Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig

[frogstomp81]

Has anyone been having issues getting paid by the old company? I have sent several emails requesting payment, with no success. It has been several weeks since my first email, and I have not even received a reply from the individua that handles the payments. This is for orders going back to August of 2022. The most recent order is January 2023. I am used to having to request payment, but they are usually responsive after an email or 2.

[almost]

Have folks been able to post AUs/sell tradelines from outside the US?  I'm considering using tradelines as a potential strategy to be able to retire abroad...would this be workable?  I remember reading somewhere--maybe the company/broker?--that it's best to not add AUs from outside the US, but I wanted to ask about it here in case folks have any thoughts/experience.  Thanks!

I've done it several times with no issues.  The cards got mailed to my address on file in the US.  You can get a subscription VPN service like https://www.expressvpn.com/ if you're worried about security or if your bank's website won't let you access your account from a foreign location. 

[secondcor521]

Have folks been able to post AUs/sell tradelines from outside the US?  I'm considering using tradelines as a potential strategy to be able to retire abroad...would this be workable?  I remember reading somewhere--maybe the company/broker?--that it's best to not add AUs from outside the US, but I wanted to ask about it here in case folks have any thoughts/experience.  Thanks!

Tradeline sales works on US issued credit cards.  All AUs I've added have been US citizens with US addresses and SSNs.  I did add one AU when I was on vacation in a foreign country; to do so I think I used Google voice to make the phone call IIRC.

If you met the above requirements, I think it would work.  Many US expats maintain a US mailing address, either through family or a mailing service.

[Archipelago]

Has anyone been having issues getting paid by the old company? I have sent several emails requesting payment, with no success. It has been several weeks since my first email, and I have not even received a reply from the individua that handles the payments. This is for orders going back to August of 2022. The most recent order is January 2023. I am used to having to request payment, but they are usually responsive after an email or 2.

Are you set up as a contractor for direct deposit pay with the Paychex system they have in place? That's how I've been getting paid and it's been prompt each time.

[jnw]

I really want the USBank Cash+ card for the 5% back on Home Utilities -- it's the only card I know of that does this.  It is serviced by Elan I believe, just as the Fidelity 2% cashback card is also serviced by Elan.

A tradeline company I am currently talking to, said they don't accept USBank but do accept Elan.   They said most of the people use the Fidelity 2% cashback card when it comes to Elan cards.  They said it "reports" as Elan on the credit report.

Does anyone know if the USBank Cash+ card also reports as Elan on the credit report or just USBank?

Really want the USbank Cash+ card for the cashback on utilities and to season it ultimately for piggybacking.

There are also several credit unions with the same card -- same features as USBank Cash+ card -- called "Max Cash Preferred" usually, serviced by Elan. A local bank here in my state offers one.  I wonder how these report on the credit reports.  Anyone have experience with this?  It might be easier to get the one at the credit union if I open an account there etc.. and to qualify for it; I've heard USbank is very strict.

[Michael in ABQ]

There are also several credit unions with the same card -- same features as USBank Cash+ card -- called "Max Cash Preferred" usually, serviced by Elan. A local bank here in my state offers one.  I wonder how these report on the credit reports.  Anyone have experience with this?  It might be easier to get the one at the credit union if I open an account there etc.. and to qualify for it; I've heard USbank is very strict.

I have an Elan Max Cash Preferred card through a local/regional bank. I was able to use it with another tradeline company (not the new or the old) and just switched it over to the old company. I haven't sold any tradelines on it yet but it is listed as active in the portal as "Fidelity/Elan". Funny enough, that card actually has my highest CL ($25k) though I've barely used it.

[ducky19]

I have two Associated Bank cards that report as Elan, they work fine.

[secondcor521]

I really want the USBank Cash+ card for the 5% back on Home Utilities -- it's the only card I know of that does this.  It is serviced by Elan I believe, just as the Fidelity 2% cashback card is also serviced by Elan.

A tradeline company I am currently talking to, said they don't accept USBank but do accept Elan.   They said most of the people use the Fidelity 2% cashback card when it comes to Elan cards.  They said it "reports" as Elan on the credit report.

Does anyone know if the USBank Cash+ card also reports as Elan on the credit report or just USBank?

