Fidelity Rewards Visa Card

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raamakoti
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Fidelity Rewards Visa Card

Post by raamakoti » Sat Oct 28, 2017 2:12 pm

I came to know about this card, it gives 2% cash back. For every $2500 spent, it deposits $50 in the fidelity account.
Here are remaining details
http://www.fidelityrewards.com/credit/benefits.do

What I would like to know is would this cash be treated as income? so far other credit cards I have it does not treat cash back as income. I usually take statement credit. If I put all my misc expenses on the card like Phone, cable, heating and electricity. Thats additional $100 saving atleast for doing nothing.
I would appreciate your help

DavidRoseMountain
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Re: Fidelity Rewards Visa Card

Post by DavidRoseMountain » Sat Oct 28, 2017 2:17 pm

No it's not treated as income.

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whodidntante
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Re: Fidelity Rewards Visa Card

Post by whodidntante » Sat Oct 28, 2017 2:20 pm

If a pair of jeans normally costs $50, and you pay $30 on sale, or you got $20 in store credit to use later, did you owe $20 in income tax? It's considered a rebate and is not taxable.

runner3081
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Re: Fidelity Rewards Visa Card

Post by runner3081 » Sat Oct 28, 2017 2:47 pm

raamakoti wrote:
Sat Oct 28, 2017 2:12 pm
I came to know about this card, it gives 2% cash back. For every $2500 spent, it deposits $50 in the fidelity account.
Here are remaining details
http://www.fidelityrewards.com/credit/benefits.do

What I would like to know is would this cash be treated as income? so far other credit cards I have it does not treat cash back as income. I usually take statement credit.
Hmm, I didn't know that was an option. For some reason, I thought it was deposit to Fidelity only. Will have to investigate.

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ThePrune
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Re: Fidelity Rewards Visa Card

Post by ThePrune » Sat Oct 28, 2017 3:23 pm

I've used this card for over 10 years now. In the past you had to deposit the rewards into a Fidelity IRA account to get 2.0%; otherwise the reward was only 1.5%. Still, pretty good! Since I'm retired and have no earned income, depositing the reward into an IRA wasn't an option for me.
Investment skill is often just luck in sheep's clothing.

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FiveK
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Re: Fidelity Rewards Visa Card

Post by FiveK » Sat Oct 28, 2017 3:31 pm

runner3081 wrote:
Sat Oct 28, 2017 2:47 pm
raamakoti wrote:
Sat Oct 28, 2017 2:12 pm
I came to know about this card, it gives 2% cash back. For every $2500 spent, it deposits $50 in the fidelity account.
Here are remaining details
http://www.fidelityrewards.com/credit/benefits.do

What I would like to know is would this cash be treated as income? so far other credit cards I have it does not treat cash back as income. I usually take statement credit.
Hmm, I didn't know that was an option. For some reason, I thought it was deposit to Fidelity only. Will have to investigate.
Ours goes into the Fidelity cash account. From there we can either use it to invest, or electronically transfer it to our checking account for general spending. No difference in the rebate amount (and it's non-taxable) either way.

StealthRabbit
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Re: Fidelity Rewards Visa Card

Post by StealthRabbit » Sat Oct 28, 2017 3:54 pm

Fidelity rewards has been OK for 6-8 yrs, but is now my ‘back-up’ card, due to thier 2016
change of banks to Elan has really messed up their service (to me). Ymmv.

They gutted my history and tax reporting procedures and lost 20+ Monthly auto pays and locked me out /refused charges many times while I was overseas for a yr. They are very quick to lock me out... but seemed to ‘miss’ that someone was buying $400/ worth of gas every other day 10,000 miles away from where I was daily using the card. Since I burn veggie oil.... I seldom have any fuel purchases... but when I was trying to buy $80 worth of parts at midnight in a truck stop to get my car back on the road... smack. They locked me out and told me they could only get me a new card if I returned home...very handy...

