

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Re: Has anyone used this credit card?
« Reply #10 on: May 18, 2015, 11:43:18 PM »
Personally I wouldn't worry about a mortgage application 22 months from now.  I'm cautious enough that I would stop churning credit cards a full year ahead of time although I've heard many say that 6 months is enough.

Thanks- that was the type of response I was fishing for. :)
I hate the thought of a house loan in the first place and so I am overly cautious about it. My spouse also says I am either brilliant or insane with the credit card bonus schemes...although now that the nearly free trips are starting to roll in, he might be leaning away from insane.