Really want the USbank Cash+ card for the cashback on utilities and to season it ultimately for piggybacking.

There are also several credit unions with the same card -- same features as USBank Cash+ card -- called "Max Cash Preferred" usually, serviced by Elan. A local bank here in my state offers one.  I wonder how these report on the credit reports.  Anyone have experience with this?  It might be easier to get the one at the credit union if I open an account there etc.. and to qualify for it; I've heard USbank is very strict.

My US Bank cards are serviced by, and reported as, US Bank.  I believe this is true of all US Bank credit cards.  You can check for sure by looking at the fine print on the credit card offering page or paperwork; it will say "Credit card issued by US Bancorp NA" or "Credit card issued by Elan Financial Services."

The Fidelity 2% cash back card is issued, and reported as, Elan Financial.

Those credit cards issued by credit unions are probably issued by, and report as, Elan Financial.

US Bank is not strict.  They just have rules that you have to follow in order to have a decent chance of success as an applicant.  You can read the (potentially-slightly-out-of-date) rules at https://www.doctorofcredit.com/things-everybody-should-know-about-us-bank-credit-cards.

Old company accepts both US Bank and Elan.

[beekayworld]

Has anyone been having issues getting paid by the old company? I have sent several emails requesting payment, with no success. It has been several weeks since my first email, and I have not even received a reply from the individua that handles the payments. This is for orders going back to August of 2022. The most recent order is January 2023. I am used to having to request payment, but they are usually responsive after an email or 2.

The new company is known for being slow at paying. Is that the one you mean? Cliff and Erica? I had the same experience with them. Some posters had to get Arebelspy to ask on their behalf.

The Old Company works great automatically (Leslie).  I haven't heard of any problems with their payment system.

[frogstomp81]

Yes, I was mistaken. It is the new company that I am having the issue with. Thanks, I will see if Arebelspy can help me out.

Has anyone been having issues getting paid by the old company? I have sent several emails requesting payment, with no success. It has been several weeks since my first email, and I have not even received a reply from the individua that handles the payments. This is for orders going back to August of 2022. The most recent order is January 2023. I am used to having to request payment, but they are usually responsive after an email or 2.

The new company is known for being slow at paying. Is that the one you mean? Cliff and Erica? I had the same experience with them. Some posters had to get Arebelspy to ask on their behalf.

The Old Company works great automatically (Leslie).  I haven't heard of any problems with their payment system.

[frozen]

Has anyone else been told by PNC that there is a maximum of 5 authorized users that can be added within a 12 month period? Is this new?

[Car Jack]

Has anyone been having issues getting paid by the old company? I have sent several emails requesting payment, with no success. It has been several weeks since my first email, and I have not even received a reply from the individua that handles the payments. This is for orders going back to August of 2022. The most recent order is January 2023. I am used to having to request payment, but they are usually responsive after an email or 2.

Yah, if you're talking the new company (which I think you are), where Cliff is the guy who handles payments, I go over a year without being paid.  One of my recent emails suggested that they get someone new to do payments.  My last 2 times getting paid only happened because Joe saw my post and talked with Cliff.  I'm currently on a "not being paid" spell but will probably wait until I haven't been paid into next year for tax reasons.

[PJC74]

I have several cards in the tradeslines mix, and one of them is US Bank. I also have my mortgage with them, with a very good rate.
If they happen to shut down my CC, could they possibly terminate my mortgage?

[secondcor521]

I have several cards in the tradeslines mix, and one of them is US Bank. I also have my mortgage with them, with a very good rate.
If they happen to shut down my CC, could they possibly terminate my mortgage?

That is a legal question.  I'm not a lawyer.

It would depend on the terms of the mortgage contract you signed.  You should have received a signed copy of it at closing.  You and your attorney would have to review it to see what it says about such situations.

My opinion only, it would be extraordinarily unlikely.

As a possibly helpful data point, US Bank shut down two of my credit cards for piggybacking perhaps a year or two ago.  They did not close my US Bank checking account or US Bank line of credit.  They also approved me for two more cards several months later.

[PJC74]

Appreciate that data point.
It’s only a 12k card so I may take it out of the rotation as the risk doesn’t justify the reward.

[Gogore]

Has anyone else been told by PNC that there is a maximum of 5 authorized users that can be added within a 12 month period? Is this new?