Be careful, as you MUST schedule and implement your rewards, or they will evaporate before your eyes.

As a travel card... they are terrible (for rewards and charges)

If you are specifically using the ‘cash-back’ benefits, and you diligently monitor your acct and rewards you should be ok.

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runner9
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Re: Fidelity Rewards Visa Card

Post by runner9 » Sat Oct 28, 2017 4:05 pm

We have had it, predating Elon, with no complaints. They automatically deduct $50+ into my wife's IRA whenever it hits that. They also have had several bonus offers that have netted us more than 2% back.

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Phineas J. Whoopee
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Re: Fidelity Rewards Visa Card

Post by Phineas J. Whoopee » Sat Oct 28, 2017 4:15 pm

As a discount, it's only applicable in two tax situations:

1) You buy a non-personal capital good and sell it later. Your cost basis is reduced by the amount of the discount; and

2) You buy something that is tax deductible, like going over 10% of Adjusted Gross Income buying deductible durable medical goods. The deduction is reduced by the amount of the discount.

I'm not aware of any instances in which either was a significant factor, but then I'm not aware of absolutely everything.

In any event, earlier posters are correct that for legal and tax purposes it's a discount, not income.

PJW

euroswiss
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Re: Fidelity Rewards Visa Card

Post by euroswiss » Sat Oct 28, 2017 4:33 pm

ThePrune wrote:
Sat Oct 28, 2017 3:23 pm
I've used this card for over 10 years now. In the past you had to deposit the rewards into a Fidelity IRA account to get 2.0%; otherwise the reward was only 1.5%. Still, pretty good! Since I'm retired and have no earned income, depositing the reward into an IRA wasn't an option for me.
As you say, this restriction is now gone (you can transfer into your brokerage account, if you want). I used to fund my son's 529 account back in the days. In fact, when I first got the card (maybe 20 years ago), it was marketed as a "college savings card". It had a picture of a college graduation on it - come to think of it, it still does! In fact it still says "529 College Rewards" on my card, but again, the requirement to fund a 529 or an IRA is long since gone

AllMostThere
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Re: Fidelity Rewards Visa Card

Post by AllMostThere » Sat Oct 28, 2017 5:31 pm

DW & I have been using the 2% Fidelity card for over 15 years. The reward amounts have been going into a Fidelity 529 for our DD on a regular basis. To date, this 529 account has a balance in excess of $26K! :moneybag By the time DD is ready for college in 2020, this 529 account should be able to pay the first year of college costs. Not bad for really just using a card for everyday purchases + some larger purchases over the past many years. I have not had any problems with the recent change in providers. My only minor complaint is that a temporary CC number is no longer an option with the new provider. This option was really handy for one-time on-line purchases or regular recurring monthly charges (i.e. unique CC number for each monthly recurring charge). In a world of stolen CC numbers, this was a handy perk.

Vanguard Fan 1367
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Re: Fidelity Rewards Visa Card

Post by Vanguard Fan 1367 » Sat Oct 28, 2017 5:38 pm

I like the Fidelity Card. I spend enough money that the 2 percent adds up. :beer

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Phineas J. Whoopee
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Re: Fidelity Rewards Visa Card

Post by Phineas J. Whoopee » Sat Oct 28, 2017 6:01 pm

Vanguard Fan 1367 wrote:
Sat Oct 28, 2017 5:38 pm
I like the Fidelity Card. I spend enough money that the 2 percent adds up. :beer
I spend little enough money that the 98% adds up. :wink:
PJW

LSLover
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Re: Fidelity Rewards Visa Card

Post by LSLover » Sat Oct 28, 2017 6:05 pm

I have been using the card ever since it replaced AmEx as the Fidelity Rewards Card. It works without any issues, allows collection of data by aggregators but god forbid you will ever need their customer service assistance...

Customer service is inadequately trained and even a small problem with the charges requires multiple calls.

