Fidelity American Express card ends 2% cash back?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
machine
 
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Location: California

Postby machine » Fri Feb 25, 2011 10:27 am

jeffysdad wrote:Machine, FIA is a unit of Bank of America. If you call them back and ask them to open the Fidelity account while closing your current B of A account and moving credit line to the Fidelity, I bet that will work. The same rep should be able to do all of that. If they balk, asked to be transfered to a supervisor.


Thanks for the info jeffysdad, I called back this morning and spoke to a very nice and helpful women from the credit analyst department. She explained to me that since I am an undgergraduate (I have that on the application, because technically I wont be graduating until July 2011), their company policy under FIA is that undergraduates can only have 1 issued credit card through the company.

Just as you mentioned above, they actually gave me the choice to close out my BankAmericard to open the FIA AMEX. I decided to go with that on the phone, but I was actually quite hesitant to do so since it IS my oldest and longest standing credit card with only a 4.75% APR and 6 years of credit history. (this apr doesn't matter much to me, since I pay off in full, but very good for emergencies).

The lady was very patient with me when I asked for her own personal suggestion, she told me she would hate to see me close out a card with such a great relation and can see where I'm coming from in this situation. I thanked her and decided that I will just be waiting to reapply when I graduate in July which is only 5 months away. She was nice and told me she'll cancel this application per my request and told me I won't be affected negatively when I reapply in a few months as long as I don't have too many other credit card inquiries within the year.

Do you guys think I made a good decision? I think I can live with waiting 5 months since I have all these other cards I can use in the meantime and then have the best of both worlds then. I would hate to see my oldest card get canceled.


My current cards: (I don't carry any balances)
AMEX: American Express Blue Sky
BoA: BankAmericard - no rewards 4.75% APR on purchases (only for emergencies)
Citi: Citi Forward - 5 Points on restaurants / movies / books
Discover: Discover More - 5% on rotating categories
Capital One: Capital One Sony Rewards Card - (hardly used)
[AMEX:Blue Sky] [BofA:BankAmericard] [Capital One:Sony Rewards] [Citi:Citi Forward]
[Discover: Discover More]

As of 2/25/11
FICO TU: 735
FICO Equifax: 753


jeffysdad
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Location: Texas

Postby jeffysdad » Sat Feb 26, 2011 7:49 am

Machine, I think that was a good decision. Since you're young and likely don't have a very long credit history, I think it's smart to keep that in mind. As someone who's not young (sadly) that's less of a consideration for me.

When you do get the Fidelity card, you will need to have some type of Fidelity account where your rewards can be deposited. If you're not already familiar with Fidelity (or other online trading/brokerage providers), this will be a nice introduction at a most opportune time -- when you're just starting your career. What I mean to say is start saving/investing asap if you haven't already.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

ashleyAMX
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Location: Florida

Not as advertised

Postby ashleyAMX » Sun Mar 06, 2011 1:29 pm

I've been going back and forth trying to decide whether or not to get this card. A few things aren't adding up to me.

Fidelity Amex-
The calculator says If you spend 5,000 dollars you got back 100 in cash rewards. This is obviously 2%.

The fine print at the bottom of the page says: " 1. Customers earn 2 points for each $1 in net retail purchases. Once you reach 5,000 points, they can be redeemed automatically or on demand for cash at a 1% exchange rate into an eligible Fidelity account (i.e. 5,000 points = $50 deposit). "

Even more of the fine print says (program rules)..
"Fidelity rewards are different from cash rewards. Cash rewards may be made at a lower redemption rate than Fidelity rewards. If you are interested in cash rewards, please refer to the cash rewards section for instructions on how to redeem points for Cash rewards."
...
Currently available cash rewards and their respective Point requirements are:
2,500 Points = $12.50 Cash Reward
5,000 Points = $25 Cash Reward
7,500 Points = $37.50 Cash Reward
10,000 Points = $80 Cash Reward
15,000 Points = $120 Cash Reward
20,000 Points = $160 Cash Reward
25,000 Points = $250 Cash Reward
35,000 Points = $350 Cash Reward
50,000 Points = $500 Cash Reward

So, my questions is.. Is 'Fidelity Rewards' cash that gets put in your Fidelity account OR is that considered Cash rewards? :confused:

jeffysdad
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Postby jeffysdad » Sun Mar 06, 2011 3:48 pm

It is confusing. Fidelity Rewards is the deposit into your Fidelity account and the reward rate always works out to 2%. One point is equal to one cent, but you get two points for every dollar you spend, which is 2 cents per dollar, or 2%.

