Disappointed in Fidelity 2% Cash Back credit card

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CFM300
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Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

After reading the many positive reviews about this card on this site, I didn't expect that they'd play games.

First of all, it's not a cash back card. It's a reward points card. Yes, the reward points can be redeemed for cash, but if you redeem your points for statement credit on the card itself, the points are only worth 1%, not 2%.

In order to get 2%, you must redeem the points by having the money transferred into a Fidelity account. Well, my wife only has an HSA and all of her contributions are done through payroll deduction. Perhaps she could set up a money market account, but adding an account just to be able to get actually get the cash back would be ridiculous.

We don't have this problem with any of my other cash back cards, like AMEX.

She's thinking of cancelling the card, even though her credit score will be dinged. I hate this sort of deception, and again, we didn't expect it from Fidelity.

Thoughts welcome.

UPDATED to add...

Maybe I'm overlooking something, but here's the front of the offer received in the mail.

https://i.imgur.com/xd8pizh.png

And here's the back.

https://i.imgur.com/MVcvtiZ.png
Last edited by CFM300 on Wed Jun 17, 2020 10:11 pm, edited 1 time in total.
kelvan80
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by kelvan80 »

Do either of you have a Roth IRA? We already had ours with Fidelity so it was a no brainer for me.
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mrspock
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by mrspock »

I just setup an investment account at Fidelity and buy their FZROX (zero commission) mutual fund with the proceeds. It's not really a big deal, I have quite a tidy sum in there now :) . I'd also point out that as a new sign-up, they usually give you a couple hundred bucks worth of points I think, so do make sure you cash that in, if you plan to cancel.
28fe6
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by 28fe6 »

I assumed that anyone getting a Fidelity card, already has a Fidelity account, or multiple.

I have the card and think it's one of the best. I only wish it were better for international use.
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bengal22
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by bengal22 »

When I got my Fidelity Visa all of the literature was very upfront that rewards had to be deposited in a Fidelity account I saw no deception whatsoever.
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kelvan80
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by kelvan80 »

Yep I believe we got a $150 bonus after initial spend.
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JonnyDVM
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by JonnyDVM »

I can only assume you’re married to Vanguard. Open a Fidelity account. You might like it. My basic cash management account where the rewards money goes is more or less a checking account and it reimburses all ATM fees. That’s a nice perk.
I’d trade it all for a little more | -C Montgomery Burns
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JoMoney
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by JoMoney »

Yes, you have to an account with Fidelity to get the 2% deposited to.
Surprised you didn't see that in the posts and when signing up for the card.
It's a great card if you have an account with Fidelity, or to pair with their CMA account which is a great alternative to a bank checking account (no fees, ATM fees refunded, super quick direct deposit availability, money market funds that were reasonable before ZIRP)
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
dukeblue219
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by dukeblue219 »

This will sound more obnoxious than intended, but how were you deceived? This card has an extremely high reward rate for a free card and they make it clear that it must be deposited into a Fidelity account. It's been plastered over every ad/website/review I've ever seen, and not just in the fine print.

Ultimately it is not a card for someone who is not a Fido customer.
sailaway
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by sailaway »

28fe6 wrote: Wed Jun 17, 2020 9:30 pm I assumed that anyone getting a Fidelity card, already has a Fidelity account, or multiple.

I have the card and think it's one of the best. I only wish it were better for international use.
Yes, it was obvious. We have an account that only has the bonus and 2% from the spend required to get the bonus. Around the same time, we got the Chase Freedom with 3% for the first year or $20k, but the big spend we were expecting had a large fee for credit cards, so we have been using that for all the spending that would have gone on the 2% card.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

kelvan80 wrote: Wed Jun 17, 2020 9:27 pm Do either of you have a Roth IRA?
Yes, at Vanguard.
28fe6 wrote: Wed Jun 17, 2020 9:30 pm I assumed that anyone getting a Fidelity card, already has a Fidelity account
As I mentioned, she has an HSA at Fidelity. Everything else is at Vanguard. (The HSA would be at Vanguard as well, except they don't offer them!)
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TimeRunner
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by TimeRunner »

According to this Fidelity info page, you could deposit the cash back into your Wife's HSA: https://www.fidelity.com/cash-managemen ... ature-card . Why not build up that HSA. It will come in handy later and in the meantime, it can earn interest and/or dividends tax free in the HSA account.