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whodidntante
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Re: Fidelity Rewards Visa Card

Post by whodidntante » Sat Oct 28, 2017 6:40 pm

Phineas J. Whoopee wrote:
Sat Oct 28, 2017 6:01 pm
Vanguard Fan 1367 wrote:
Sat Oct 28, 2017 5:38 pm
I like the Fidelity Card. I spend enough money that the 2 percent adds up. :beer
I spend little enough money that the 98% adds up. :wink:
PJW
Lol

FedGuy
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Re: Fidelity Rewards Visa Card

Post by FedGuy » Sat Oct 28, 2017 7:07 pm

The other thing with this card is that they periodically offer deals of the "We'll give you an extra point on each dollar you spend in excess of $2500 over the next 3 months" variety. If you sign on for that deal, be sure to save your confirmation page in a safe place, since they're fairly notorious for "not having any record of your enrolling in this promotion" and denying you the rewards unless you can prove that you enrolled.

MikeG62
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Re: Fidelity Rewards Visa Card

Post by MikeG62 » Sun Oct 29, 2017 8:42 am

I’ve been using this card since it was first introduced well over a decade ago. We use it as our basic cash back card, where/when our many other cards don’t offer a better/larger benefit.

I think the switch to Elan was not great either, but once I got used to their site all has been fine.

The 2% is deposited monthly into my Fidelity brokerage account (as I easily exceed the $50 threshold each month).
Real Knowledge Comes Only From Experience

JBTX
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Re: Fidelity Rewards Visa Card

Post by JBTX » Sun Oct 29, 2017 11:14 am

euroswiss wrote:
Sat Oct 28, 2017 4:33 pm
ThePrune wrote:
Sat Oct 28, 2017 3:23 pm
I've used this card for over 10 years now. In the past you had to deposit the rewards into a Fidelity IRA account to get 2.0%; otherwise the reward was only 1.5%. Still, pretty good! Since I'm retired and have no earned income, depositing the reward into an IRA wasn't an option for me.
As you say, this restriction is now gone (you can transfer into your brokerage account, if you want). I used to fund my son's 529 account back in the days. In fact, when I first got the card (maybe 20 years ago), it was marketed as a "college savings card". It had a picture of a college graduation on it - come to think of it, it still does! In fact it still says "529 College Rewards" on my card, but again, the requirement to fund a 529 or an IRA is long since gone
Same here. For many years the 2.0% went to my fidelity 529. A couple years back finally set a cash mgt account and redirected rewards there. Just got a new card without the kids in college gowns when I had to replace card. I’ll kind of miss it.

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sigmadave_2000
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Re: Fidelity Rewards Visa Card

Post by sigmadave_2000 » Fri Aug 31, 2018 5:43 pm

I like the Fidelity Rewards Visa Card. But it seem like I am only getting 1.5 points for every dollar I spend (1.5% cash back) instead of the 2 points (2% cash back) advertised.

Points from statement https://flic.kr/p/29fD5JP
points according to advertisement https://flic.kr/p/Nvr9iu

Update
----> YOU NEED TO UPGRADE TO GET FULL BENEFITS <----
----> if you are a longtime card holder. <----

I Spoke with customer service today. I was informed that they have several different levels of "Legacy Accounts" depending on when you originally applied. The 2% advertised if for new accounts that are applied for today or recently.

Some Legacy Accounts have Points that expire after period of time.

Some Legacy Accounts have earnings thresholds. You have to spend a certain amount in a year before you get to the 2 point/dollar reward level. On on of my cards, the threshold was $15,000/year.

The Customer service rep I spoke to was very helpful. He said that you can upgrade your cards over the phone to their new program, and they will just send you different paperwork in the mail. (If you do the math, that's $75/year that I will get assuming I spend $15,000 or more per year on that card. Definitely worth the 10 minute phone call!)
Last edited by sigmadave_2000 on Fri Aug 31, 2018 6:20 pm, edited 3 times in total.