This just happened to me on two adds.  I've added 2 clients per month like clock work for the past 18 months.  PNC might be a bust now. 

[frozen]

Has anyone else been told by PNC that there is a maximum of 5 authorized users that can be added within a 12 month period? Is this new?

This just happened to me on two adds.  I've added 2 clients per month like clock work for the past 18 months.  PNC might be a bust now.

Did you try calling in to add? I got the 5 user limit per year via secure message.

[Padonak]

Any recent data points on downgrading premium Barclays cards to a free card after the first year? Particularly for co-brand cards (Emirates, Lufthansa etc) that don't have no annual fee versions (unlike JetBlue for example). I remember i tried to downgrade one of my premium cards a few years ago and couldn't do it because it had to be with the same co brand partner.

Also the same question about downgrading to free bank of america cards (for ex. Premium rewards with $100 annual fee to something else).

[Archipelago]

Any recent data points on downgrading premium Barclays cards to a free card after the first year? Particularly for co-brand cards (Emirates, Lufthansa etc) that don't have no annual fee versions (unlike JetBlue for example). I remember i tried to downgrade one of my premium cards a few years ago and couldn't do it because it had to be with the same co brand partner.

Also the same question about downgrading to free bank of america cards (for ex. Premium rewards with $100 annual fee to something else).

Your best bet is to call them up and ask. Say you want to stay with them but don't use the card enough to justify paying the annual fee. In my experience CC companies are pretty willing to offer another product.

[uneven_cyclist]

Have folks been able to post AUs/sell tradelines from outside the US?  I'm considering using tradelines as a potential strategy to be able to retire abroad...would this be workable?  I remember reading somewhere--maybe the company/broker?--that it's best to not add AUs from outside the US, but I wanted to ask about it here in case folks have any thoughts/experience.  Thanks!

Tradeline sales works on US issued credit cards.  All AUs I've added have been US citizens with US addresses and SSNs.  I did add one AU when I was on vacation in a foreign country; to do so I think I used Google voice to make the phone call IIRC.

If you met the above requirements, I think it would work.  Many US expats maintain a US mailing address, either through family or a mailing service.

Okay got it, thanks for the info about maintaining a US mailing address through family/mailing service + calling in through google voice.  I have been adding cards to the mix and selling tradelines for the past couple of years and it seems like this could work as a viable side hustle while living as an expat, but I would want to be sure to have my system dialed in, both for adding/removing AUs as well as for setting up/closing/maintaining accounts.  I appreciate the feedback.  I would welcome any other thoughts/suggestions if folks have gone through a similar process as well, thanks!

[mnloeb]

I've added tradelines when in Mexico...and haven't had an issue (this is with the old company, for what it's worth). The process has been as seamless as if I was adding tradelines in the States.

On that note, the old company has been great—Leslie's responsiveness, thorough vetting of the AUs. I can't recommend them enough. Super professional.

I am looking to add tradelines to my AMEX/WF cards...with the old company not accepting these cards, I was going to reach out to the new company. I don't have Cliff and/or Erica's email. Could someone PM their contact info? Big thanks.

[EliteZags]

I don't think any companies out there will enroll AMEX or WF, one of the new/old (forgot which is which) started taking AMEX for a while but discontinued sales on them earlier this year due to inconsistent reporting. and I'd think WF is just too messy of a bank for any to deal with
if anyone else has found a company that takes them let us know

[MoneyTree]

I don't think any companies out there will enroll AMEX or WF, one of the new/old (forgot which is which) started taking AMEX for a while but discontinued sales on them earlier this year due to inconsistent reporting. and I'd think WF is just too messy of a bank for any to deal with
if anyone else has found a company that takes them let us know

I work with a different company that takes WF. Although I have only seen 1 WF slot sell in the past 6 months, so I don't know how much volume you might get.

You can DM me if interested and happy to refer.

[dantheman46]

Has anyone else been told by PNC that there is a maximum of 5 authorized users that can be added within a 12 month period? Is this new?

This just happened to me on two adds.  I've added 2 clients per month like clock work for the past 18 months.  PNC might be a bust now.

Did you try calling in to add? I got the 5 user limit per year via secure message.

