Fidelity Credit Card - 0% APR for 18 Months

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confusedinvestor
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Fidelity Credit Card - 0% APR for 18 Months

Post by confusedinvestor » Wed May 15, 2019 9:18 pm

Folks,

Just got approved for Fidelity 2% cashback credit card with 18 Month 0% APR promo with 25K credit

I am doing some remodel so I am spending some $$$

What do you think of using this Fidelity Card for my remodel purchases and do a minimum payment and get this 0%APR for 18 months and invest the money instead in Vanguard MMM yielding 2.5% ?

Any downsides ? or, Catches by Fidelity with this promo ?

I'd appreciate any feedback.

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fortfun
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by fortfun » Wed May 15, 2019 9:23 pm

confusedinvestor wrote:
Wed May 15, 2019 9:18 pm
Folks,

Just got approved for Fidelity 2% cashback credit card with 18 Month 0% APR promo with 25K credit

I am doing some remodel so I am spending some $$$

What do you think of using this Fidelity Card for my remodel purchases and do a minimum payment and get this 0%APR for 18 months and invest the money instead in Vanguard MMM yielding 2.5% ?

Any downsides ? or, Catches by Fidelity with this promo ?

I'd appreciate any feedback.
You would make much more on CC sign up bonuses, if you haven't already used them.
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confusedinvestor
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by confusedinvestor » Wed May 15, 2019 10:52 pm

Thanks I will check out the capital one cards, thanks for your insights ...
fortfun wrote:
Wed May 15, 2019 9:23 pm


You would make much more on CC sign up bonuses, if you haven't already used them.
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sunny_socal
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by sunny_socal » Thu May 16, 2019 6:05 am

Perhaps obvious, but make sure actually have the funds when the bill comes due in 18 months. That's the only 'catch.'

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oldcomputerguy
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by oldcomputerguy » Thu May 16, 2019 6:15 am

A quick note regarding the Chase Sapphire card, if that is one you're contemplating... Depending on how many credit cards you have taken out in the past two years, you may or may not get the Sapphire. Chase has a rule that they will deny applications from people who have taken out "too many" cards in the past 24 months. They decline to state how many is "too many", but it is commonly held to be five.
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by cshell2 » Thu May 16, 2019 6:18 am

oldcomputerguy wrote:
Thu May 16, 2019 6:15 am
A quick note regarding the Chase Sapphire card, if that is one you're contemplating... Depending on how many credit cards you have taken out in the past two years, you may or may not get the Sapphire. Chase has a rule that they will deny applications from people who have taken out "too many" cards in the past 24 months. They decline to state how many is "too many", but it is commonly held to be five.
It's 5 in 24 months. Some store cards are excluded.

drawpoker
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by drawpoker » Thu May 16, 2019 11:39 pm

confusedinvestor wrote:
Wed May 15, 2019 9:18 pm

.......Fidelity Card for my remodel purchases and do a minimum payment and get this 0%APR for 18 months and invest the money instead in Vanguard MMM yielding 2.5% ?.......Catches by Fidelity with this promo ?
I wouldn't call it a "Catch", but it is hidden in the fine print. In order to get the full 2% reward points they have to go into one of your Fidelity accounts (usually the one called "Cash Management", but you have a choice of several) You can't just "redeem" your reward points by doing a credit on your balance, or choosing from the various merchant (retail) offerings. If you don't agree to open up a separate Fidelity account to manage your rewards, guess what, you don't get the 2% on purchases, it drops down to 1% :shock:

It's [a pain -- mod oldcomputerguy], but if you really want the benefit of the $50 you will earn every time you rack up $2,500 in charges, you have to set up the option of ETF's from them to your own personal bank account. Then the tiresome keystrokes of steps to accomplish moving your $50 bucks to where you can use it.

It annoyed me somewhat to have to go thru all these [deleted - mod oldcomputerguy] extra steps when I opened up my Fidelity Visa. But, heck, if Fidelity is willing to have slackers like me with a zero or $1 balance on the silly account that is tied to the 2% deal, well, okay. ( Should add for clarification - not really a true slacker with Fidelity, the whole reason they offered me the Visa card was because of the high balances in my mutual funds accounts with them)

As for your idea of racking up charges to your full limit of $25K (investing whatever is leftover from the remodeling costs in a VG MM that is currently yielding 2.5%) well, er, um, my advice would be to re-think that idea.

