question about Fidelity rewards Amex card

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Topic Author
am
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question about Fidelity rewards Amex card

Post by am »

Seems like a good deal compared to my AMEX blue cash card which is 5% gas/drug/grocery (not warehouse clubs like Costco). The 5% category is only about 15-20% of purchases. 2% would get me more every month.

Any catches with this card? Any fees with low account balances at Fidelity since the majority of my money is with Vanguard? Anything else they make you do to keep a no fee account open at Fidelity like direct deposit, debit card transactions, etc?
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kenyan
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Re: question about Fidelity rewards Amex card

Post by kenyan »

No catches. If you don't have a Fidelity account, I suppose there may be some additional complication; I already had one when I got the card.

One thing to mention is that it's not a true American Express card; it's administered by FIA Card Services, which is apparently part of BOA. Some people have a problem with that.
Retirement investing is a marathon.
Topic Author
am
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Re: question about Fidelity rewards Amex card

Post by am »

Why would it not being American express be an issue? I pay my bill in full every month.

I have a retirement account there. But no taxable account. Wonder if there are any fees for low account balances? Any decent investment options for low balances or would I have to transfer out to my checking account and then to Vanguard?
granpa
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Re: question about Fidelity rewards Amex card

Post by granpa »

I have Amex Blue Cash but believe it pays on 3% on groceries. . . .
Topic Author
am
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Re: question about Fidelity rewards Amex card

Post by am »

I think I got grandfathered in to an old version of this card?
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Langkawi
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Re: question about Fidelity rewards Amex card

Post by Langkawi »

am wrote:Why would it not being American express be an issue?
Many people have feelings about American Express's customer service, so it's important to know that this card is not serviced by them.
Many people have feelings about FIA's customer service, so it's important to know that this card is serviced by them.
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Allocationist
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Re: question about Fidelity rewards Amex card

Post by Allocationist »

FWIW, I have both the Fidelity AMEX and Fidelity VISA cash back cards.

Even though I am often disappointed by the poor quality of customer service from various providers such as AT&T (cell phones, U-verse, etc.) I am very pleased by the service provided by FIA card services for these two cards. I have spoken with them on many occasions including a few potential fraud issues. I have always been pleased with their service and have never had a bad experience with them.

JMO.
jimmyrules712
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Re: question about Fidelity rewards Amex card

Post by jimmyrules712 »

I've had this card for about a year. I opened a fidelity mysmartcash for the card and I don't use it for any other purpose. My balance is normally at zero unless I'm in the process of transferring rewards through. No fees charged yet.
M1garand30064
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Re: question about Fidelity rewards Amex card

Post by M1garand30064 »

Allocationist wrote:FWIW, I have both the Fidelity AMEX and Fidelity VISA cash back cards.

Even though I am often disappointed by the poor quality of customer service from various providers such as AT&T (cell phones, U-verse, etc.) I am very pleased by the service provided by FIA card services for these two cards. I have spoken with them on many occasions including a few potential fraud issues. I have always been pleased with their service and have never had a bad experience with them.

JMO.

This has been my experience as well. My wife and I have been using the card for several years now and really enjoy the free money to invest. I'd highly recommend it as long as you are able to pay it off in full every month.
Saving$
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Re: question about Fidelity rewards Amex card

Post by Saving$ »

kenyan wrote:One thing to mention is that it's not a true American Express card; it's administered by FIA Card Services, which is apparently part of BOA. Some people have a problem with that.
That is one thing I have been wondering about with this card.
- Does it offer double warranties and buyer protection?
- Does it offer rental car insurance?
- How else is the fact is it not a "true" AmEx card transparent to the user?
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JamesSFO
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Re: question about Fidelity rewards Amex card

Post by JamesSFO »

Saving$ wrote:
kenyan wrote:One thing to mention is that it's not a true American Express card; it's administered by FIA Card Services, which is apparently part of BOA. Some people have a problem with that.
That is one thing I have been wondering about with this card.
- Does it offer double warranties and buyer protection?
- Does it offer rental car insurance?
- How else is the fact is it not a "true" AmEx card transparent to the user?
I'll focus on the third, you are applying at FIA Card Services website and it says the issues is FIA Card Services. Overall this is becoming more common (non-AMEX AMEX's) since USAA and others have AMEXs now.
Topic Author
am
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Re: question about Fidelity rewards Amex card

Post by am »

What is the history of this card in terms of rewards being 2%? How long has this card been out? If rewards dip down to 1.5% it probably makes no sense to switch from AMEX blue cash which for me is 5% grocery/drug store/gas and 1% everything else (grandfathered into an old form of this card)?
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tfb
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Re: question about Fidelity rewards Amex card

Post by tfb »

am wrote:What is the history of this card in terms of rewards being 2%? How long has this card been out? If rewards dip down to 1.5% it probably makes no sense to switch from AMEX blue cash which for me is 5% grocery/drug store/gas and 1% everything else (grandfathered into an old form of this card)?
Only because you can't get the "old" Blue card any more once you close it, I would suggest you keep it. If you want the Fidelity AmEx, get it but keep the old Blue. This Fidelity AmEx came out in 2009 as an answer to Schwab's 2% card. It has always offered 2%, but its nemesis the Schwab Visa no longer exists. If someone decides to stop offering this and only offer the Visa, it will not surprise me at all. However, Fidelity has a history of keeping the existing cards on the same program (some people still have the 2% MasterCard even though it hasn't been offered for many years). In a way, it's also good to get in before they stop offering it.
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jasonp99
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Re: question about Fidelity rewards Amex card

Post by jasonp99 »

Langkawi wrote:
am wrote:Why would it not being American express be an issue?
Many people have feelings about American Express's customer service, so it's important to know that this card is not serviced by them.
Many people have feelings about FIA's customer service, so it's important to know that this card is serviced by them.
I have on three occasions this year used the extended warranty benefit on my Amex Blue Cash card. No issues, money deposited in my account within a week. Only one out of the three did I even have to submit any paperwork (+ $100, other two were less). So this was great service by Amex. You may get the same service from FIA however but I don't have that card.
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