If you don't want to do that, then simply open a new account and deposit it there. The Fido VISA info page seems pretty straightforward and not deceptive. I have this card and am happy with it. I deposit the rewards into my Fido cash management account.
One cannot enlighten the unconscious.
Topic Author
CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

bengal22 wrote: Wed Jun 17, 2020 9:31 pm When I got my Fidelity Visa all of the literature was very upfront that rewards had to be deposited in a Fidelity account I saw no deception whatsoever.
JoMoney wrote: Wed Jun 17, 2020 9:35 pm Surprised you didn't see that in the posts and when signing up for the card.
dukeblue219 wrote: Wed Jun 17, 2020 9:37 pm ...how were you deceived? ...they make it clear that it must be deposited into a Fidelity account. It's been plastered over every ad/website/review I've ever seen, and not just in the fine print.
sailaway wrote: Wed Jun 17, 2020 9:39 pm Yes, it was obvious.
Sorry, but you're all wrong. I have the original offer, which we received in the mail (snail mail). There is no mention whatsoever of the 2% only applying to redemption of points to a Fidelity account. In fact, there's no mention whatsoever that the card earns "points" rather than straight cash amounts.
Topic Author
CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

TimeRunner wrote: Wed Jun 17, 2020 9:40 pm you could deposit the cash back into your Wife's HSA
She makes max HSA contributions via payroll deduction, which saves on taxes.
kaneohe
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by kaneohe »

Agree that it's not a conventional situation and that the details are in the fine print. However you don't have to look far since it refers to footnote 1 here https://www.fidelity.com/cash-managemen ... ature-card

"Unlimited 2% cash back 1"

The footnote is a red flag to check into the details which are buried in footnote 1

"........................................ The 2% cash back rewards value applies only to Points redeemed for a deposit into an eligible Fidelity account. The redemption value is different if you choose to redeem your Points for other rewards such as travel options, merchandise, gift cards, and/or statement credit................................."

Can't remember what I saw when I signed up for the card but I think it was more obvious than in the above.
Since I already had a Fidelity account (for its several hundred dollar signup bonus) from prior times, this issue was not a problem for me. It is a very nice rewards card w/ the 2% so only you can decide if it's worthwhile jumping through the hoops or not.
an_asker
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by an_asker »

CFM300 wrote: Wed Jun 17, 2020 9:46 pm
bengal22 wrote: Wed Jun 17, 2020 9:31 pm When I got my Fidelity Visa all of the literature was very upfront that rewards had to be deposited in a Fidelity account I saw no deception whatsoever.
JoMoney wrote: Wed Jun 17, 2020 9:35 pm Surprised you didn't see that in the posts and when signing up for the card.
dukeblue219 wrote: Wed Jun 17, 2020 9:37 pm ...how were you deceived? ...they make it clear that it must be deposited into a Fidelity account. It's been plastered over every ad/website/review I've ever seen, and not just in the fine print.
sailaway wrote: Wed Jun 17, 2020 9:39 pm Yes, it was obvious.
Sorry, but you're all wrong. I have the original offer, which we received in the mail (snail mail). There is no mention whatsoever of the 2% only applying to redemption of points to a Fidelity account. In fact, there's no mention whatsoever that the card earns "points" rather than straight cash amounts.
I am with the rest of the responses on this one. Fidelity was pretty up front. You might have missed some small text somewhere. If you are sure you haven't, do take some time and call them. I'm sure they'll try to make you whole ... or point out where the small print is! :oops:
marcopolo
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by marcopolo »

CFM300 wrote: Wed Jun 17, 2020 9:40 pm
kelvan80 wrote: Wed Jun 17, 2020 9:27 pm Do either of you have a Roth IRA?
Yes, at Vanguard.
28fe6 wrote: Wed Jun 17, 2020 9:30 pm I assumed that anyone getting a Fidelity card, already has a Fidelity account
As I mentioned, she has an HSA at Fidelity. Everything else is at Vanguard. (The HSA would be at Vanguard as well, except they don't offer them!)
You should get the Vanguard 2% cash back card.
Oh, wait... nevermind
Once in a while you get shown the light, in the strangest of places if you look at it right.
Topic Author
CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

an_asker wrote: Wed Jun 17, 2020 9:53 pm I am with the rest of the responses on this one. Fidelity was pretty up front.
I'll upload a scan of the offer in a minute...
bikesandbeers
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by bikesandbeers »

I looked at the Fido card a while back, but it was clear it had to go into a Fido account. I have a few legacy funds in a taxable account, but wasn't planning on making more investments there, so i passed on the card.