#1 The hit it would take on your FICO score for such high utilization (unless you have a half-dozen or so of other cards with a combined limit of at least $120K or higher) would not be good. Not good at all.

#2 Just what guarantee do you have that 2.5% MM yield is going to last for the next 18 months? None, zero, zilch. That is what your guarantee is. The way the financial markets are going, who knows when, or just how, the next shoe will drop.... :confused

JMO

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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by TheOscarGuy » Fri May 17, 2019 8:58 am

confusedinvestor wrote:
Wed May 15, 2019 9:18 pm
Folks,

Just got approved for Fidelity 2% cashback credit card with 18 Month 0% APR promo with 25K credit

I am doing some remodel so I am spending some $$$

What do you think of using this Fidelity Card for my remodel purchases and do a minimum payment and get this 0%APR for 18 months and invest the money instead in Vanguard MMM yielding 2.5% ?

Any downsides ? or, Catches by Fidelity with this promo ?

I'd appreciate any feedback.
Do you have all the money in hand to pay for expense today? It sounds like you do, but I wanted to ask to be sure.
If yes, I would go ahead with the plan -- maybe you can distribute the expense on multiple cards and get some signup bonuses as well.
If not, I would get the money first.

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confusedinvestor
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by confusedinvestor » Fri May 17, 2019 10:30 pm

Yes, I do have the entire funds today. thanks for your reply I will go ahead with this plan , thanks again .
TheOscarGuy wrote:
Fri May 17, 2019 8:58 am


Do you have all the money in hand to pay for expense today? It sounds like you do, but I wanted to ask to be sure.
If yes, I would go ahead with the plan -- maybe you can distribute the expense on multiple cards and get some signup bonuses as well.
If not, I would get the money first.

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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by uslee2004 » Fri May 17, 2019 10:59 pm

confusedinvestor wrote:
Fri May 17, 2019 10:30 pm
Yes, I do have the entire funds today. thanks for your reply I will go ahead with this plan , thanks again .
TheOscarGuy wrote:
Fri May 17, 2019 8:58 am


Do you have all the money in hand to pay for expense today? It sounds like you do, but I wanted to ask to be sure.
If yes, I would go ahead with the plan -- maybe you can distribute the expense on multiple cards and get some signup bonuses as well.
If not, I would get the money first.
There supposedly have some signup bonus when using the card for $1500 (cannot recall exact) in the first 90-days. Please check. I would totally execute your plan. Just make sure to have the fund ready at the end of 18-month to pay balance off.
uslee

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confusedinvestor
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by confusedinvestor » Fri May 17, 2019 11:02 pm

Supercool, thanks for the info, will check on the sign up bonus. thanks again for your post
uslee2004 wrote:
Fri May 17, 2019 10:59 pm

There supposedly have some signup bonus when using the card for $1500 (cannot recall exact) in the first 90-days. Please check. I would totally execute your plan. Just make sure to have the fund ready at the end of 18-month to pay balance off.

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whodidntante
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by whodidntante » Fri May 17, 2019 11:14 pm

As far as I know there is no promo for an 18 month 0% purchase APR on that card.

marc515
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by marc515 » Sat May 18, 2019 7:21 am

If you travel to foreign countries, just beware the Fidelity Card charges Foreign Transaction Fees.
m

Topic Author
confusedinvestor
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by confusedinvestor » Sat May 18, 2019 12:42 pm

I got it, all approved and coded for this promo - May be a targeted offer ?

My wife did not get such offer, I will call them today and see if they can match this offer to her....
whodidntante wrote:
Fri May 17, 2019 11:14 pm
As far as I know there is no promo for an 18 month 0% purchase APR on that card.

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confusedinvestor
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by confusedinvestor » Sat May 18, 2019 12:47 pm

Oh, thank you for pointing this out.

