Disappointed in Fidelity 2% Cash Back credit card

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Swivelguy
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by Swivelguy »

CFM300 wrote: Wed Jun 17, 2020 9:25 pmPerhaps 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.
It is trivial to open a free Fidelity checking (might be called "cash management") account to redeem into, and you can very easily (albeit not automatically) ACH transfer the funds from there to whatever account at whatever custodian you prefer. I don't see why one would consider this "ridiculous."
CodeMaster
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CodeMaster »

Sorry hear about your confusions.... when I applied it was clear and thats why its a "Fidelity" card.
You can open an account with Fidelity easily, its not ridiculous to me for the 2% cashback.
Closing account will affect credit score minimally if at all.
infotrader
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by infotrader »

CFM300 wrote: Thu Jun 18, 2020 3:24 pm
infotrader wrote: Thu Jun 18, 2020 2:50 pm I have the about 15 cards, but I consider the Fido card my primary card, and I put at least half of my expenses on the card, since I don't have to think about the categories (especially the rotational ones) which is really a hassle.
I have a no-fee AMEX that pays 5% cash back at grocery stores and drug stores. Similarly, our Amazon Prime card through Chase pays 5% cash back on Amazon and Whole Foods purchases. I tend to use the AMEX everywhere other than Amazon and WF. I'm only getting 1% on those purchases. Using the new Fidelity card will bump cash back those other purchases an additional 1%, but that isn't going to be a very significant amount for us.
I see, everyone's spending pattern is different, it seems that you only use credit card for grocery, drug stores, and Amazon, then you don't need cards other than the Amex you have.
I don't use the Fido visa for grocery and Amazon (I have a prime visa), but I have other expenses, so I need to use this 2% card.
an_asker
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by an_asker »

livesoft wrote: Thu Jun 18, 2020 3:31 am Why is this thread so long?[...]
OP didn't read the small print. In his/her defense, the small print was squirreled away to make it difficult to get to; though, on the flip side (literally?), it was definitely there. :oops:
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

Swivelguy wrote: Thu Jun 18, 2020 5:54 pm It is trivial to open a free Fidelity checking (might be called "cash management") account to redeem into, and you can very easily (albeit not automatically) ACH transfer the funds from there to whatever account at whatever custodian you prefer. I don't see why one would consider this "ridiculous."
Ridiculous because all I want to do is apply the cash back to the credit card itself. But instead of being able to do that directly, I have to open a CMA or checking account, redeem the rewards points to that new account, and then pay the credit card using that or some other account.

The requirement introduces a needless step, as well as overhead for Fidelity. That's the ridiculousness.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

CodeMaster wrote: Thu Jun 18, 2020 5:57 pm when I applied it was clear
That's great to hear. In my wife's case, it wasn't.
marcopolo
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by marcopolo »

CFM300 wrote: Thu Jun 18, 2020 8:00 pm
Swivelguy wrote: Thu Jun 18, 2020 5:54 pm It is trivial to open a free Fidelity checking (might be called "cash management") account to redeem into, and you can very easily (albeit not automatically) ACH transfer the funds from there to whatever account at whatever custodian you prefer. I don't see why one would consider this "ridiculous."
Ridiculous because all I want to do is apply the cash back to the credit card itself. But instead of being able to do that directly, I have to open a CMA or checking account, redeem the rewards points to that new account, and then pay the credit card using that or some other account.

The requirement introduces a needless step, as well as overhead for Fidelity. That's the ridiculousness.
I think you mentioned that you have the Amex 6% on groceries card. I have the same card. I have not found a way to have it auto redeem for the rewards. I have to log in periodically soand transfer the rewards to get the statement credit.

With Fidelity card, you can set up the card to auto-redeem into you CMA account. Then, periodically you can transfer the rewards to your main checking account. Seems no more ridiculous than having to log into Amex to redeem, which you seem OK with.
Once in a while you get shown the light, in the strangest of places if you look at it right.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

marcopolo wrote: Thu Jun 18, 2020 8:16 pm Seems no more ridiculous than having to log into Amex to redeem, which you seem OK with.
With AMEX, no need to setup a new checking account, or to link that account to my existing checking account, or to periodically transfer money from the former to the latter. Rewards from the card can be applied directly to the card. Seems exactly how it ought to work. And exactly how it does work for every other cash back card except Fidelity.

