Fidelity Visa Rewards - Do you move the cash out of Fido?

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linenfort
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Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by linenfort » Fri Nov 02, 2018 4:21 pm

Fidelity Visa credit card holders know that part of the deal of receiving the whole 2% cash back entails depositing it into a Fidelity cash account. You don't take it as a check or credit toward the next bill on your statement. You must deposit it.

Until now, I've never really thought about what to do with the cash because I didn't have enough to deploy. That, in turn, is because I didn't have a taxable Fidelity account prior to getting the card. That is, I created an account with nearly nothing in it just so I could have this card. Now, there's enough to buy a fund.

What do you guys do with the cash? Invest it in a Fidelity fund?
Move it out of Fidelity?

On Monday, I plan to ask them how long cash has to sit before I am allowed to transfer it, but perhaps someone already knows the answer.
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bengal22
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by bengal22 » Fri Nov 02, 2018 4:33 pm

I pay bills. You can deploy funds immediately.
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Dottie57 » Fri Nov 02, 2018 4:34 pm

I purchase MF in taxable account.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by linenfort » Fri Nov 02, 2018 4:37 pm

Immediately- sounds good!

I guess MF = mutual funds. I would do that, but I'm happy with all my taxable stuff at Vanguard, their service hiccups notwithstanding.

Thanks.
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mptfan
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by mptfan » Fri Nov 02, 2018 4:44 pm

I leave it there and let it build up and think of it as a backup source of access to cash that may come in handy if my primary ATM card gets lost or does not work for some reason, especially if I am travelling.

I generally agree with the concept of consolodating accounts to the fewest number possible for simplicity, but if you have ever been away from home and you only have one bank account and one credit card and you did not have your wallet for whatever reason (lost, stolen) you would learn the value of having a backup way to access cash and credit.
Last edited by mptfan on Fri Nov 02, 2018 4:48 pm, edited 2 times in total.

J295
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by J295 » Fri Nov 02, 2018 4:46 pm

It goes into our account at Fido and we use it just like any other cash there

runner3081
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by runner3081 » Fri Nov 02, 2018 4:52 pm

Yes, pulled out to our bank account then invested in ETF's in our Vanguard account, post-taxable funds.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by alpenglow » Fri Nov 02, 2018 5:14 pm

I just transfer it out to my checking account.

tj
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by tj » Fri Nov 02, 2018 5:25 pm

Transfer to my checking account. I suppose you cold use bill pay at Fidelity, to pay the Fidelity credit card, for example.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Jack FFR1846 » Fri Nov 02, 2018 6:40 pm

I put it in my son's 529, add to hit $2k (max for Mass tax deduction) and then have them send a check. Just transferred in the rest to hit $2k today. I'll let it settle and pull it out by the end of the year.
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bltn
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by bltn » Fri Nov 02, 2018 6:57 pm

I ve been leaving it in a money market fund. It s growing. I use that card for 90% of my credit purchases.
Then pay it off every month.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by tainted-meat » Fri Nov 02, 2018 7:38 pm

I buy Mutual Funds at Fidelity. The credit card is the reason I have accounts there. I guess the marketing worked.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by n00b » Fri Nov 02, 2018 9:38 pm

I buy Fidelity index funds with the rewards and appreciate the fact that the minimum investment requirement in funds with the best expense-ratios was recently dropped.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by bhtomj » Sat Nov 03, 2018 1:07 am

I buy MF in my rIRA, which I had at Fidelity long before the CC. At year end i will transfer additional money to the account to max it out, since December points redemption goes as new tax year contribution in January.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by IowaFarmBoy » Sat Nov 03, 2018 6:39 am

My taxable account is there so I just have it deposited there and invest it along with my new contributions.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Horsefly » Sat Nov 03, 2018 6:55 am

My rewards go into the same cash position as I use to auto-pay the Fidelity Visa every month. I check to make sure there is always plenty of cash in there, but otherwise I just let it run on its own.

It's kind of like a cool little self-licking ice cream cone. :beer

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by RickBoglehead » Sat Nov 03, 2018 7:00 am

I used to use the bonus for my IRA. It will only fund current year IRA, so once the calendar year changes you have to contact Fidelity each time and ask them to redo the contribution as prior year, which was a small pain.

I used to use the Fidelity card as my main card, but Citi DoubleCash replaced it (I rarely use the Fidelity card). In 2017 I moved 99% of my funds to Vanguard, so no more IRA contribution. I keep a Fidelity Taxable account open (zero balance is allowed), and when my rewards are redeemed I simply transfer them from my Fidelity Taxable account to my Ally account.