I got the same message through secure messaging. I was able to call in to add without an issue. Worries me that they are starting to crack down though.

[Reddart67]

A potential blow to the tradeline industry:
https://americanmilitarynews.com/2023/04/biden-forcing-good-credit-homebuyers-to-pay-higher-fees-to-subsidize-bad-credit-homebuyers/

[Michael in ABQ]

A potential blow to the tradeline industry:
https://americanmilitarynews.com/2023/04/biden-forcing-good-credit-homebuyers-to-pay-higher-fees-to-subsidize-bad-credit-homebuyers/

Once you get past the hyperbole in the headlines the actual difference is raising the fee on certain federal backed mortgage programs by 12.5 basis points (1/8th of a percent) for borrowers at the top end of the credit score range. A lower credit score still has a higher fee. It's a whole matrix based on credit score and loan to value.

Higher credit score is always going to equal lower rates when taken as a whole. Especially if you're going from the 500s or 600s up into the 700s.

[Reddart67]

A potential blow to the tradeline industry:
https://americanmilitarynews.com/2023/04/biden-forcing-good-credit-homebuyers-to-pay-higher-fees-to-subsidize-bad-credit-homebuyers/

Once you get past the hyperbole in the headlines the actual difference is raising the fee on certain federal backed mortgage programs by 12.5 basis points (1/8th of a percent) for borrowers at the top end of the credit score range. A lower credit score still has a higher fee. It's a whole matrix based on credit score and loan to value.

Higher credit score is always going to equal lower rates when taken as a whole. Especially if you're going from the 500s or 600s up into the 700s.

Of course you are correct, but this may be just the start of the slippery slope of weakening the importance of credit scores in the name of equity.

[zolotiyeruki]

A potential blow to the tradeline industry:
https://americanmilitarynews.com/2023/04/biden-forcing-good-credit-homebuyers-to-pay-higher-fees-to-subsidize-bad-credit-homebuyers/

Once you get past the hyperbole in the headlines the actual difference is raising the fee on certain federal backed mortgage programs by 12.5 basis points (1/8th of a percent) for borrowers at the top end of the credit score range. A lower credit score still has a higher fee. It's a whole matrix based on credit score and loan to value.

Higher credit score is always going to equal lower rates when taken as a whole. Especially if you're going from the 500s or 600s up into the 700s.

Take a closer look at tables (look at the first graph on page 2 of the source).  While people with higher credit scores will always pay lower interest than those with lower credit scores, look across the table.  You'll see that people with low credit scores and only 3% down will pay a full percent less interest than someone with the same credit score but 20% down.  The old matrix was at least consistent with the realities of risk assessment:  lower credit scores and higher LTV are higher risk, and should require higher interest rates as a result.  That's the entire purpose of the matrix.  That the current administration has twisted it for political purposes is revolting.

[Reddart67]

Hmmmm, the encouragement of riskier mortgages. Where have I heard that before?

[Padonak]

Hmmmm, the encouragement of riskier mortgages. Where have I heard that before?

Then they'll default on those mortgages and need more tradelines to improve their credit scores.

[MoMoney88]

A potential blow to the tradeline industry:
https://americanmilitarynews.com/2023/04/biden-forcing-good-credit-homebuyers-to-pay-higher-fees-to-subsidize-bad-credit-homebuyers/

Rewarding failure

Punishing success

[secondcor521]

A potential blow to the tradeline industry:
https://americanmilitarynews.com/2023/04/biden-forcing-good-credit-homebuyers-to-pay-higher-fees-to-subsidize-bad-credit-homebuyers/

Rewarding failure

Punishing success

Aren't we so lucky to have this leadership... what a #$%$* hole this country is becoming.

I don't mind the political commentary, but can we please keep this thread focused on piggybacking?  I would appreciate a separate thread on the politics (there are a number of them here).

[MoMoney88]

Sorry!  Got a little carried away there :-)

Removed political commentary

[jeromedawg]

Anyone here have a BMO Harris Bank Mastercard and selling spots on it? Just got my wife approved for one - curious to know how strict they are with all of this. Was wondering the same for Fidelity (I recently got the Fidelity Visa card). I think I saw one or two ppl get their accounts closed but they aren't sure if it was the tradeline sales that led to the closure or if it was due to opening another card under Elan... has anyone recently sold tradelines via Fidelity ?