But even if you don't think the Fidelity end-around is ridiculous from my perspective, what about from Fidelity's? They're going to set up a new account for me, through which I'll just redeem and transfer out reward dollars. Seems ridiculous from their perspective as well. What do they gain?
sailaway
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by sailaway »

CFM300 wrote: Thu Jun 18, 2020 8:31 pm
marcopolo wrote: Thu Jun 18, 2020 8:16 pm Seems no more ridiculous than having to log into Amex to redeem, which you seem OK with.
With AMEX, no need to setup a new checking account, or to link that account to my existing checking account, or to periodically transfer money from the former to the latter. Rewards from the card can be applied directly to the card. Seems exactly how it ought to work. And exactly how it does work for every other cash back card except Fidelity.

But even if you don't think the Fidelity end-around is ridiculous from my perspective, what about from Fidelity's? They're going to set up a new account for me, through which I'll just redeem and transfer out reward dollars. Seems ridiculous from their perspective as well. What do they gain?
You keep saying it always works that way, but I have never had a separately branded card that works that way. Not AmEx Delta, none of the companies that have run the Upromise card over the years, certainly not the Citi Costco, which sends a check to cash in store, if you want to know how convoluted it can get...
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anon_investor
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by anon_investor »

CFM300 wrote: Thu Jun 18, 2020 8:31 pm
marcopolo wrote: Thu Jun 18, 2020 8:16 pm Seems no more ridiculous than having to log into Amex to redeem, which you seem OK with.
With AMEX, no need to setup a new checking account, or to link that account to my existing checking account, or to periodically transfer money from the former to the latter. Rewards from the card can be applied directly to the card. Seems exactly how it ought to work. And exactly how it does work for every other cash back card except Fidelity.

But even if you don't think the Fidelity end-around is ridiculous from my perspective, what about from Fidelity's? They're going to set up a new account for me, through which I'll just redeem and transfer out reward dollars. Seems ridiculous from their perspective as well. What do they gain?
I assume they hope you will ultimately invest with them.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

sailaway wrote: Thu Jun 18, 2020 8:40 pm You keep saying it always works that way, but I have never had a separately branded card that works that way. Not AmEx Delta, none of the companies that have run the Upromise card over the years, certainly not the Citi Costco, which sends a check to cash in store, if you want to know how convoluted it can get...
That's interesting and helpful. I hadn't really thought of the "separately branded" aspect and how that might make the card function differently. Still, as a counter-point, I'll note that my Amazon Prime card through Chase (my only other "separately branded" card) allows me to redeem points through Amazon purchases OR through direct cash back to the card, with no penalty for choosing the latter. In other words, the points have the same value either way. In fact, I think I can link an existing bank account and redeem the cash back directly to that external account.
kaneohe
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by kaneohe »

It might be useful to give your feedback to Fidelity supervisor and show them how being so "fine-print oriented" and "fuzzy-minded" can work against them.
CardioMD
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CardioMD »

Very strange. Seems like the most abundantly clear feature about the card was the 2% cash back into a Fidelity account. If I remember correctly, during the application I had to specify which account to send the cash back. Wonder if you were able to apply without doing that step. Who knows, I could be misremembering.
“The stock market is a giant distraction from the business of investing.” -Jack Bogle
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

CardioMD wrote: Thu Jun 18, 2020 10:17 pm during the application I had to specify which account to send the cash back.
She applied over the phone. Currently, there's no account set to receive the cash back. In fact, we can't even find a way to apply the reward points to the statement if that's what we wanted to do. It's a mystery.
WildBill
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by WildBill »

CFM300 wrote: Wed Jun 17, 2020 9:25 pm 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
Howdy

When in doubt, read the directions.