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AtlasShrugged?
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by AtlasShrugged? » Sat Nov 03, 2018 7:22 am

I dump the entire 2% into my Roth IRA. It comes to roughly $500/annually. Pretty good deal.
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by MikeG62 » Sat Nov 03, 2018 7:38 am

J295 wrote:
Fri Nov 02, 2018 4:46 pm
It goes into our account at Fido and we use it just like any other cash there
+1
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arf30
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by arf30 » Sat Nov 03, 2018 7:55 am

It's really no different than any other cash back card that makes you log in every so often to transfer the reward money out (like the Double Cash). The only difference is instead of logging into a rewards portal to cash out, the money's sitting in a Fidelity account earning interest - the core position on a brokerage account is paying about 1.8%.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by linenfort » Sat Nov 03, 2018 9:59 am

AtlasShrugged? wrote:
Sat Nov 03, 2018 7:22 am
I dump the entire 2% into my Roth IRA. It comes to roughly $500/annually. Pretty good deal.
Wow. We don’t spend $25K on all of our cards combined.Almost. I used to use this card for nearly everything, but then 3% 2% on groceries and 4% on dining out came along (Capital One Savor) + 5% on Amazon (Chase).

Edit: corrected % per post below
Last edited by linenfort on Sat Nov 03, 2018 10:43 am, edited 1 time in total.
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by arf30 » Sat Nov 03, 2018 10:19 am

linenfort wrote:
Sat Nov 03, 2018 9:59 am
3% on groceries and 4% on dining out came along (Capital One Savor)
Savor is 2% groceries, not 3% - you're better off with the Uber Visa for 4% dining as it has no annual fee.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by linenfort » Sat Nov 03, 2018 10:36 am

arf30 wrote:
Sat Nov 03, 2018 10:19 am
linenfort wrote:
Sat Nov 03, 2018 9:59 am
3% on groceries and 4% on dining out came along (Capital One Savor)
Savor is 2% groceries, not 3% - you're better off with the Uber Visa for 4% dining as it has no annual fee.
Oh, right. I had that mixed up with a competing card in my wallet.
I had the TD Bank card for 2% back on groceries and Savor for the same, but also 3% on on dining out. I was going to dump TD and then they bumped up dining to 3%. Now Savor is 4%, but as you said, still 2% on groceries (like TD).

The annual fee on Savor you mentioned is for new cardholders. I’m grandfathered in. No fee.

I have seen the Uber card and the Amex with 6% back, but at some point you have to say to yourself, “I have enough cards.” :happy
bogleheads, don't knock state lotteries. They helped defund the mafia.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by mptfan » Sat Nov 03, 2018 1:37 pm

linenfort wrote:
Sat Nov 03, 2018 10:36 am
I have seen the Uber card and the Amex with 6% back, but at some point you have to say to yourself, “I have enough cards.” :happy
I agree. I don't want to chase a few extra dollars by keeping track of different credit card accounts and due dates and use my mental energy trying to figure out which card to use at which merchant and determine what codes each merchant uses and whether they qualify as a "grocery" or "restaurant" or "gas station", life is too short for that in my opinion. I'll leave the small amount of money sitting on the table for someone else to pick up while I use one cash back card for all of my daily purchases and keep one card as a backup. Simplicity has value.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by IntangibleAssets » Sat Nov 03, 2018 2:04 pm

Mine stays in the CMA. I have to manually buy the core position --SPRXX currently 1.99% yield

Makes everything easy for me as I like to keep stuff simple and the 2% CB/2% interest earning is enough for me.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by samsdad » Sat Nov 03, 2018 5:03 pm

I buy IJR for my tIRA. This is the first year doing it. I’ll get about $2k in there annually just from the 2% reward. I supplement the leftover cash after the trade with additional cash from my bank account and buy another share so I only have a few dollars sitting in the sweep account every month. So just from this practice I’m getting about half of my tIRA filled.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Carter3 » Sat Nov 03, 2018 10:26 pm

I buy mf in my taxable with it.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by inbox788 » Sun Nov 04, 2018 12:20 am

tj wrote:
Fri Nov 02, 2018 5:25 pm
Transfer to my checking account. I suppose you cold use bill pay at Fidelity, to pay the Fidelity credit card, for example.
That's exactly what I do (pay Fidelity credit card). Shortest distance between two points IMO. Why more money (or a few extra electrons) to another banks checking account, only to have to move it back to Fidelity?