[secondcor521]

Anyone here have a BMO Harris Bank Mastercard and selling spots on it? Just got my wife approved for one - curious to know how strict they are with all of this. Was wondering the same for Fidelity (I recently got the Fidelity Visa card). I think I saw one or two ppl get their accounts closed but they aren't sure if it was the tradeline sales that led to the closure or if it was due to opening another card under Elan... has anyone recently sold tradelines via Fidelity ?

I only work with Old Company now.  They don't accept BMO Harris according to my latest copy of their FAQ, so I don't have a BMO Harris card and am obviously not selling spots on a card I don't have.

I have the Fidelity Visa card and it's currently seasoning until October when it hits 2 years of age.  I'm currently deciding whether or not to sell tradelines on it.  It is my daily driver and I like the 2% cash back into my Fidelity HSA.  As of today I probably will sell spots on it, as the piggybacking income would exceed the 2% cash back after about three slots.

[jeromedawg]

Anyone here have a BMO Harris Bank Mastercard and selling spots on it? Just got my wife approved for one - curious to know how strict they are with all of this. Was wondering the same for Fidelity (I recently got the Fidelity Visa card). I think I saw one or two ppl get their accounts closed but they aren't sure if it was the tradeline sales that led to the closure or if it was due to opening another card under Elan... has anyone recently sold tradelines via Fidelity ?

I only work with Old Company now.  They don't accept BMO Harris according to my latest copy of their FAQ, so I don't have a BMO Harris card and am obviously not selling spots on a card I don't have.

I have the Fidelity Visa card and it's currently seasoning until October when it hits 2 years of age.  I'm currently deciding whether or not to sell tradelines on it.  It is my daily driver and I like the 2% cash back into my Fidelity HSA.  As of today I probably will sell spots on it, as the piggybacking income would exceed the 2% cash back after about three slots.

I inquired with one company I work with now and they said they don't for BMO Harris. I'm assuming most don't... for the 2% CB, there's an option to direct the earnings straight into your HSA? Is this something you do in lieu of or supplemental to your work HSA (if you have one)? I had never thought of this - is there some added benefit doing it this way other than it being a more convenient way to redirect cashback?

[secondcor521]

Anyone here have a BMO Harris Bank Mastercard and selling spots on it? Just got my wife approved for one - curious to know how strict they are with all of this. Was wondering the same for Fidelity (I recently got the Fidelity Visa card). I think I saw one or two ppl get their accounts closed but they aren't sure if it was the tradeline sales that led to the closure or if it was due to opening another card under Elan... has anyone recently sold tradelines via Fidelity ?

I only work with Old Company now.  They don't accept BMO Harris according to my latest copy of their FAQ, so I don't have a BMO Harris card and am obviously not selling spots on a card I don't have.

I have the Fidelity Visa card and it's currently seasoning until October when it hits 2 years of age.  I'm currently deciding whether or not to sell tradelines on it.  It is my daily driver and I like the 2% cash back into my Fidelity HSA.  As of today I probably will sell spots on it, as the piggybacking income would exceed the 2% cash back after about three slots.

I inquired with one company I work with now and they said they don't for BMO Harris. I'm assuming most don't... for the 2% CB, there's an option to direct the earnings straight into your HSA? Is this something you do in lieu of or supplemental to your work HSA (if you have one)? I had never thought of this - is there some added benefit doing it this way other than it being a more convenient way to redirect cashback?

Yes, if you direct the 2% into a Fidelity account, then you get a better deal than straight cash back.  I suppose one could do a Fidelity taxable account, but my taxable is with Vanguard and my HSA is with Fidelity so I just have it set up to autodeposit into my Fidelity HSA.

I'm retired so I don't have a work HSA.

The benefits are (1) better redemption on the 2% than I would otherwise get if I just cashed out, (2) I can take a tax deduction for my contributions to my HSA, and (3) all of the typical HSA benefits (tax deferral, tax free distributions for medical, etc.)

Fidelity HSA invested in VTI has had zero fees of any kind and perfect execution of my requests.  I'm a fan of the product.