W B
"Through chances various, through all vicissitudes, we make our way." Virgil, The Aeneid
SpaethCo
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by SpaethCo »

CFM300 wrote: Thu Jun 18, 2020 1:49 pmI'll share the collective wisdom of the Bogleheads with my wife and see what she wants to do. I'll recommend opening a CMA. Then we can judge for ourselves.
The CMA account, besides being free itself, also offers a free perpetual supply of checks, an ATM card with unlimited fee reimbursement worldwide, and access to use the account for totally free wire transfers. It's a ridiculously good deal, albeit at the mental expense of having to maintain yet another account.
CFM300 wrote: Thu Jun 18, 2020 8:31 pmBut even if you don't think the Fidelity end-around is ridiculous from my perspective, what about from Fidelity's? They're going to set up a new account for me, through which I'll just redeem and transfer out reward dollars. Seems ridiculous from their perspective as well. What do they gain?
They gain customer "stickiness" and inertia. They get you logging into their portal to do business, so most folks will tend to purchase more products from them since they already have an active account and business relationship. Maybe someday you'll decide to purchase bonds or CDs through their bond desk, or purchase an annuity, or maybe buy some investments there and help increase their market share. Enough people do these profit generating things so that Fidelity keeps casting a wide net of free services to bring people in the door.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

SpaethCo wrote: Thu Jun 18, 2020 11:31 pm The CMA account, besides being free itself, also offers a free perpetual supply of checks, an ATM card with unlimited fee reimbursement worldwide, and access to use the account for totally free wire transfers. It's a ridiculously good deal...
Thanks for the info. It does sound like a good deal.

I feel like I'm slowly being sucked into the Fidelity cult. Two weeks from now, I'll be asking for advice about how to transfer all of our Vanguard funds and other bank accounts to Fido!
kiwi123
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by kiwi123 »

I hereby will stop reading this thread....
PuckMan93
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by PuckMan93 »

I wish I had the last 5 minutes of my life back :oops:
sycamore
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by sycamore »

PuckMan93 wrote: Fri Jun 19, 2020 1:04 am I wish I had the last 5 minutes of my life back :oops:
You should start a new thread: Disappointed in Disappointed in Fidelity 2% Cash Back credit card

:)
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sunny_socal
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by sunny_socal »

This card is so good I got duplicates for my teenagers. Every time they buy gas, fast food - *poof*! - I get 2% CASH back! No gimmicks, no hoops.

I primarily use my Alliant 2.5% card but the Fidelity is a great card.
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gatorking
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by gatorking »

The first scanned image says in first paragraph "with eligible Fidelity account".
Jags4186
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by Jags4186 »

CFM300 wrote: Thu Jun 18, 2020 8:31 pm
marcopolo wrote: Thu Jun 18, 2020 8:16 pm Seems no more ridiculous than having to log into Amex to redeem, which you seem OK with.
With AMEX, no need to setup a new checking account, or to link that account to my existing checking account, or to periodically transfer money from the former to the latter. Rewards from the card can be applied directly to the card. Seems exactly how it ought to work. And exactly how it does work for every other cash back card except Fidelity.

But even if you don't think the Fidelity end-around is ridiculous from my perspective, what about from Fidelity's? They're going to set up a new account for me, through which I'll just redeem and transfer out reward dollars. Seems ridiculous from their perspective as well. What do they gain?
Gee it’s almost as if Fidelity thinks that if you open a credit card and a checking or brokerage account and have an HSA there you might just consolidate all your accounts with them!
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SmileyFace
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by SmileyFace »

I looked at the scanned image. Not sure what you thought they meant by "with eligible Fidelity account" in the second sentence (you should have asked since you are against having an eligible account with them) of the offer but I would say you weren't tricked or lied to based upon your scanned image (also has words "cash rewards" in that same sentence).
I don't have this card - I have the Citi 2% back card for which I do need to log in and transfer over to my bank - takes but a minute which I assume is the same amount of time it will take to ACH from the "eligible" cash account to your bank of choice. Much ado about nothing here.
Rxwolf
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by Rxwolf »

Holy Hades.

1. Thanks CFM300. For showing everyone the current ad for fidelity cc. It is clear as the sun two places of cash back without footnote. People look at the scans, stop saying footnotes. Someone in cc promo dept either made honest mistake or thought it was in cc company interest to not have the footnote.

“ ...that you can spend or invest...”. No footnote on that sentence and the three big stand-alone with image/icon sections, the only one without footnote is.. “unlimited 2% cash back”

2. I think the cc is a good one, might even get one in the future. However, the posters who are saying, well it’s a great card, great company, other reasons for CMA, etc. the advert is saying SPEND CASH BACK. With no footnote.