I also relaised that the difference between 1.5% on another card and 2% on the Fido was not that great at my level of spend.
MrJedi
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by MrJedi »

You can set it up to auto redeem into a cash management or brokerage account. And then periodically just login and transfer to your choice of bank account if you want. That's hardly any different than logging onto any other credit card account and then applying the cashback to your statement.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

Maybe I'm overlooking something, but here's the front of the offer received in the mail.

https://i.imgur.com/xd8pizh.png

And here's the back.

https://i.imgur.com/MVcvtiZ.png
sailaway
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by sailaway »

CFM300 wrote: Wed Jun 17, 2020 10:10 pm Maybe I'm overlooking something, but here's the front of the offer received in the mail.

https://i.imgur.com/xd8pizh.png

And here's the back.

https://i.imgur.com/MVcvtiZ.png
The bottom of page one says "see back of enclosed application for details." Do you still have that?

As you can see, everyone here seems to have signed up online, where it was patently obvious while signing up. As I recall, there was even a step within the application process to open the new account if you needed to.

If you genuinely feel you have been wronged, call and send them this. But be sure to check the referenced document first. After all, the application itself is the legal document, especially given that it is expressly referenced here.
Last edited by sailaway on Wed Jun 17, 2020 10:16 pm, edited 2 times in total.
Topic Author
CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

MrJedi wrote: Wed Jun 17, 2020 10:09 pm You can set it up to auto redeem into a cash management or brokerage account. And then periodically just login and transfer to your choice of bank account if you want. That's hardly any different than logging onto any other credit card account and then applying the cashback to your statement.
So...

1. Set up an additional account at Fidelity
2. Link that new account to our existing bank account
3. Set the Fidelity credit card to automatically redeem points to the Fidelity account
4. Periodically transfer funds from the Fidelity account to our other bank account

Or...

Just use a card that automatically applies cash (not points) to the card itself. My Chase card does that. In fact, it did it by default without any set up on my part.
go_mets
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by go_mets »

I don't know about now, but when I received the solitication it was very clear that the rewards had to go into a Fidelity account.

Also, are you sure those are the only two pages you received?

I remember the one my mom got had more pages.

.
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JoMoney
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by JoMoney »

It works great for many of us. It's not the right card for you.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
go_mets
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by go_mets »

CFM300 wrote: Wed Jun 17, 2020 10:16 pm
MrJedi wrote: Wed Jun 17, 2020 10:09 pm You can set it up to auto redeem into a cash management or brokerage account. And then periodically just login and transfer to your choice of bank account if you want. That's hardly any different than logging onto any other credit card account and then applying the cashback to your statement.
So...

1. Set up an additional account at Fidelity
2. Link that new account to our existing bank account
3. Set the Fidelity credit card to automatically redeem points to the Fidelity account
4. Periodically transfer funds from the Fidelity account to our other bank account

Or...

Just use a card that automatically applies cash (not points) to the card itself. My Chase card does that. In fact, it did it by default without any set up on my part.
The rewards automatically transfer to my Fidelity account once it goes over $25.
Then I can either transfer it out to my linked bank account or use the funds to buy shares of Fidelity mutual funds.
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TimeRunner
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by TimeRunner »

Cancel the card. I'm sorry for your troubles and wish you the best in your future financial endeavors.
One cannot enlighten the unconscious.
kaneohe
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by kaneohe »

CFM300 wrote: Wed Jun 17, 2020 10:10 pm Maybe I'm overlooking something, but here's the front of the offer received in the mail.

https://i.imgur.com/xd8pizh.png

And here's the back.

https://i.imgur.com/MVcvtiZ.png
It is not very obvious but the 2nd sentence of the 1st paragraph on p.1 talks about using the rewards w/ an eligible Fidelity acct. To the skeptical that might have raised questions about what an eligible Fidelity acct meant.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

sailaway wrote: Wed Jun 17, 2020 10:15 pm The bottom of page one says "see back of enclosed application for details." Do you still have that?
Unfortunately, no. We shredded that.
sailaway wrote: Wed Jun 17, 2020 10:15 pm the application itself is the legal document, especially given that it is expressly referenced here.
I'm sure it's in the fine print. I don't doubt that for a second.