StrangePenguin
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Re: Fidelity Rewards Visa Card

Post by StrangePenguin » Fri Aug 31, 2018 5:47 pm

sigmadave_2000 wrote:
Fri Aug 31, 2018 5:43 pm
I like the Fidelity Rewards Visa Card. But it seem like I am only getting 1.5 points for every dollar I spend (1.5% cash back) instead of the 2 points (2% cash back) advertised.

Points from statement https://flic.kr/p/29fD5JP
points from advertisement https://flic.kr/p/Nvr9iu
I just checked my most recent statement. I got exactly 2 points per dollar spent. So I don't know why it is working differently for you.

CascadiaSoonish
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Re: Fidelity Rewards Visa Card

Post by CascadiaSoonish » Fri Aug 31, 2018 5:54 pm

I had no end of problems with that card, from automatic payment setup issues to fraudulent charges. I ditched it after just a few months. Don't know if Elan is still managing the card, I think the issues were with their systems, not Fidelity.

Howie
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Re: Fidelity Rewards Visa Card

Post by Howie » Fri Aug 31, 2018 6:11 pm

sigmadave_2000 wrote:
Fri Aug 31, 2018 5:43 pm
I like the Fidelity Rewards Visa Card. But it seem like I am only getting 1.5 points for every dollar I spend (1.5% cash back) instead of the 2 points (2% cash back) advertised.

Points from statement https://flic.kr/p/29fD5JP
points according to advertisement https://flic.kr/p/Nvr9iu
I seem to recall the one which replaced the Fidelity AmEx receives 2% and the other 1.5%. I have both (yes, two Fidelity Elan Visas) and only use the one with the 2% cashback rate.

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JoMoney
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Re: Fidelity Rewards Visa Card

Post by JoMoney » Fri Aug 31, 2018 6:25 pm

StrangePenguin wrote:
Fri Aug 31, 2018 5:47 pm
sigmadave_2000 wrote:
Fri Aug 31, 2018 5:43 pm
I like the Fidelity Rewards Visa Card. But it seem like I am only getting 1.5 points for every dollar I spend (1.5% cash back) instead of the 2 points (2% cash back) advertised.

Points from statement https://flic.kr/p/29fD5JP
points from advertisement https://flic.kr/p/Nvr9iu
I just checked my most recent statement. I got exactly 2 points per dollar spent. So I don't know why it is working differently for you.
Did you previously have the "FIA Card Services" Visa before they switched to "Elan Financial Services" ?
If so, and you never called to complain and get the new benefit structure, you may only be getting the old 1.5% benefit:
http://www.mymoneyblog.com/fidelity-rew ... -back.html
... There was (understandably) some angry existing customers when they were told they would only start at 1.5% cash back and not the 2% cash back offered to new customers. Some reps told existing customers that they would have apply for a new card in order to get the 2%. However, it appears that Fidelity has softened that decision. If you call up the number on the back of your card and ask them, they should upgrade you to 2% cash back without hassle. But it won’t happen automatically; you must call. ...
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

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sigmadave_2000
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Re: Fidelity Rewards Visa Card

Post by sigmadave_2000 » Fri Aug 31, 2018 7:03 pm

JoMoney wrote:
Fri Aug 31, 2018 6:25 pm

Did you previously have the "FIA Card Services" Visa before they switched to "Elan Financial Services" ?
If so, and you never called to complain and get the new benefit structure, you may only be getting the old 1.5% benefit:
Yes. I just believed their ads and never did the math. I had one card only paying 1.5%, and another card that had points that expire if you don't use them.

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2pedals
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Re: Fidelity Rewards Visa Card

Post by 2pedals » Fri Aug 31, 2018 9:04 pm

I use it for most of my purchases. Sometimes I can get higher rewards with other catagory credit cards or initial signup credit card offers that require a minimum spend. I always pay the full amount every month. Overall it has been a solid credit card for me and DW. Service has been very good. Like all credit cards you need to check and verify your statements for fraudulent charges every month.

