Fidelity 2% Cash Back CC Question

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Topic Author
zeal
Posts: 88
Joined: Tue Dec 11, 2018 4:28 pm

Fidelity 2% Cash Back CC Question

Post by zeal » Mon Apr 15, 2019 3:47 pm

If I use the Fidelity credit card to withdraw funds from an ATM, do I earn cash back on this transaction? Coupled with the Fidelity CMA account, there will be no fees for this transaction, right?

vtMaps
Posts: 488
Joined: Tue Oct 14, 2008 12:05 pm
Location: central Vermont

Re: Fidelity 2% Cash Back CC Question

Post by vtMaps » Mon Apr 15, 2019 3:51 pm

That would be a cash advance. Fidelity has an ATM/debit card for withdrawing cash from your CMA.

--vtMaps
The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true. --James Branch Cabell

Jags4186
Posts: 3149
Joined: Wed Jun 18, 2014 7:12 pm

Re: Fidelity 2% Cash Back CC Question

Post by Jags4186 » Mon Apr 15, 2019 3:56 pm

What you describe is a cash advance. There is usually a 3% or 5% fee plus interest accrued immediately. There are no rewards for cash advances.

If you need cash out of the ATM from your CMA you should use your Fidelity debit card.

BH2018
Posts: 1
Joined: Wed May 09, 2018 10:06 am

Re: Fidelity 2% Cash Back CC Question

Post by BH2018 » Mon Apr 15, 2019 3:57 pm

That would be nice wouldn't it?

Let's say they give a 500 dollar/day ATM limit. You could withdraw 500 * 30 = 15,000 per month. At 2 percent, that would be 300 in rewards per month (3600/year).

Unfortunately, they the people who design these systems aren't that stupid.

Topic Author
zeal
Posts: 88
Joined: Tue Dec 11, 2018 4:28 pm

Re: Fidelity 2% Cash Back CC Question

Post by zeal » Mon Apr 15, 2019 6:11 pm

Makes sense. Figured it was a long shot but worth a try! Thanks all.

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