[jeromedawg]

Anyone here have a BMO Harris Bank Mastercard and selling spots on it? Just got my wife approved for one - curious to know how strict they are with all of this. Was wondering the same for Fidelity (I recently got the Fidelity Visa card). I think I saw one or two ppl get their accounts closed but they aren't sure if it was the tradeline sales that led to the closure or if it was due to opening another card under Elan... has anyone recently sold tradelines via Fidelity ?

I only work with Old Company now.  They don't accept BMO Harris according to my latest copy of their FAQ, so I don't have a BMO Harris card and am obviously not selling spots on a card I don't have.

I have the Fidelity Visa card and it's currently seasoning until October when it hits 2 years of age.  I'm currently deciding whether or not to sell tradelines on it.  It is my daily driver and I like the 2% cash back into my Fidelity HSA.  As of today I probably will sell spots on it, as the piggybacking income would exceed the 2% cash back after about three slots.

I inquired with one company I work with now and they said they don't for BMO Harris. I'm assuming most don't... for the 2% CB, there's an option to direct the earnings straight into your HSA? Is this something you do in lieu of or supplemental to your work HSA (if you have one)? I had never thought of this - is there some added benefit doing it this way other than it being a more convenient way to redirect cashback?

Yes, if you direct the 2% into a Fidelity account, then you get a better deal than straight cash back.  I suppose one could do a Fidelity taxable account, but my taxable is with Vanguard and my HSA is with Fidelity so I just have it set up to autodeposit into my Fidelity HSA.

I'm retired so I don't have a work HSA.

The benefits are (1) better redemption on the 2% than I would otherwise get if I just cashed out, (2) I can take a tax deduction for my contributions to my HSA, and (3) all of the typical HSA benefits (tax deferral, tax free distributions for medical, etc.)

Fidelity HSA invested in VTI has had zero fees of any kind and perfect execution of my requests.  I'm a fan of the product.

What how is it a better deal going into the HSA/Fidelity account vs cash back? I thought you get 2% cashback regardless... do you get less than 2% if you cash out?

[secondcor521]

do you get less than 2% if you cash out?

My recollection is that if one does a straight cash out, it is only 1%.  But it's been a year or so since I looked at it.

[Padonak]

Yes, if you direct the 2% into a Fidelity account, then you get a better deal than straight cash back.  I suppose one could do a Fidelity taxable account, but my taxable is with Vanguard and my HSA is with Fidelity so I just have it set up to autodeposit into my Fidelity HSA.

I'm retired so I don't have a work HSA.

The benefits are (1) better redemption on the 2% than I would otherwise get if I just cashed out, (2) I can take a tax deduction for my contributions to my HSA, and (3) all of the typical HSA benefits (tax deferral, tax free distributions for medical, etc.)

Fidelity HSA invested in VTI has had zero fees of any kind and perfect execution of my requests.  I'm a fan of the product.

Do you have to have a high deductible health insurance plan that qualifies for HSA contributions to be able to transfer Fidelity card points to Fidelity HSA the same year? Because I also have a Fidelity HSA account but i'm not eligible to make HSA contributions so I haven't transferred any points from my Fidelity card.

[secondcor521]

Yes, if you direct the 2% into a Fidelity account, then you get a better deal than straight cash back.  I suppose one could do a Fidelity taxable account, but my taxable is with Vanguard and my HSA is with Fidelity so I just have it set up to autodeposit into my Fidelity HSA.

I'm retired so I don't have a work HSA.

The benefits are (1) better redemption on the 2% than I would otherwise get if I just cashed out, (2) I can take a tax deduction for my contributions to my HSA, and (3) all of the typical HSA benefits (tax deferral, tax free distributions for medical, etc.)

Fidelity HSA invested in VTI has had zero fees of any kind and perfect execution of my requests.  I'm a fan of the product.

Do you have to have a high deductible health insurance plan that qualifies for HSA contributions to be able to transfer Fidelity card points to Fidelity HSA the same year? Because I also have a Fidelity HSA account but i'm not eligible to make HSA contributions so I haven't transferred any points from my Fidelity card.

Yes, I do.  It's an ACA Bronze HSA compatible plan.

[jeromedawg]

do you get less than 2% if you cash out?

My recollection is that if one does a straight cash out, it is only 1%.  But it's been a year or so since I looked at it.