Nissanzx1
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Re: Fidelity Rewards Visa Card

Post by Nissanzx1 » Fri Aug 31, 2018 9:11 pm

I just got this card about 1.5 months ago. So far no complaints, looking forward to the rewards as I have an annual spend of $25-30K.

Put the homeowners insurance on it last week for 2 homes. My last card was only 1% cash back, which I just blew...

MikeG62
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Re: Fidelity Rewards Visa Card

Post by MikeG62 » Sat Sep 01, 2018 5:23 pm

I have had this card since it was issued several years ago (or I should say since Fidelity switched to this card from their old cards). I had the predecessor cards (AMEX and MC) for a good decade prior to that.

Have never had any issues with it or the service. I download statements every month and otherwise all payments are set to autopay statement balance in full on the statement due date. From a service standpoint, Elan has been as reliable as any other CC company I deal with (and I deal with many of them).

This is our general purpose credit card. It's used when other cards don't provide a larger benefit. Overall about 1/3rd of our overall CC spend hits this card. Another roughly 1/3rd hits our CSR card. The rest is spread among a number of other cards.
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Mursili
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Re: Fidelity Rewards Visa Card

Post by Mursili » Sat Sep 01, 2018 10:06 pm

We, too, moved from FIA card services when Fidelity went to Elan. I saw a Fidelity ad with the card giving 2% back, but we were only getting 1.5%. I called and they brought us up to 2%. This was some time ago.

Otherwise, it seems to be a reasonable card.
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blackcat allie
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Re: Fidelity Rewards Visa Card

Post by blackcat allie » Sat Sep 01, 2018 11:29 pm

Anyone concerned about fraud and linked account withdrawals - for instance having their retirement account raided for big night in Vegas?
“Nothing in life is as important as you think it is while you are thinking about it.” - Daniel Kahneman

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JoMoney
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Re: Fidelity Rewards Visa Card

Post by JoMoney » Sun Sep 02, 2018 12:44 am

blackcat allie wrote:
Sat Sep 01, 2018 11:29 pm
Anyone concerned about fraud and linked account withdrawals - for instance having their retirement account raided for big night in Vegas?
No, it's a credit card.
https://www.nolo.com/legal-encyclopedia ... 29654.html
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

tj
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Re: Fidelity Rewards Visa Card

Post by tj » Sun Sep 02, 2018 1:29 am

sigmadave_2000 wrote:
Fri Aug 31, 2018 5:43 pm
I like the Fidelity Rewards Visa Card. But it seem like I am only getting 1.5 points for every dollar I spend (1.5% cash back) instead of the 2 points (2% cash back) advertised.

Points from statement https://flic.kr/p/29fD5JP
points according to advertisement https://flic.kr/p/Nvr9iu

Update
----> YOU NEED TO UPGRADE TO GET FULL BENEFITS <----
----> if you are a longtime card holder. <----

I Spoke with customer service today. I was informed that they have several different levels of "Legacy Accounts" depending on when you originally applied. The 2% advertised if for new accounts that are applied for today or recently.

Some Legacy Accounts have Points that expire after period of time.

Some Legacy Accounts have earnings thresholds. You have to spend a certain amount in a year before you get to the 2 point/dollar reward level. On on of my cards, the threshold was $15,000/year.

The Customer service rep I spoke to was very helpful. He said that you can upgrade your cards over the phone to their new program, and they will just send you different paperwork in the mail. (If you do the math, that's $75/year that I will get assuming I spend $15,000 or more per year on that card. Definitely worth the 10 minute phone call!)