And if you want to point out something wrong or counterpoint to my post. I’ll put my footnotes to show how you are wrong in a future post. See what I did there?😉 Kind of feels like it is unfair, when you cannot trust what is written
Rxwolf
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by Rxwolf »

Oh look I can post only parts of sentences too.

“..you can earn unlimited cash back rewards that you can spend...”

Oh yeah, no footnote on this sentence.

But, but you did not include the rest of sentence
Right, because it has “you can spend or ...”. Or means I don’t have to do anything else, it is OR.

Sentence COULD HAVE been written” ...to earn unlimited cash back rewards that with your eligible fidelity account, you can spend or invest.”

But they did not, they only added fidelity account info on the invest clause of OR statement so it only goes to the invest not the spend.
Lastrun
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by Lastrun »

Rxwolf wrote: Fri Jun 19, 2020 6:41 am Oh look I can post only parts of sentences too.

“..you can earn unlimited cash back rewards that you can spend...”

Oh yeah, no footnote on this sentence.

But, but you did not include the rest of sentence
Right, because it has “you can spend or ...”. Or means I don’t have to do anything else, it is OR.

Sentence COULD HAVE been written” ...to earn unlimited cash back rewards that with your eligible fidelity account, you can spend or invest.”

But they did not, they only added fidelity account info on the invest clause of OR statement so it only goes to the invest not the spend.
Agreed. See footnote 32 of this. https://adamsdrafting.com/downloads/Am ... And-Or.pdf
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BrandonBogle
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by BrandonBogle »

FYI, the points that can be redeemed for an effective 2% cash back to the Fidelity account can also be redeemed for products and even gift cards. So you can “spend” the points directly if you wish. I don’t know the redemption rate as I always felt any card that lets you shop products with points inflates the point cost of an item, but it indeed is there.
bltn
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by bltn »

I don t even like credit cards. But I got the 2% back Fidelity card years ago when it was the best deal available. Transfer into my Fidelity mmf is ok with me. I can write a check or transfer this into my bank account whenever I wish. That card and a card with a 5% rebate on gasoline purchases are the only two credit cards I use. Tax free money.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

gatorking wrote: Fri Jun 19, 2020 5:54 am The first scanned image says in first paragraph "with eligible Fidelity account".
DaftInvestor wrote: Fri Jun 19, 2020 6:16 am I looked at the scanned image. Not sure what you thought they meant by "with eligible Fidelity account" in the second sentence
I addressed that previously. See also Rxwolf's consecutive posts here.
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SmileyFace
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by SmileyFace »

I signed up for this card and I assumed Fidelity was going to send someone to my house to hand-deliver an envelope full of cash in 10's and 20's - I am outraged! :)

Everyone that thinks this letter is somehow unfair or misleading needs to learn how to be an informed consumer. First question you should ask looking at this is either "What is an eligible account?" OR simply "How do I go about get the cash rewards?" OR "how is the payback paid to me". Jumping to an assumption about statement credits, greenbacks sent in the mail, checks sent, or Abigail showing up at your home with the money isn't Fidelity's fault. Don't assume folks - just because one institution implements a program one way doesn't mean everyone else needs to follow suit.

There are a lot of misleading ads and scams out there - this isn't one of them.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

Rxwolf wrote: Fri Jun 19, 2020 6:27 am Holy Hades.

1. Thanks CFM300. For showing everyone the current ad for fidelity cc. It is clear as the sun two places of cash back without footnote. People look at the scans, stop saying footnotes. Someone in cc promo dept either made honest mistake or thought it was in cc company interest to not have the footnote.

“ ...that you can spend or invest...”. No footnote on that sentence and the three big stand-alone with image/icon sections, the only one without footnote is.. “unlimited 2% cash back”
Thank you!
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Cam894
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by Cam894 »

Can anyone speak to the customer service for this card? It’s the only thing holding me back from getting it.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

DaftInvestor wrote: Fri Jun 19, 2020 8:21 am Jumping to an assumption about ... greenbacks sent in the mail, checks sent, or Abigail showing up at your home with the money isn't Fidelity's fault.
No one made any of those assumptions. Why are you inventing things?
DaftInvestor wrote: Fri Jun 19, 2020 8:21 am just because one institution implements a program one way doesn't mean everyone else needs to follow suit.
One institution? I've had at least six different cash back cards, both personal and business, with four different companies. All allow cash back rewards to be applied directly to the card with no penalty. Fidelity could have made their unique terms clear somewhere in the two pages of detailed info, but instead chose to bury them in footnotes on a separate document.