My go to card is Bank of America Platinum ($95 AF) for all travel b/c I get 3.5 Travel cashback + Excellent Travel Insurances and Trip Cancellation Protections (which is worth more vs cashback or points for my situations, given I have 2 8 yr olds and they often get sick and we have to change plans)

Never submitted a Travel Claim so don't have real experiences but BoA and Chase both uses 3rd party for such claims and I spoke both of them and the coverages, eligibility and exclusions are pretty much same for BOA Platinum vs Chase IHG Platinum.
marc515 wrote:
Sat May 18, 2019 7:21 am
If you travel to foreign countries, just beware the Fidelity Card charges Foreign Transaction Fees.
m

Yukon
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by Yukon » Sat May 18, 2019 3:27 pm

confusedinvestor wrote:
Sat May 18, 2019 12:47 pm
Oh, thank you for pointing this out.

My go to card is Bank of America Platinum ($95 AF) for all travel b/c I get 3.5 Travel cashback + Excellent Travel Insurances and Trip Cancellation Protections (which is worth more vs cashback or points for my situations, given I have 2 8 yr olds and they often get sick and we have to change plans)

Never submitted a Travel Claim so don't have real experiences but BoA and Chase both uses 3rd party for such claims and I spoke both of them and the coverages, eligibility and exclusions are pretty much same for BOA Platinum vs Chase IHG Platinum.
marc515 wrote:
Sat May 18, 2019 7:21 am
If you travel to foreign countries, just beware the Fidelity Card charges Foreign Transaction Fees.
m
Are the coverages/eligibility/exclusions reasonable? Or is it "cancel for any reason" type coverage? The legalese in some of those contracts make me wonder if they can get out of any claim outside of a declared national disaster type event.
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by MikeG62 » Sun May 19, 2019 8:00 am

Yukon wrote:
Sat May 18, 2019 3:27 pm
confusedinvestor wrote:
Sat May 18, 2019 12:47 pm
Oh, thank you for pointing this out.

My go to card is Bank of America Platinum ($95 AF) for all travel b/c I get 3.5 Travel cashback + Excellent Travel Insurances and Trip Cancellation Protections (which is worth more vs cashback or points for my situations, given I have 2 8 yr olds and they often get sick and we have to change plans)

Never submitted a Travel Claim so don't have real experiences but BoA and Chase both uses 3rd party for such claims and I spoke both of them and the coverages, eligibility and exclusions are pretty much same for BOA Platinum vs Chase IHG Platinum.
marc515 wrote:
Sat May 18, 2019 7:21 am
If you travel to foreign countries, just beware the Fidelity Card charges Foreign Transaction Fees.
m
Are the coverages/eligibility/exclusions reasonable? Or is it "cancel for any reason" type coverage? The legalese in some of those contracts make me wonder if they can get out of any claim outside of a declared national disaster type event.
I have the CSR card and it’s most certainly not cancel for any reason trip insurance. It has to be for a covered cause.

I am not aware of any CC’s offering such a benefit. Years ago I booked a vacation through one of the airline vacation programs (don’t recall which one) and that either came with or I was able to get cancel for any reason insurance. I did not cancel so can’t comment on how easy it was to get reimbursed.
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confusedinvestor
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Re: Fidelity Credit Card - 0% APR for 18 Months

Post by confusedinvestor » Sun May 19, 2019 1:53 pm

CSR and BoA Platinum has pretty much same benefits for trip cancel....I've called both of them and asked the coverage amounts and frequency.

Typically, you can cancel with full refund if any of your directly family member (spouse, kids) are sick and even they are not on the intermarry. You need a doctors note for claim. This is important to my situation given I've 2 8 yrs.

Per the 3rd party agent, no, you cant cancel for any reason (eg: you just don't feel like going anymore ) and/or business/work reason, but few reasons are covered - such as - extreme weather origin/dest, unrest, family sickness, death in family, etc.

You can request the terms and conditions in writing by calling the CC customer service.
MikeG62 wrote:
Sun May 19, 2019 8:00 am
Are the coverages/eligibility/exclusions reasonable? Or is it "cancel for any reason" type coverage? The legalese in some of those contracts make me wonder if they can get out of any claim outside of a declared national disaster type event.
[/quote]

I have the CSR card and it’s most certainly not cancel for any reason trip insurance. It has to be for a covered cause.

I am not aware of any CC’s offering such a benefit. Years ago I booked a vacation through one of the airline vacation programs (don’t recall which one) and that either came with or I was able to get cancel for any reason insurance. I did not cancel so can’t comment on how easy it was to get reimbursed.
[/quote]

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