Anyone here use the fidelity credit card reward points for their IRA?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
User avatar
Topic Author
ralphboy
Posts: 187
Joined: Thu Apr 23, 2020 7:09 pm

Anyone here use the fidelity credit card reward points for their IRA?

Post by ralphboy »

I would like to have it automated so my fidelity rewards points are converted to cash for my roth but worry that I may end up going over my annual contribution limit. If I invest $6,000 in my roth but continue to use the fidelity credit card, will my rewards points just keep accumulating and then the cash reward be deposited in the account until the next year? [I signed up for the card the other day but didn't choose an account to have the rewards go in for fear of going over the limit. I didn't want the money to go to my brokerage account because I am moving my money from it to my roth]
cshell2
Posts: 814
Joined: Thu May 09, 2019 10:29 am

Re: Anyone here use the fidelity credit card reward points for their IRA?

Post by cshell2 »

That's why I just have my CC rewards go to a non-IRA account with Fidelity. Then I can transfer it as I see fit.
runner3081
Posts: 5156
Joined: Mon Aug 22, 2016 3:22 pm

Re: Anyone here use the fidelity credit card reward points for their IRA?

Post by runner3081 »

cshell2 wrote: Wed Sep 21, 2022 12:52 pm That's why I just have my CC rewards go to a non-IRA account with Fidelity. Then I can transfer it as I see fit.
Same/similar here. I just transfer to bank and then to Vanguard for investing.
secondcor521
Posts: 852
Joined: Wed Sep 10, 2014 4:11 pm

Re: Anyone here use the fidelity credit card reward points for their IRA?

Post by secondcor521 »

I have the Fidelity cash back go into my Fidelity HSA, which does have a contribution limit but I definitely won't exceed that limit based just on my cash back. My plan is to top off my HSA in the spring after I know how much contributions I have made via cash back.
lstone19
Posts: 1648
Joined: Fri Nov 03, 2017 3:33 pm

Re: Anyone here use the fidelity credit card reward points for their IRA?

Post by lstone19 »

Cash is fungible. Just take it to a regular taxable account, then contribute to the appropriate account. Avoids a lot of potential problems when you forget you have an automated variable amount going into a limited contribution account.
livesoft
Posts: 81172
Joined: Thu Mar 01, 2007 8:00 pm

Re: Anyone here use the fidelity credit card reward points for their IRA?

Post by livesoft »

lstone19 wrote: Wed Sep 21, 2022 2:04 pm Cash is fungible. ...
Yep, money is money. I get the reward "points" as cash and do whatever I want with the cash. That is, I treat the money like I do all my other money.
Wiki This signature message sponsored by sscritic: Learn to fish.
bhtomj
Posts: 169
Joined: Wed Mar 21, 2012 10:45 am
Location: Lakewood, CA

Re: Anyone here use the fidelity credit card reward points for their IRA?

Post by bhtomj »

I have the rewards deposit to my IRA and just leave a buffer for the expected amount when contributing the remainder of the limit.
In January, I contribute or withdraw to meet the maximum allowed.
WhiteMaxima
Posts: 2775
Joined: Thu May 19, 2016 5:04 pm

Re: Anyone here use the fidelity credit card reward points for their IRA?

Post by WhiteMaxima »

I use their FIA 529 reward pt to pay my daughter's university expense. 2% reward.
Post Reply