Yep I had the old 2% Amex and the 1.5% visa which was 2% after $15k. I don't know if both are 2% now, i use the Alliant Credit Union 2.5% card.

arf30
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Re: Fidelity Rewards Visa Card

Post by arf30 » Sun Sep 02, 2018 7:35 am

I've moved most of my spending over to this card away from the Citi Double Cash and it's worked well so far. Only downside is the lack of integration into Fidelity's website as others have mentioned. The automatic rewards redemption is a nice feature that I was missing with the Citi card.

NYCguy
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Re: Fidelity Rewards Visa Card

Post by NYCguy » Sun Sep 02, 2018 10:07 am

arf30 wrote:
Sun Sep 02, 2018 7:35 am
I've moved most of my spending over to this card away from the Citi Double Cash and it's worked well so far. Only downside is the lack of integration into Fidelity's website as others have mentioned. The automatic rewards redemption is a nice feature that I was missing with the Citi card.
Why, what is the perceived advantage to the Citi double cash?
If your out-go is greater than your income, your upkeep will be your DOWNFALL.

tj
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Re: Fidelity Rewards Visa Card

Post by tj » Sun Sep 02, 2018 7:58 pm

NYCguy wrote:
Sun Sep 02, 2018 10:07 am
arf30 wrote:
Sun Sep 02, 2018 7:35 am
I've moved most of my spending over to this card away from the Citi Double Cash and it's worked well so far. Only downside is the lack of integration into Fidelity's website as others have mentioned. The automatic rewards redemption is a nice feature that I was missing with the Citi card.
Why, what is the perceived advantage to the Citi double cash?


There isn't. The Alliant Credit Union Signature Card has a huge advantage IMO.
https://www.alliantcreditunion.org/bank ... ature-card

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JoMoney
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Re: Fidelity Rewards Visa Card

Post by JoMoney » Sun Sep 02, 2018 9:27 pm

NYCguy wrote:
Sun Sep 02, 2018 10:07 am
arf30 wrote:
Sun Sep 02, 2018 7:35 am
I've moved most of my spending over to this card away from the Citi Double Cash and it's worked well so far. Only downside is the lack of integration into Fidelity's website as others have mentioned. The automatic rewards redemption is a nice feature that I was missing with the Citi card.
Why, what is the perceived advantage to the Citi double cash?
Another reasonable 2% cash-back on everything card is the PenFed card
https://www.penfed.org/credit-cards/honors-advantage
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

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GoldStar
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Re: Fidelity Rewards Visa Card

Post by GoldStar » Mon Sep 03, 2018 6:38 am

I used the Citi 2% back card. Only takes a minute to send cash to bank account so I don't see the lack of automatic transfer much of a disadvantage.

OP: my utilities charge me a fee if I use a credit card to pay them which is higher than the 2% back - might not be true I'm your case but you certainly need to watch for this.

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midareff
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Re: Fidelity Rewards Visa Card

Post by midareff » Mon Sep 03, 2018 7:22 am

raamakoti wrote:
Sat Oct 28, 2017 2:12 pm
I came to know about this card, it gives 2% cash back. For every $2500 spent, it deposits $50 in the fidelity account.
Here are remaining details
http://www.fidelityrewards.com/credit/benefits.do

What I would like to know is would this cash be treated as income? so far other credit cards I have it does not treat cash back as income. I usually take statement credit. If I put all my misc expenses on the card like Phone, cable, heating and electricity. Thats additional $100 saving atleast for doing nothing.
I would appreciate your help
It is not income, it is a negative to expenses. Yes, load it up with recurring expenses, set to autopay in full and auto redeem.

MikeG62
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Re: Fidelity Rewards Visa Card

Post by MikeG62 » Mon Sep 03, 2018 8:14 am

arf30 wrote:
Sun Sep 02, 2018 7:35 am
I've moved most of my spending over to this card away from the Citi Double Cash and it's worked well so far. Only downside is the lack of integration into Fidelity's website as others have mentioned. The automatic rewards redemption is a nice feature that I was missing with the Citi card.
Just curious why you changed from the Citi Double Cash card. Most people on the forums claim the Citi card is better for reasons including longer extended warranty on purchases and price protection (perhaps others too). How do you see it having used both?

