Fidelity Investment Rewards American Express card a mistake?

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Fidelity Investment Rewards American Express card a mistake?

Postby Spartan2007 » Tue May 24, 2011 6:43 pm

I have a question for those of you with the Fidelity Investment Rewards American Express card:

I recently applied and received a Fidelity "Investment Rewards" Amex. I want my rewards points to go directly into my Roth IRA. I'm wondering if I made a mistake by getting the "Investment Rewards" card instead of the "Retirement Rewards" card. Will my reward points be able to transfer into my IRA or did I need the Retirement Rewards card to do that?

I called both the credit card company and Fidelity 3 times and got 2 different answers. The credit card company tells me it does not make a difference and my reward points will be transferred into the account of my choice. (I wonder if that's the case why they offer different card choices?) However a Fidelity representative tells me the Investment Rewards will only transfer rewards into a brokerage account and that I need the Retirement Rewards card to transfer points into my IRA. I don't know who to believe.

Do any of you have the Investment Rewards card and successfully transfer your rewards points into your IRA?

Thank you so much!

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Postby jeffysdad » Wed May 25, 2011 7:02 am

I actually have both. I got the Retirement Rewards first and had the bonus cash deposited into my Roth IRA. Then I decided I would rather open a Fidelity SmartCash account (essentially a checking) account and have an Investment Rewards card that would deposit the bonus into that since I can move whatever money I want into the Roth whenever I want. Unless you have a compelling reason to do otherwise, I recommend this strategy.

However, I don't think you are prevented from having Investment Rewards bonus deposited into a Roth. I also don't think that Retirement Rewards bonus has to go into a retirement account. I think the distinction is really one made more for marketing purposes than anything else. I would go with what Fidelity says about this. Pin them down on an answer; they work for you.

If you want to test it on your own, just enter the account number for whatever Fidelity account you want as the rewards destination in the appropriate place on the FIA Card Services website and see what happens.

BTW, your rewards deposits can be set up to sweep automatically if you want. However, there's about a one-month lag for this to happen after you reach the reward threshold. While mine is set up to be automatic, I usually go in before it happens and do it manually because I'm impatient.

BTW, a My SmartCash account is free to open with no minimum deposit and no fees, even free checks.
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 (, 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.

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Postby Spartan2007 » Thu May 26, 2011 12:32 pm

Jeffysdad-Thank you so much for your insight. In my 4th (and final) attempt to get a straight answer from Fidelity, I sent them an email and got the following response: "Your Fidelity Investment Rewards can be deposited into your Roth IRA account..." Now that I have this in writing I can hold them to this.

If anyone else has the same concern, I will update the forum when I have successfully transferred my reward points into my IRA.

Thanks again for your reply, Jeffysdad.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sat May 28, 2011 5:40 pm

I came really close to finally opening a Fidelity account to get the Investment Rewards American Express card. I think in my case it will be best to hold off a few months because I have had 3 hard inquiries already this year. I am so seriously considering it though, that I called Fidelity to ask a few questions about account fees and also asked if there are any plans to discontinue or reduce the credit card rewards and the rep I spoke to said no. Then again, he would probably not be privy to such info but it is still nice to hear.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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