Hm, I thought it was 2% straight regardless - I better check now!!!

If not, then I think I may modify my HSA work contributions moving forward (I've already maxxed it out for the year so it'll have to be for 2024) to account for the 2% CB through Fidelity if in fact I only get 1% of it on the cash out.

[frozen]

Is anyone else having trouble getting on to Elan’s Fidelity credit card website today? My card is not showing up on my Fidelity account. I thought maybe they closed it, so I tried calling in and the automated system seems to indicate it’s still open.

[secondcor521]

Is anyone else having trouble getting on to Elan’s Fidelity credit card website today? My card is not showing up on my Fidelity account. I thought maybe they closed it, so I tried calling in and the automated system seems to indicate it’s still open.

Worked for me just now via fidelity.com -> log in -> portfolio -> credit cards.

[jeromedawg]

do you get less than 2% if you cash out?

My recollection is that if one does a straight cash out, it is only 1%.  But it's been a year or so since I looked at it.

I just took another look at the options - if I were to get a statement credit, it seems like the rewards map based on what I earned? So as of today, I earned the $150 bonus (which shows as 15000 points) and then spent another $2000+ or so which added just under 4500 points. When I go to redeem the statement credit, it tells me 2500 points are worth $12.50, which I think still maintains 2% CB. I wouldn't think they would change the dollar-point ratio as that would impact the % CB they claim. Of course, gift cards are another story but that's different regardless (many CC rewards offer a bigger payout via "gift card sales" - where you can stretch your points a longer way when redeeming for certain GCs).

I'm *assuming* that whether you deposit straight to an HSA or statement credit, the point-cash valuation is the same no? So 2500 points deposited/converted to HSA is still $12.50 - or are you saying that the point-cash value is actually different with HSA, etc?

[secondcor521]

do you get less than 2% if you cash out?

My recollection is that if one does a straight cash out, it is only 1%.  But it's been a year or so since I looked at it.

I just took another look at the options - if I were to get a statement credit, it seems like the rewards map based on what I earned? So as of today, I earned the $150 bonus (which shows as 15000 points) and then spent another $2000+ or so which added just under 4500 points. When I go to redeem the statement credit, it tells me 2500 points are worth $12.50, which I think still maintains 2% CB. I wouldn't think they would change the dollar-point ratio as that would impact the % CB they claim. Of course, gift cards are another story but that's different regardless (many CC rewards offer a bigger payout via "gift card sales" - where you can stretch your points a longer way when redeeming for certain GCs).

I'm *assuming* that whether you deposit straight to an HSA or statement credit, the point-cash valuation is the same no? So 2500 points deposited/converted to HSA is still $12.50 - or are you saying that the point-cash value is actually different with HSA, etc?

On my last statement, I spent $1,412.10 and was awarded 2,824 points.  Those 2,824 points deposited into my Fidelity HSA will be worth $28.24.  If I cashed them out instead, I would receive $14.12.

If you cash out your 2500 points for $12.50, that makes the value of the points 0.5 CPP.  0.5 CPP on a 2% card is equivalent to 1% cash back.

Your assumption in the last paragraph does not match my experience, and the value I receive varies by a factor of two depending on whether I cash them out or deposit them into a Fidelity account (an HSA in my particular case).

[jeromedawg]

do you get less than 2% if you cash out?

My recollection is that if one does a straight cash out, it is only 1%.  But it's been a year or so since I looked at it.

I just took another look at the options - if I were to get a statement credit, it seems like the rewards map based on what I earned? So as of today, I earned the $150 bonus (which shows as 15000 points) and then spent another $2000+ or so which added just under 4500 points. When I go to redeem the statement credit, it tells me 2500 points are worth $12.50, which I think still maintains 2% CB. I wouldn't think they would change the dollar-point ratio as that would impact the % CB they claim. Of course, gift cards are another story but that's different regardless (many CC rewards offer a bigger payout via "gift card sales" - where you can stretch your points a longer way when redeeming for certain GCs).

I'm *assuming* that whether you deposit straight to an HSA or statement credit, the point-cash valuation is the same no? So 2500 points deposited/converted to HSA is still $12.50 - or are you saying that the point-cash value is actually different with HSA, etc?