FWIW, I use the Fidelity card (have been for a very long time) and am loathe to switch for what seem like minor incremental benefits.
Real Knowledge Comes Only From Experience

arf30
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Re: Fidelity Rewards Visa Card

Post by arf30 » Mon Sep 03, 2018 8:25 am

MikeG62 wrote:
Mon Sep 03, 2018 8:14 am
arf30 wrote:
Sun Sep 02, 2018 7:35 am
The automatic rewards redemption is the feature that I was missing with the Citi card.
Just curious why you changed from the Citi Double Cash card.
The automatic rewards redemption.

Ben10
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Re: Fidelity Rewards Visa Card

Post by Ben10 » Mon Sep 03, 2018 9:02 am

I've had this card for a couple of years. Rewards go to Fidelity 529 account for my kid. This seems like one of the better (if not the best) reward cards.

tj
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Re: Fidelity Rewards Visa Card

Post by tj » Mon Sep 03, 2018 3:13 pm

How are any of the 2% cards betwee than the c ard I linked which is 3% the first year and 2.5% for each subsequent year, with no foreign fees....

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JoMoney
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Re: Fidelity Rewards Visa Card

Post by JoMoney » Mon Sep 03, 2018 4:12 pm

tj wrote:
Mon Sep 03, 2018 3:13 pm
How are any of the 2% cards betwee than the c ard I linked which is 3% the first year and 2.5% for each subsequent year, with no foreign fees....
The Alliant card you linked to has an annual fee, and is "Exclusively designed for those spending $50,000+ a year on their card". That rules me out.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

SpaethCo
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Re: Fidelity Rewards Visa Card

Post by SpaethCo » Mon Sep 03, 2018 4:16 pm

tj wrote:
Mon Sep 03, 2018 3:13 pm
How are any of the 2% cards betwee than the c ard I linked which is 3% the first year and 2.5% for each subsequent year, with no foreign fees....
You have to spend $11,800/year to break-even with a flat 2% cash back card because of the $59 annual fee. That can be hard to do if you have more than a single credit card.

The following cards all have no annual fee, and have > 2.5% cash back:

Costco VISA - 3% Travel & Dining, 4% gas (no FTF)
Amazon Prime Rewards - 5% Amazon (no FTF)
Discover IT - 5% quarterly categories (no FTF)
US Bank Cash+ - 5% in 2 selectable categories

When you start splitting your spend multiple ways, the no annual fee 2% “catch all” cards tend to work out better.

The advantage that the Fidelity VISA has over the Citi card is that the Fidelity card has a 1% foreign transaction fee (net: +1% cash back), while the Citi Double Cash has a 3% FTF (net: -1% cash lost to the fee)

FedGuy
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Re: Fidelity Rewards Visa Card

Post by FedGuy » Sat Sep 08, 2018 8:43 am

SpaethCo wrote:
Mon Sep 03, 2018 4:16 pm
The following cards all have no annual fee, and have > 2.5% cash back:
Just to be clear, there are plenty of others, such as the Chase Freedom (5% cash back in select categories that change every quarter), Uber card (4% cash back at restaurants), American Express Blue Cash Everyday (3% cash back at supermarkets), Amazon Visa (3% cash back at Amazon--does not require Prime subscription), and plenty of others.

As noted, if you have several of these cards and use them strategically--using Discover It or Chase Freedom for the 5% cash back categories, Uber card for restaurants, American Express Blue Cash Everyday for supermarkets, etc, most people will probably find that the amount of spending left for their lowest cash back "catch-all" card is low enough that the Alliant Card's $59 annual fee makes that a worse deal than a no-fee 2% cash back card.