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by AtlasShrugged? » Sun Nov 04, 2018 7:57 am

Wow. We don’t spend $25K on all of our cards combined.Almost. I used to use this card for nearly everything, but then 3% 2% on groceries and 4% on dining out came along (Capital One Savor) + 5% on Amazon (Chase).
linenfort....Yeah, we had some big expenses (planned) for the year. We had the cash, but elected to use the Visa, and then pay it off in full. Also, I got all kinds of 'bonus points' (an extra 20 here or there). It really does add up. Unsurprisingly, it was my DW who 'cottoned' on to how we could use the Visa card rules to our advantage.
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by zrail » Sun Nov 04, 2018 8:15 am

We use the Fidelity card as our primary card and a Fidelity brokerage as our primary cash account (direct deposit, automatic payments, automatic taxable investing). Rewards just go into the cash position in that account.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Ron » Sun Nov 04, 2018 8:47 am

I average around $500-$600 rebates each year on my Fido CC cards, which I transfer directly to my Fido CMA account and use the proceeds for normal expenses.

FWIW,

- Ron

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by mrmass » Sun Nov 04, 2018 8:55 am

Sorry to going off topic, I too have a Fido Visa---and made my first payment with my Fido CMA/Brokerage. Can anyone tell me how long it takes for the $$ to come out of Fidelity? I made a payment 11/1 nothing withdrawn from Fido yet. Nothing in history, nothing in pending...

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by arf30 » Sun Nov 04, 2018 9:41 am

mrmass wrote:
Sun Nov 04, 2018 8:55 am
Sorry to going off topic, I too have a Fido Visa---and made my first payment with my Fido CMA/Brokerage. Can anyone tell me how long it takes for the $$ to come out of Fidelity? I made a payment 11/1 nothing withdrawn from Fido yet. Nothing in history, nothing in pending...
You have to enable the auto cash back option in credit card settings and have at least 5000 points. It then shows up a few days after statement close as a direct deposit from Elan cards.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Trism » Sun Nov 04, 2018 9:53 am

mptfan wrote:
Sat Nov 03, 2018 1:37 pm
linenfort wrote:
Sat Nov 03, 2018 10:36 am
I have seen the Uber card and the Amex with 6% back, but at some point you have to say to yourself, “I have enough cards.” :happy
I agree. I don't want to chase a few extra dollars by keeping track of different credit card accounts and due dates and use my mental energy trying to figure out which card to use at which merchant and determine what codes each merchant uses and whether they qualify as a "grocery" or "restaurant" or "gas station", life is too short for that in my opinion. I'll leave the small amount of money sitting on the table for someone else to pick up while I use one cash back card for all of my daily purchases and keep one card as a backup. Simplicity has value.
We run at least $100,000 a year through our personal credit and charge cards.

Juggling a handful of cards for an extra 1-2% back by choosing the right card for a given purchase means an additional $1,000-$2,000 back per year.

It's not going to make the difference between eating lobster vs. Meow Mix for dinner when we retire, but it's real money, especially over time.

Grocery stores don't code as amusement parks, nor do gas stations code as bordellos, at least where we live. :)
Last edited by Trism on Sun Nov 04, 2018 10:15 am, edited 1 time in total.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Horsefly » Sun Nov 04, 2018 10:09 am

mrmass wrote:
Sun Nov 04, 2018 8:55 am
Sorry to going off topic, I too have a Fido Visa---and made my first payment with my Fido CMA/Brokerage. Can anyone tell me how long it takes for the $$ to come out of Fidelity? I made a payment 11/1 nothing withdrawn from Fido yet. Nothing in history, nothing in pending...
One of the reasons I tried but moved away from using my Fidelity CMA for bill pay is exactly what you are seeing. There is a period of time after the CMA payment has been processed but not yet processed on the receiving end where it simply disappears. It won't show up in the payment history until it has been received and processed on the payee side, but since it has been made it doesn't show up as pending in Fidelity.