But yeah, lessons learned. One of which being that Fidelity is not transparent in their promo offers.
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SmileyFace
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by SmileyFace »

CFM300 wrote: Fri Jun 19, 2020 8:43 am
DaftInvestor wrote: Fri Jun 19, 2020 8:21 am Jumping to an assumption about ... greenbacks sent in the mail, checks sent, or Abigail showing up at your home with the money isn't Fidelity's fault.
No one made any of those assumptions. Why are you inventing things?
You made an assumption as to how you would receive the cashback rewards - the additional ones I listed were meant to be tongue in cheek - I assumed (maybe improperly) that no one would really take me seriously about thinking that Abigail would show up at someone's home. The point I was trying to make was don't assume.
I don't have this Fidelity card - no reason for me to defend them. I just think you are making way too much out of this. Maybe call a lawyer if you feel you were cheated.
snowman
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by snowman »

This thread has been entertaining, that's for sure. I already responded in Fidelity's defense, even though I don't own the card myself. It's pretty obvious what the deal is with cashback. However, I wanted to bring up another point, in OP's defense this time.

Being a financial junkie (who isn't on this site?), and constantly going for CC and bank bonuses (hey, it's free money, why not?), I always read the fine print. ALWAYS. It's the name of the game. You don't follow rules to a T, you loose. I hate to loose, so I read and re-read again to decide if I am going to play.

Now take my wife. Completely different perspective. If OP's wife who applied for the card is anything like my wife, there is no small print. Ever! If there has to be a small print on a piece of advertising, it's a scummy, evil bank because they feel the need to hide something. Everything has to be disclosed prominently, otherwise customer is being deceived and lied to. If I had my wife apply over the phone, I am 100% certain she would not ask any of these specific questions, like how to redeem the points, or is there any limit etc. Her mission would be to get off the phone as quickly as possible, instead of getting all of the small print explained. She would have been really pissed, just like OP's wife, if her ASSUMPTIONS turned out to be incorrect, and she would ask me to close the card and never do any business with that evil lying company again.

Hopefully, OP will be able to convince his wife that this CC is a good deal and worth keeping. And, hopefully, a lesson has been learned to ALWAYS read the fine print, and NEVER make any assumptions.
golfer292
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by golfer292 »

BrandonBogle wrote: Wed Jun 17, 2020 10:45 pm
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
Yep. lets move on
afan
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by afan »

marcopolo wrote: Thu Jun 18, 2020 8:16 pm
CFM300 wrote: Thu Jun 18, 2020 8:00 pm
Swivelguy wrote: Thu Jun 18, 2020 5:54 pm It is trivial to open a free Fidelity checking (might be called "cash management") account to redeem into, and you can very easily (albeit not automatically) ACH transfer the funds from there to whatever account at whatever custodian you prefer. I don't see why one would consider this "ridiculous."
Ridiculous because all I want to do is apply the cash back to the credit card itself. But instead of being able to do that directly, I have to open a CMA or checking account, redeem the rewards points to that new account, and then pay the credit card using that or some other account.

The requirement introduces a needless step, as well as overhead for Fidelity. That's the ridiculousness.
I think you mentioned that you have the Amex 6% on groceries card. I have the same card. I have not found a way to have it auto redeem for the rewards. I have to log in periodically soand transfer the rewards to get the statement credit.

With Fidelity card, you can set up the card to auto-redeem into you CMA account. Then, periodically you can transfer the rewards to your main checking account. Seems no more ridiculous than having to log into Amex to redeem, which you seem OK with.
Or just use the CMA account as a bank account, which it is.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama
the way
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by the way »