On my last statement, I spent $1,412.10 and was awarded 2,824 points.  Those 2,824 points deposited into my Fidelity HSA will be worth $28.24.  If I cashed them out instead, I would receive $14.12.

If you cash out your 2500 points for $12.50, that makes the value of the points 0.5 CPP.  0.5 CPP on a 2% card is equivalent to 1% cash back.

Your assumption in the last paragraph does not match my experience, and the value I receive varies by a factor of two depending on whether I cash them out or deposit them into a Fidelity account (an HSA in my particular case).

Ah ok. Thanks for clarifying. I'm sure they do this intentionally to cause confusion hahaha. If I were to transfer the $ into my Fidelity non-HSA cash account would I maintain the 2% then?

[secondcor521]

On my last statement, I spent $1,412.10 and was awarded 2,824 points.  Those 2,824 points deposited into my Fidelity HSA will be worth $28.24.  If I cashed them out instead, I would receive $14.12.

If you cash out your 2500 points for $12.50, that makes the value of the points 0.5 CPP.  0.5 CPP on a 2% card is equivalent to 1% cash back.

Your assumption in the last paragraph does not match my experience, and the value I receive varies by a factor of two depending on whether I cash them out or deposit them into a Fidelity account (an HSA in my particular case).

Ah ok. Thanks for clarifying. I'm sure they do this intentionally to cause confusion hahaha. If I were to transfer the $ into my Fidelity non-HSA cash account would I maintain the 2% then?

I think they do it that way to retain assets under management.

As to your question, probably.  But they should make it pretty clear on the rewards redemption part of the website.  It seemed pretty clear to me.

FWIW, I have it set up to auto redeem into my HSA every month.  You can probably set it up to auto-redeem into your Fidelity account.  They won't auto-invest it, though; I think it just goes into your cash/sweep/settlement.  So I just go in every month and manually invest whatever cash has piled up.

[jeromedawg]

On my last statement, I spent $1,412.10 and was awarded 2,824 points.  Those 2,824 points deposited into my Fidelity HSA will be worth $28.24.  If I cashed them out instead, I would receive $14.12.

If you cash out your 2500 points for $12.50, that makes the value of the points 0.5 CPP.  0.5 CPP on a 2% card is equivalent to 1% cash back.

Your assumption in the last paragraph does not match my experience, and the value I receive varies by a factor of two depending on whether I cash them out or deposit them into a Fidelity account (an HSA in my particular case).

Ah ok. Thanks for clarifying. I'm sure they do this intentionally to cause confusion hahaha. If I were to transfer the $ into my Fidelity non-HSA cash account would I maintain the 2% then?

I think they do it that way to retain assets under management.

As to your question, probably.  But they should make it pretty clear on the rewards redemption part of the website.  It seemed pretty clear to me.

FWIW, I have it set up to auto redeem into my HSA every month.  You can probably set it up to auto-redeem into your Fidelity account.  They won't auto-invest it, though; I think it just goes into your cash/sweep/settlement.  So I just go in every month and manually invest whatever cash has piled up.

Hm, maybe I'm missing it or something but I don't see where you can see the point-to-cash ratio/value for the Fidelity transfer. That said, I may just leave the points in the account until 2024, then turn on auto-redeem into the HSA. It's not like I need the cash right now or anything. I still think that's incredible that you can take the deduction via accumulated rewards. How does that even work in terms of the records/documents/statements for filing when it comes time to file?

[secondcor521]

Hm, maybe I'm missing it or something but I don't see where you can see the point-to-cash ratio/value for the Fidelity transfer. That said, I may just leave the points in the account until 2024, then turn on auto-redeem into the HSA. It's not like I need the cash right now or anything. I still think that's incredible that you can take the deduction via accumulated rewards. How does that even work in terms of the records/documents/statements for filing when it comes time to file?

It was there when I looked.  Maybe they changed the website.

As far as your question, Fidelity treats my 2% cash back into my HSA as a regular contribution for the current tax year.  It shows up on my "YTD HSA contribution" widget on the website, and they send me a 5498-SA every year in May.

I can also make additional contributions to my HSA, as long as my 2% cash back plus my additional contributions are less than the self only limit for the year ($3600 or so, it gets adjusted for inflation every year).