The other thing I didn't like is that in the CMA account everything basically looks like transactions in a brokerage, rather than a bank.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Horsefly » Sun Nov 04, 2018 10:10 am

arf30 wrote:
Sun Nov 04, 2018 9:41 am
mrmass wrote:
Sun Nov 04, 2018 8:55 am
Sorry to going off topic, I too have a Fido Visa---and made my first payment with my Fido CMA/Brokerage. Can anyone tell me how long it takes for the $$ to come out of Fidelity? I made a payment 11/1 nothing withdrawn from Fido yet. Nothing in history, nothing in pending...
You have to enable the auto cash back option in credit card settings and have at least 5000 points. It then shows up a few days after statement close as a direct deposit from Elan cards.
I think he's asking about the payment going out of the CMA, not the reward back from Elan.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by linenfort » Sun Nov 04, 2018 11:10 am

CMA = Cash Marammmmamah (?) Account?
Trism wrote:
Sun Nov 04, 2018 9:53 am
Grocery stores don't code as amusement parks, nor do gas stations code as bordellos, at least where we live. :)
There's a website that helps you look up the codes for individual stores. I found it by googling, but I only bothered to look up a few places I was really curious about that I frequent, like a deli/beer store that has a couple of tables where they serve breakfast. (They are coded as a restaurant! 4%!)
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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Trism » Sun Nov 04, 2018 2:51 pm

linenfort wrote:
Sun Nov 04, 2018 11:10 am
CMA = Cash Marammmmamah (?) Account?
Trism wrote:
Sun Nov 04, 2018 9:53 am
Grocery stores don't code as amusement parks, nor do gas stations code as bordellos, at least where we live. :)
There's a website that helps you look up the codes for individual stores. I found it by googling, but I only bothered to look up a few places I was really curious about that I frequent, like a deli/beer store that has a couple of tables where they serve breakfast. (They are coded as a restaurant! 4%!)
You can definitely do that, and if I was unsure about a place I regularly visit I probably would.

Otherwise I have a default card for non-category spending and I would just use that if I wasn't sure.

Usually that's my Bank of America Travel Rewards card, which pays 2.625% on all purchases (Platinum Honors tier).

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by mptfan » Sun Nov 04, 2018 5:01 pm

Trism wrote:
Sun Nov 04, 2018 9:53 am
We run at least $100,000 a year through our personal credit and charge cards.
With that kind of spending, I might be more inclined to do some juggling, but my credit card spending is barely 1/4 of that, so I am probably leaving maybe $100 on the table and I am ok with that.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by inbox788 » Sun Nov 04, 2018 6:12 pm

Trism wrote:
Sun Nov 04, 2018 2:51 pm
Usually that's my Bank of America Travel Rewards card, which pays 2.625% on all purchases (Platinum Honors tier).
I've heard of these BoA 2.625% cards, but didn't realize it was their Travel Reward card. There may be others. FWIW, 3% seems to be the bottom of most travel cards ( https://www.forbes.com/sites/johnnyjet/ ... s-of-2018/ ), and and the major expenses (Hotel and Airfare) are usually coded correctly and for me, the category is one of the biggest if not the top category. It's the easiest for me to keep track of using a separate card and not to have to think about which card to use too often or be disappointed by not getting the point multiple I expected (though I don't check often enough and the cards don't always give you an easy way to check). The added 0.625% over the Fidelity Visa isn't worth my jumping through all the Platinum Honor hoops and whatever else. And it would be ironic to get a BoA Travel Reward card to use for everything else but travel expenses. With my 3% travel expenses (Costco Visa) and 2% Fidelity, I'm pretty close to 2.625% overall. Maybe 1 card only is or should be an option.

Need an update to this old 2015 article.
The average cardholder earned an average of nearly $1,500 cash back in 2014, which equates to an average spending on the card of $75,000 per year.
https://www.creditcards.com/credit-card ... ewards.php

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by mrmass » Sun Nov 04, 2018 6:51 pm

Horsefly wrote:
Sun Nov 04, 2018 10:10 am
arf30 wrote:
Sun Nov 04, 2018 9:41 am
mrmass wrote:
Sun Nov 04, 2018 8:55 am
Sorry to going off topic, I too have a Fido Visa---and made my first payment with my Fido CMA/Brokerage. Can anyone tell me how long it takes for the $$ to come out of Fidelity? I made a payment 11/1 nothing withdrawn from Fido yet. Nothing in history, nothing in pending...
You have to enable the auto cash back option in credit card settings and have at least 5000 points. It then shows up a few days after statement close as a direct deposit from Elan cards.
I think he's asking about the payment going out of the CMA, not the reward back from Elan.

Correct. Elan posted my payment on Nov 1. Fidelity shows nothing, nothing in pending, nothing in history. Very odd.
I'm new to Fidelity/Elan and am trying to warm up to the way they do things.