But notice the middle of the page, "Unlimited 2% Cash Back" -- there's not even a footnote attached to that claim!
MrJedi
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by MrJedi »

CFM300 wrote: Wed Jun 17, 2020 10:16 pm
MrJedi wrote: Wed Jun 17, 2020 10:09 pm You can set it up to auto redeem into a cash management or brokerage account. And then periodically just login and transfer to your choice of bank account if you want. That's hardly any different than logging onto any other credit card account and then applying the cashback to your statement.
So...

1. Set up an additional account at Fidelity
2. Link that new account to our existing bank account
3. Set the Fidelity credit card to automatically redeem points to the Fidelity account
4. Periodically transfer funds from the Fidelity account to our other bank account

Or...

Just use a card that automatically applies cash (not points) to the card itself. My Chase card does that. In fact, it did it by default without any set up on my part.
Auto redemption directly into the card is the most convenient, I agree, but most credit cards I have (10+) don't have that feature. Most seem to require you to login and redeem it. I see the Fidelity in the same way, except instead of redeeming for statement I transfer to my checking. It ends up being the same steps, 1. Login, 2. Statement credit vs Transfer cash.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

kaneohe wrote: Wed Jun 17, 2020 10:21 pm ...the 2nd sentence of the 1st paragraph on p.1 talks about using the rewards w/ an eligible Fidelity acct. To the skeptical that might have raised questions about what an eligible Fidelity acct meant.
It says that you can "spend or invest." What they don't say, and are clearly trying to hide, is that if you spend the points, you only get 1% cash back, whereas if you "invest," you get 2%.

Look, if they wanted to be clear, they would have been clear.
go_mets
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by go_mets »

CFM300 wrote: Wed Jun 17, 2020 10:27 pm
kaneohe wrote: Wed Jun 17, 2020 10:21 pm ...the 2nd sentence of the 1st paragraph on p.1 talks about using the rewards w/ an eligible Fidelity acct. To the skeptical that might have raised questions about what an eligible Fidelity acct meant.
It says that you can "spend or invest." What they don't say, and are clearly trying to hide, is that if you spend the points, you only get 1% cash back, whereas if you "invest," you get 2%.

Look, if they wanted to be clear, they would have been clear.
Spend the points?
I don't have that option.
Where are you getting that?
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

go_mets wrote: Wed Jun 17, 2020 10:32 pm
CFM300 wrote: Wed Jun 17, 2020 10:27 pm
kaneohe wrote: Wed Jun 17, 2020 10:21 pm ...the 2nd sentence of the 1st paragraph on p.1 talks about using the rewards w/ an eligible Fidelity acct. To the skeptical that might have raised questions about what an eligible Fidelity acct meant.
It says that you can "spend or invest." What they don't say, and are clearly trying to hide, is that if you spend the points, you only get 1% cash back, whereas if you "invest," you get 2%.

Look, if they wanted to be clear, they would have been clear.
Spend the points?
I don't have that option.
Where are you getting that?
It's in the first paragraph of the promotional letter we received. It's part of the second sentence of the paragraph, which is what kaneohe was referencing.

https://i.imgur.com/xd8pizh.png
sailaway
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by sailaway »

CFM300 wrote: Wed Jun 17, 2020 10:27 pm
kaneohe wrote: Wed Jun 17, 2020 10:21 pm ...the 2nd sentence of the 1st paragraph on p.1 talks about using the rewards w/ an eligible Fidelity acct. To the skeptical that might have raised questions about what an eligible Fidelity acct meant.
It says that you can "spend or invest." What they don't say, and are clearly trying to hide, is that if you spend the points, you only get 1% cash back, whereas if you "invest," you get 2%.

Look, if they wanted to be clear, they would have been clear.
There is no reason you can't pull it from the investment account to spend. You assumed you would be able to get statement credit, even though that is not universal. That seems to be where your disappointment lies.

Since you shredded the application, you must have signed up over the phone or online. If you signed up over the phone, feel free to call them back and explain why you feel deceived and ask for....what is it you want?