CDub
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Re: Fidelity Rewards Visa Card

Post by CDub » Sat Sep 08, 2018 11:27 am

JoMoney wrote:
Mon Sep 03, 2018 4:12 pm
tj wrote:
Mon Sep 03, 2018 3:13 pm
How are any of the 2% cards betwee than the c ard I linked which is 3% the first year and 2.5% for each subsequent year, with no foreign fees....
The Alliant card you linked to has an annual fee, and is "Exclusively designed for those spending $50,000+ a year on their card". That rules me out.

That is not a requirement. It’s just marketing.

Do the math, you may still end up ahead even with the annual fee.

rgs92
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Re: Fidelity Rewards Visa Card

Post by rgs92 » Sat Sep 08, 2018 11:45 am

Yep, I still have the old 1.5% fidelity card. It's seems a bit tacky to leave legacy customers and longtime Fidelity account holders with a lower-rewards card.

And I looked at the link and you have to call them and make any changes over the phone, like they are putting obstacles in your way.
(You can't even email them!)

And why do they have 2 levels of rewards anyway? I think it's just to keep the old cardholders in the dark.
So I use my Citi 2% cards instead.

Vanguard Fan 1367
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Re: Fidelity Rewards Visa Card

Post by Vanguard Fan 1367 » Sat Sep 08, 2018 2:34 pm

rgs92 wrote:
Sat Sep 08, 2018 11:45 am
Yep, I still have the old 1.5% fidelity card. It's seems a bit tacky to leave legacy customers and longtime Fidelity account holders with a lower-rewards card.

And I looked at the link and you have to call them and make any changes over the phone, like they are putting obstacles in your way.
(You can't even email them!)

And why do they have 2 levels of rewards anyway? I think it's just to keep the old cardholders in the dark.
So I use my Citi 2% cards instead.
The City cards seem like a great deal. After reading my Bogleheads friends thoughts on this subject I called up and asked for and got the 2 percent upgrade from 1.5 percent credit card from Fidelity. It seemed kind of weird to have to call up and ask for the 2 percent but it worked for me.

milo minderbinder
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Re: Fidelity Rewards Visa Card

Post by milo minderbinder » Sun Sep 09, 2018 11:49 am

rgs92 wrote:
Sat Sep 08, 2018 11:45 am
Yep, I still have the old 1.5% fidelity card. It's seems a bit tacky to leave legacy customers and longtime Fidelity account holders with a lower-rewards card.

And I looked at the link and you have to call them and make any changes over the phone, like they are putting obstacles in your way.
(You can't even email them!)

And why do they have 2 levels of rewards anyway? I think it's just to keep the old cardholders in the dark.
So I use my Citi 2% cards instead.
Yeah, they make you ask for the 2%. But if you ask for it like I did they will give it to you.

marcopolo
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Re: Fidelity Rewards Visa Card

Post by marcopolo » Sun Sep 09, 2018 12:03 pm

milo minderbinder wrote:
Sun Sep 09, 2018 11:49 am

Yeah, they make you ask for the 2%. But if you ask for it like I did they will give it to you.
I thought for sure you were going to say "But, if you ask for it, that proves you don't need it, so they will not give it to you" ! :sharebeer
Once in a while you get shown the light, in the strangest of places if you look at it right.

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Re: Fidelity Rewards Visa Card

Post by oldcomputerguy » Sun Sep 09, 2018 12:35 pm

tj wrote:
Mon Sep 03, 2018 3:13 pm
How are any of the 2% cards betwee than the c ard I linked which is 3% the first year and 2.5% for each subsequent year, with no foreign fees....
$59 per year annual fee. To break even versus a no-annual-fee card (such as the Fidelity card) that pays 2% cash back would require an additional spend of $11,800 per year.
"I’ve come around to this: If you’re dumb, surround yourself with smart people; and if you’re smart, surround yourself with smart people who disagree with you." (Aaron Sorkin)

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