If you redeem the points -- and they're technically Worldpoints, btw -- for a check sent to you by FIA Card Services then they are worth less than 1% generally. However, you have to remember that you still got two points for every dollar you spent.

You can use the points for anything at the Worldpoints mall. However, I don't see why anyone would want to because of the lower redemption rate and the general complexity of redemption compared to an automatic deposit.

If you want an automatic 2% cash back on everything you spend doled out automatically in increments that are at least $50 to a Fidelity checking or investment account, then this is the best card for you. I don't know of any other card that makes such a generous reward without categories, tiers, caps or limits that can be obtained automatically without even requiring the cashing of a paper check.

Don't worry about alternative redemption scenarios for the Worldpoints because if you were going to do any of those, there are probably other cards out there that would serve you better.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

ashleyAMX
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Location: Florida

Postby ashleyAMX » Sun Mar 06, 2011 7:46 pm

Very well put jeffysdad. I think I'm going to go for this card in a few months. I still have my hopes up for that one perfect cashback card where I can get 3% cash back of everything without rotating or a ton of stipulations and loop holes. I know blue cash is 5% on gas and thats really attractive but 6,500 is a lot for me to spend unless i solely use that card only. If not ill be going for this one :)

jeffysdad
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Postby jeffysdad » Sun Mar 06, 2011 8:47 pm

One thing about rewards categories worth considering: You might be tempted to spend more than you normally would. For instance, earlier this quarter I was using Discover for restaurants to earn the 5%. Nearly all my meals are eaten in restaurants, so this was an obvious move. However, I spent far more on sushi and other more costly food than I normally would have, and in the back of my head I was usually thinking about the 5% cashback. The reward wasn't driving my spending, just aiding and abetting extra spending. I wasn't spending beyond my means, just more than usual. I suspect my Amazon rewards card might also encourage me to spend a little more than I need to. Next month or two I'm going to just use the Fidelity and "forget" about rewards and see what my spending looks like.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

JenB
 
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Joined: Sun Aug 14, 2011 11:05 am
Location: Ohio

Fidelity Investments American Express (FIA Card Services) concerns

Postby JenB » Sun Aug 14, 2011 11:30 am

I applied for this card due to the 2% cash back rewards. After two months, we have stopped using this card. Here are my concerns. The website is very lame and inadequate (backwards!). You cannot print out a regular statement and have to wait for it to come in the mail. You can only print a listing of your transactions. Our last statement was due to arrive at least two weeks ago and never came. I took notice that FIA Card Services prints your ENTIRE credit card number on the snail mail statements, so whoever has ended up with my statement has my full name and credit card number. Most credit card companies only print the last four digits of your credit card number on the statement.

Back to the lameness of the website. You cannot set up any alerts on the FIA Card Services site. You cannot e-mail messages to them. You have to call and go through a BUNCH of prompts before you can ever speak to a live person - and then you get someone with a heavy accent over in India.

It is not worth the 2% in cash back rewards to have to deal with all of this, especially the potential identity theft issues with them printing your full card number on the statements that are "out there" (wherever!) in the U.S. mail. There is no way I'd want to deal with FIA Card Services if someone started putting fraudulent charges on that card. I am very surprised that American Express would let their good name appear on this card - and I'm thoroughly disgusted that Fidelity Investments is associating themselves with FIA Card Services and all of their lameness.

jeffysdad
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Postby jeffysdad » Sun Aug 14, 2011 5:52 pm

I print my statement out every month on the website. They make PDF statements available one day after the account cycles. I think you're overlooking the button to access these.

I do agree that the absence of alerts on the website is a bit annoying. I do like the clean, uncluttered layout of the website, the ease of accessing the WorldPoints mall and the absence of advertising for other products (unlike the American Express website).

I wish there were more options for servicing the account online; however, whenever I call customer service during regular business hours I get to speak to someone in the United States right away. When you call after hours you do get an offshore call center and they can be less than helpful.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

denirogirl
 
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Joined: Sun Aug 21, 2011 3:20 pm
Location: Ohio

Postby denirogirl » Sun Aug 21, 2011 3:33 pm

It is true that you can get a non foreign customer service agent on the phone during the day only. And the only so called statement you can get online is really just a PDF of the transactions for the statement period. It doesn't look like a normal credit card statement. This card does have a rather antiquated website and no alerts can be set up. You cannot e-mail customer service to ask questions, which means calling a toll free number and going through a lot of prompts before you can talk to a live person. FIA Card Services has a long way to go to catch up with the times.

shaddix
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Location: alabama

Postby shaddix » Mon Oct 31, 2011 9:32 am

Well it is a really good card, they have to make sacrifice somewhere... use amex instead and pay the fee.



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