If you signed up online, the overwhelming response here is that you weren't paying attention, and you should let it drop.

Since there are no fees involved, it just takes a few extra steps to get the $150 and then close the card and the account if you really don't want to deal with Fidelity over this.

I know which option will actually take less of your time.
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BrandonBogle
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by BrandonBogle »

bengal22 wrote: Wed Jun 17, 2020 9:31 pm When I got my Fidelity Visa all of the literature was very upfront that rewards had to be deposited in a Fidelity account I saw no deception whatsoever.
Yup. And the bonus of Fidelity have a taxable account that has cost me nothing in the decades I’ve had it, made it simple enough for me.
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BrandonBogle
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by BrandonBogle »

TimeRunner wrote: Wed Jun 17, 2020 10:21 pm Cancel the card. I'm sorry for your troubles and wish you the best in your future financial endeavors.
+1
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

sailaway wrote: Wed Jun 17, 2020 10:38 pm You assumed you would be able to get statement credit, even though that is not universal.
I have or have had cash back cards from AMEX, Chase, Citibank, and Capital One. Statement credit is/was the default option on all of them.
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BrandonBogle
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by BrandonBogle »

CFM300 wrote: Wed Jun 17, 2020 10:53 pm
sailaway wrote: Wed Jun 17, 2020 10:38 pm You assumed you would be able to get statement credit, even though that is not universal.
I have or have had cash back cards from AMEX, Chase, Citibank, and Capital One. Statement credit is/was the default option on all of them.
And I have cards from all 4 as well. None of them, for me, have AUTOMATIC statement credit. I need to log into their website as request cash back. Meanwhile, Fidelity offers AUTOMATIC redemption to a Fidelity account. So like Mr. Jedi, my effective effort is to log into a website and request cash to my primary checking account at another bank, or may a payment from the Fidelity account to the CC.

The only credit card I ever had that provided automatic statement credits was PenFed 5% gas rebate card.
MrJedi wrote: Wed Jun 17, 2020 10:24 pm Auto redemption directly into the card is the most convenient, I agree, but most credit cards I have (10+) don't have that feature. Most seem to require you to login and redeem it. I see the Fidelity in the same way, except instead of redeeming for statement I transfer to my checking. It ends up being the same steps, 1. Login, 2. Statement credit vs Transfer cash.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

sailaway wrote: Wed Jun 17, 2020 10:38 pm ....what is it you want?
To vent and alert others, mostly.
sailaway wrote: Wed Jun 17, 2020 10:38 pm it just takes a few extra steps to get the $150 and then close the card and the account if you really don't want to deal with Fidelity over this.
We'll probably just apply the points to the statement for $75 and then cancel the card.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

BrandonBogle wrote: Wed Jun 17, 2020 10:56 pm ...my effective effort is to log into a website... or may a payment from the Fidelity account to the CC.
That's brilliant! I hadn't even thought of that.

I could open a Fidelity account, set the "points" from the credit card to be automatically redeemed to the account, then pay the credit card from the account!

All that rather than Fidelity just allowing me to apply the points to the credit card directly.

Complexify! Complexify!
sailaway
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by sailaway »

CFM300 wrote: Wed Jun 17, 2020 11:04 pm
BrandonBogle wrote: Wed Jun 17, 2020 10:56 pm ...my effective effort is to log into a website... or may a payment from the Fidelity account to the CC.
That's brilliant! I hadn't even thought of that.

I could open a Fidelity account, set the "points" from the credit card to be automatically redeemed to the account, then pay the credit card from the account!

All that rather than Fidelity just allowing me to apply the points to the credit card directly.

Complexify! Complexify!
I think one thing you are forgetting here is that this not actually a Fidelity card, but rather a Fidelity branded card offered by Elan. That makes a huge difference and I have never seen this arrangement be particularly straightforward. I don't even know what is going on with my Upromise Card rewards. I just keep the card because it is one of my oldest.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

Thanks everyone, sincerely, for the spirited discussion.

As others have suggested, and as I've surmised, this is not the card for us. We'll just cancel it and move on. :beer
student
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by student »

CFM300 wrote: Wed Jun 17, 2020 10:53 pm
sailaway wrote: Wed Jun 17, 2020 10:38 pm You assumed you would be able to get statement credit, even though that is not universal.
I have or have had cash back cards from AMEX, Chase, Citibank, and Capital One. Statement credit is/was the default option on all of them.
So you have made an assumption based on your experience with other banks. I do not see them being deceptive. On its main webpage https://www.fidelity.com/cash-managemen ... ature-card it is clearly stated in the footnote.