I only moved for the 2% cash back.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Trism » Sun Nov 04, 2018 7:07 pm

inbox788 wrote:
Sun Nov 04, 2018 6:12 pm
Trism wrote:
Sun Nov 04, 2018 2:51 pm
Usually that's my Bank of America Travel Rewards card, which pays 2.625% on all purchases (Platinum Honors tier).
I've heard of these BoA 2.625% cards, but didn't realize it was their Travel Reward card. There may be others. FWIW, 3% seems to be the bottom of most travel cards ( https://www.forbes.com/sites/johnnyjet/ ... s-of-2018/ ), and and the major expenses (Hotel and Airfare) are usually coded correctly and for me, the category is one of the biggest if not the top category. It's the easiest for me to keep track of using a separate card and not to have to think about which card to use too often or be disappointed by not getting the point multiple I expected (though I don't check often enough and the cards don't always give you an easy way to check). The added 0.625% over the Fidelity Visa isn't worth my jumping through all the Platinum Honor hoops and whatever else. And it would be ironic to get a BoA Travel Reward card to use for everything else but travel expenses. With my 3% travel expenses (Costco Visa) and 2% Fidelity, I'm pretty close to 2.625% overall. Maybe 1 card only is or should be an option.

Need an update to this old 2015 article.
The average cardholder earned an average of nearly $1,500 cash back in 2014, which equates to an average spending on the card of $75,000 per year.
https://www.creditcards.com/credit-card ... ewards.php
What hoops?

Keep a brokerage account and/or IRA and/or a Roth IRA with Merrill Lynch with $100k in Vanguard funds (or whatever).

0.625% may not sound like much, but it's more than 31% more cash back than you'd get from a 2% card.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by feh » Sun Nov 04, 2018 8:29 pm

linenfort wrote:
Fri Nov 02, 2018 4:21 pm
What do you guys do with the cash? Invest it in a Fidelity fund?
I transfer it to our Ally savings account.

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Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by inbox788 » Sun Nov 04, 2018 9:38 pm

Trism wrote:
Sun Nov 04, 2018 7:07 pm
What hoops?

Keep a brokerage account and/or IRA and/or a Roth IRA with Merrill Lynch with $100k in Vanguard funds (or whatever).

0.625% may not sound like much, but it's more than 31% more cash back than you'd get from a 2% card.
For starters, it's points not cash, right? Also, you have to deal with BoA, not my favorite, and I'm in the process of closing accounts there, not opening more.

My holy grail of account consolidation seems to be at one of the low cost brokerages, Fidelity, Vanguard or Schwab. I'm no longer looking for the best of each, but just enough good enough services to meet my needs. Besides the 2.65% credit card, what are BoA's most competitive and compelling services? Fidelity Brokerage, Visa, Charitable, and Cash Management accounts are all good enough for now, and I'm looking into their billpay and eMoney aggregation. BoA billpay is ok and one of their better services, but their data aggregation (Yodlee based) is just awful for me.

I might eek out an extra $100/year in rewards getting a BoA Travel card that requires opening up a Merrill Lynch Brokerage account and optimizing the use of the points, or I could just get $600 bonus doing about the same thing. No reason you couldn't do both if you had the inclination.

https://www.merrilledge.com/cmaoffer

Darth Xanadu
Posts: 498
Joined: Sat Jan 27, 2018 1:47 am
Location: Middle Earth

Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Darth Xanadu » Sun Nov 04, 2018 10:03 pm

IowaFarmBoy wrote:
Sat Nov 03, 2018 6:39 am
My taxable account is there so I just have it deposited there and invest it along with my new contributions.
Same here.
"A courageous teacher, failure is."

inbox788
Posts: 5693
Joined: Thu Mar 15, 2012 5:24 pm

Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by inbox788 » Sun Nov 04, 2018 10:16 pm

inbox788 wrote:
Sun Nov 04, 2018 9:38 pm
For starters, it's points not cash, right?
I see, it's best used for Travel Statement Credit, so if you travel, it's nearly as good as cash.

https://thepointsguy.com/guide/all-abou ... d-rewards/

Trism
Posts: 256
Joined: Mon Jul 18, 2016 6:34 pm

Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by Trism » Mon Nov 05, 2018 5:05 am

inbox788 wrote:
Sun Nov 04, 2018 9:38 pm
Trism wrote:
Sun Nov 04, 2018 7:07 pm
What hoops?

Keep a brokerage account and/or IRA and/or a Roth IRA with Merrill Lynch with $100k in Vanguard funds (or whatever).

0.625% may not sound like much, but it's more than 31% more cash back than you'd get from a 2% card.
For starters, it's points not cash, right? Also, you have to deal with BoA, not my favorite, and I'm in the process of closing accounts there, not opening more.