But where would BH be without first-world problems? Food, shelter, clean water, reliable energy, paved roads, healthcare. Check. Ok, I don't like having to have so many online accounts!! 😜
jrbdmb
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by jrbdmb »

snowman wrote: Fri Jun 19, 2020 10:31 am Hopefully, OP will be able to convince his wife that this CC is a good deal and worth keeping. And, hopefully, a lesson has been learned to ALWAYS read the fine print, and NEVER make any assumptions.
In a world where products often no longer come with a user's manual, and if they do the manual is called a "Quick Start guide" made up entirely of pictures / graphics, and only a tiny fraction of computer users ever actually look at the Terms of Service they have to accept to use software - I think it's safe to say that the reading the fine print is not likely to make a comeback anytime soon. :?
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by the way »

jrbdmb wrote: Fri Jun 19, 2020 12:12 pm
snowman wrote: Fri Jun 19, 2020 10:31 am Hopefully, OP will be able to convince his wife that this CC is a good deal and worth keeping. And, hopefully, a lesson has been learned to ALWAYS read the fine print, and NEVER make any assumptions.
In a world where products often no longer come with a user's manual, and if they do the manual is called a "Quick Start guide" made up entirely of pictures / graphics, and only a tiny fraction of computer users ever actually look at the Terms of Service they have to accept to use software - I think it's safe to say that the reading the fine print is not likely to make a comeback anytime soon. :?
https://www.npr.org/2019/03/08/70141714 ... -your-soul The part about Kim Jong-un is a hoot.
RudyS
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by RudyS »

I used to think that threads on how to save $20 once a year on TurboTax were a waste of time. Now this.
brito11
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by brito11 »

Not to dissuade you form whatever you decide, but I like the card. It's harder to set up but once it's done, it's smooth going. I link it to the free checking account.

I've gotten various +CB offers over the years. Movie screening offers have also shown up in my inbox, although by the time I see them, they're all gone. And I got a free Costco membership last year through an offer.
mptfan
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by mptfan »

afan wrote: Fri Jun 19, 2020 11:37 am Or just use the CMA account as a bank account, which it is.
No, it's not, it's a brokerage account.

What is the Fidelity® Cash Management Account?
The Fidelity® Cash Management Account is a brokerage account that is an alternative for individuals seeking FDIC insurance that is available for your everyday spending and short-term investing needs with the benefits of a traditional checking account...

https://www.fidelity.com/cash-managemen ... nt-account
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FIREchief
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by FIREchief »

I would be complaining only if they *refused* to deposit the 2% cash back into my Fidelity account! :P
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
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FIREchief
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by FIREchief »

CFM300 wrote: Thu Jun 18, 2020 11:45 pm I feel like I'm slowly being sucked into the Fidelity cult. Two weeks from now, I'll be asking for advice about how to transfer all of our Vanguard funds and other bank accounts to Fido!
Here's the two week in the future answer. Just call Fidelity and they'll handle it all! They're really good at making this happen. I once had a Fido transfer rep call me and ask if I would mind if he placed me on a three way call with VG (VG was being VG, dragging their feet and claiming that I didn't really want the transfer). Five minutes later, done deal! :P
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

FIREchief wrote: Fri Jun 19, 2020 8:07 pm I would be complaining only if they *refused* to deposit the 2% cash back into my Fidelity account! :P
Ha! Point taken. :D
JBTX
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by JBTX »

I've had a couple of these cards for nearly 20 years. For quite a while the 2% went into a 529. I was actually happy when the 2% could be redirected to a cash management account.

Rewards are a form of marketing. The purpose of opening a cash account is they want you to do business with them. Open the stupid account. My points just sweep in there. When it gets to 4 figures worth I move it somewhere else.

But if you are offended at the notion of opening a cash management account, by all means go elsewhere.
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LilyFleur
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by LilyFleur »

F150HD wrote: Thu Jun 18, 2020 2:30 pm
LilyFleur wrote: Thu Jun 18, 2020 12:51 pm I have been happy with Citi double cash. Once a month I visit my City card account online, review my purchases, request a statement credit for my cash back, and pay my bill. Actually, from what I have learned today, I will set it up for an automatic transfer to my checking account.
How does Citi Double Cash work? This card pays you 2% cash back on all purchases, but that money comes in two parts: You get 1% cash back on every dollar you spend, then another 1% back on every dollar you pay back.

You earn the second 1% by paying your balance each month. If that balance is decreased (by a statement credit) you are actually earning less money back as you are paying a smaller balance each month.

This was discussed in a thread somewhere here back when. May only seem like a tiny amount for some but, but over time it could add up.

YMMV :beer
I agree!
sco
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by sco »

The statement credit at 1% is obviously to catch people that aren’t paying attention. Just have it automatically deposit to a brokerage account, and manually make a payment from that account, if desired.
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