In any case, I am not replying to argue with you, I am replying to find a way for you to get you 2%. You can open a fidelity investment account and have your reward money deposit there. My understanding is that it has no account fee and minimum to open the account is $0. https://www.fidelity.com/why-fidelity/pricing-fees Given that you are unhappy with Fidelity, you can close the credit card account the fidelity investment account after you have extracted the 2% reward as it has $0 account transfer out fee.
infotrader
Posts: 338
Joined: Tue Feb 28, 2017 2:39 pm

Re: Disappointed in Fidelity 2% Cash Back credit card

Post by infotrader »

I have a cash management account with them, so the money is deposited there. I primarily use the cash balance for international ATM withdrawals, and it is the only debit card I carry when I travel overseas.
This is the best card, no tricks, no gimmicks, period.
I knew this "account requirement" beforehand.
I am having this card since the beginning, and there was not even a signup bonus.
Topic Author
CFM300
Posts: 1982
Joined: Sat Oct 27, 2007 5:13 am

Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

student wrote: Wed Jun 17, 2020 11:12 pmI am replying to find a way for you to get you 2%.
Appreciate your help and suggestions, but we're not opening a new account at Fidelity just to gain $75 dollars. We'll apply all of our "points" to our next statement, which will get us $75. Once the balance is zero, we'll close the card. Thanks again.
BUBear29
Posts: 329
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Location: DFW

Re: Disappointed in Fidelity 2% Cash Back credit card

Post by BUBear29 »

CFM300 wrote: Wed Jun 17, 2020 11:23 pm
student wrote: Wed Jun 17, 2020 11:12 pmI am replying to find a way for you to get you 2%.
Appreciate your help and suggestions, but we're not opening a new account at Fidelity just to gain $75 dollars. We'll apply all of our "points" to our next statement, which will get us $75. Once the balance is zero, we'll close the card. Thanks again.
Sounds like:
1) You did not read the credit card agreement provided to you via mail, likely by email and likely prior to application and
2) you need Citi double cash. But please read the fine print. Don’t want to read “Disappointed in Citi DC” post when you only receive 1% for not paying off your card balance.

Best of luck.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.
nalor511
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Joined: Mon Jul 27, 2015 1:00 am

Re: Disappointed in Fidelity 2% Cash Back credit card

Post by nalor511 »

I read the agreement when I opened mine, opened a cash management account for the 2%, no big deal, you are complaining about something that is clearly stated all over the place
Topic Author
CFM300
Posts: 1982
Joined: Sat Oct 27, 2007 5:13 am

Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

nalor511 wrote: Thu Jun 18, 2020 1:14 am you are complaining about something that is clearly stated all over the place
If by all over the place you mean buried in a footnote and not clearly stated in the promotional material we received in the mail, then yes, I agree. :D
kiwi123
Posts: 138
Joined: Sun Dec 02, 2012 7:37 pm

Re: Disappointed in Fidelity 2% Cash Back credit card

Post by kiwi123 »

Funny that the majority of us with the Fidelity Card think it's good... i've had no problem with it and enjoy the simplicity of 2% cash back and re-investing in my Fidelity account. I thought everything was clear in the marketing materials with how it worked.

I would think it's easier to keep it - because you're concerned about the credit score impact - and use a Fidelity account to maximize the rewards and use it as a form of "forced investing"... Sorry to hear that you've been disappointed with it but it's working very well for the majority of us.

FYI... looks like they added a bonus 1% (2%+1%) if youre in Fidelity's wealth management services... i'm sure their AUM fee would more than take that away :-)
Topic Author
CFM300
Posts: 1982
Joined: Sat Oct 27, 2007 5:13 am

Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

kiwi123 wrote: Thu Jun 18, 2020 1:34 am I thought everything was clear in the marketing materials with how it worked.
Unfortunately, it wasn't clear in the marketing materials we received.
kiwi123 wrote: Thu Jun 18, 2020 1:34 am I would think it's easier to keep it
Probably true, but it's the principle. The promo materials we received were deceptive, and that's a deal-breaker for us.
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