My holy grail of account consolidation seems to be at one of the low cost brokerages, Fidelity, Vanguard or Schwab. I'm no longer looking for the best of each, but just enough good enough services to meet my needs. Besides the 2.65% credit card, what are BoA's most competitive and compelling services? Fidelity Brokerage, Visa, Charitable, and Cash Management accounts are all good enough for now, and I'm looking into their billpay and eMoney aggregation. BoA billpay is ok and one of their better services, but their data aggregation (Yodlee based) is just awful for me.

I might eek out an extra $100/year in rewards getting a BoA Travel card that requires opening up a Merrill Lynch Brokerage account and optimizing the use of the points, or I could just get $600 bonus doing about the same thing. No reason you couldn't do both if you had the inclination.

https://www.merrilledge.com/cmaoffer
I am at risk of sounding like I'm shilling for B of A, but here goes. :)

Here is the official list (move the slider over to > $100,000) https://www.bankofamerica.com/preferred-rewards/ , but there are some intangibles they don't even list.

First you are serviced by an entirely different group of phone bankers, who are knowledgeable and empowered. This is priceless. Same with the preferred team of credit analysts; they find ways to say yes.

Almost all banking fees are waived (we only pay for outgoing wires, not sure why they haven't waived that one; incoming are free including from other countries). Unlimited ATM withdrawals at no cost and reimbursements for the other bank's ATM fees.

They also recently added preferred exchange rates and free shipping for foreign currency. We always take some starter currency with us when we travel outside the US, and the conversion rates are now much better than we could find elsewhere.

Not sure if this applies to you, but there have been a couple of threads here since I've joined BH where people were awfully excited about the prospect of getting a free safe deposit box. Not quite sure why this lathers people up, but you can check that box also.

Also, 100 free trades a month, but free trades are becoming more ubiquitous.

Lastly, I think you meant "eke." "Eek" is what you say when you see a mouse, or perhaps when you try to use the Yodlee account aggregation solution you referenced. ;)

inbox788
Posts: 5693
Joined: Thu Mar 15, 2012 5:24 pm

Re: Fidelity Visa Rewards - Do you move the cash out of Fido?

Post by inbox788 » Mon Nov 05, 2018 5:46 pm

Trism wrote:
Mon Nov 05, 2018 5:05 am
I am at risk of sounding like I'm shilling for B of A, but here goes. :)

Here is the official list (move the slider over to > $100,000) https://www.bankofamerica.com/preferred-rewards/ , but there are some intangibles they don't even list.

First you are serviced by an entirely different group of phone bankers, who are knowledgeable and empowered. This is priceless. Same with the preferred team of credit analysts; they find ways to say yes.

Almost all banking fees are waived (we only pay for outgoing wires, not sure why they haven't waived that one; incoming are free including from other countries). Unlimited ATM withdrawals at no cost and reimbursements for the other bank's ATM fees.

They also recently added preferred exchange rates and free shipping for foreign currency. We always take some starter currency with us when we travel outside the US, and the conversion rates are now much better than we could find elsewhere.

Not sure if this applies to you, but there have been a couple of threads here since I've joined BH where people were awfully excited about the prospect of getting a free safe deposit box. Not quite sure why this lathers people up, but you can check that box also.

Also, 100 free trades a month, but free trades are becoming more ubiquitous.

Lastly, I think you meant "eke." "Eek" is what you say when you see a mouse, or perhaps when you try to use the Yodlee account aggregation solution you referenced. ;)
Thanks. It looks like things get a little better with status, but none of the perks are all that exciting to me. I'm winding down most uses, so even free wires wouldn't be that useful. I'm more excited by new payment systems (Bitcoin, Venmo, Square, Apple Pay, etc. ) and look forward to one or two that win out and are accepted everywhere like Visa, and are more universal, which means BM merchants, online and between users. Some smaller stores are bypassing traditional credit card processors and going with the online vendors, so there's some convergence going on there. I don't see the role of the bank in the future, especially BM banks. Maybe as ATM locators, but ATM locations are branching out too (convenience stores, gas stations, etc.). https://startupsventurecapital.com/the- ... 54a3e81237 https://thefinanser.com/2018/05/long-te ... ners.html/

In many ways, it competes with CitiGold and other bank premiere services vs. Fidelity/Schwab/Vanguard, and I'm leaning towards the latter.

[Yes, eke (just bad typing and spelling -- I blame the smart machines for making us braindead).]

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