New fidelity card january 4th

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kdm31091
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New fidelity card january 4th

Postby kdm31091 » Tue Dec 29, 2015 8:24 am

I've read that fidelity is coming out with a "new" 2% cash back card soon (the old Amex has been pulled from the website). It's really not "new" since they already had a 2% card. Sounds like they are simply changing the processing network.

Still not worth an app to me; I'm not opening a new bank account just because of a credit card and already have a 2% card anyway. However, if anyone was interested in the old Fidelity Amex but had qualms about acceptance, it seems as of January 4th you'll be able to apply for a non-Amex 2% version. (Still, kind of puzzled as to what the real advantage over a DC is, when the DC doesn't force you to have any special account to redeem?). If you already use Fidelity, perhaps it's worth a look.


Nixon
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Re: New fidelity card january 4th

Postby Nixon » Tue Dec 29, 2015 8:27 am

kdm31091 wrote:I've read that fidelity is coming out with a "new" 2% cash back card soon (the old Amex has been pulled from the website). It's really not "new" since they already had a 2% card. Sounds like they are simply changing the processing network.

Still not worth an app to me; I'm not opening a new bank account just because of a credit card and already have a 2% card anyway. However, if anyone was interested in the old Fidelity Amex but had qualms about acceptance, it seems as of January 4th you'll be able to apply for a non-Amex 2% version. (Still, kind of puzzled as to what the real advantage over a DC is, when the DC doesn't force you to have any special account to redeem?). If you already use Fidelity, perhaps it's worth a look.


Kinda useless to me as Wife's Discover is currently 4%, and I have more than a couple of cards where redemptions easily eclipse 2-3cpp rate.
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Vermonster
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Re: New fidelity card january 4th

Postby Vermonster » Tue Dec 29, 2015 11:46 am

kdm31091 wrote:(Still, kind of puzzled as to what the real advantage over a DC is, when the DC doesn't force you to have any special account to redeem?). If you already use Fidelity, perhaps it's worth a look.


Honestly, this is a card for people that have trouble saving money. In reality, no one should be using this card as a way to completely fund a retirement account, but it can add a few thousand to your investments over time.

I really hope some people at MF decide to jump on this bandwagon. Then again, they'll probably just liquidate the account in 5 years and take all the massive penalties and fees, leaving them with less money than if they had used a debit card.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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CarefulBuilder14
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Re: New fidelity card january 4th

Postby CarefulBuilder14 » Tue Dec 29, 2015 12:57 pm

It really takes a lot of off-category spending for a card that pays 2% but has no signup bonus to be worth it.

I have heard of the card having a few rewards promos, but nothing special.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

kdm31091
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Re: New fidelity card january 4th

Postby kdm31091 » Tue Dec 29, 2015 1:33 pm

MF people pretty much jump on every bandwagon and apply for every new card regardless of how useful it is. They love diluting their spend across 25 cards.

Its stupid. And an addiction. They fail to realize it isnt normal to apply for every credit card that comes along.

And also like carefulbuilder said how much non category spend do you even have? Most spend is gas, groceries, or dining...which they have special cards for. So that extra bit of rewards on random spend on a seperate card just wont amount to much. I have the same problem with my double cash. Convinced myself I needed it, but with cards for so many category purposes, it isnt really very necessary for the small non category purchases.

As far as saving, most of them forego any kind of savings in favor of chasing pennies in rewards. Because of course thats more important.

yfan
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Re: New fidelity card january 4th

Postby yfan » Tue Dec 29, 2015 1:45 pm

Well, the only use of this card that I can see outside of people who have a hard time saving, as opposed to a Citi Double Cash - is that if this turns out to be a Visa card, people will be able to use it at Costco next year. For members who buy a lot at Costco warehouses, that can be a tempting offer.

I already have a 2% Visa though, the Orbitz Visa. Yes the redemptions are restricted to prepaid hotels booked on Orbitz, but that's alright with me.

JonE
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Re: New fidelity card january 4th

Postby JonE » Tue Dec 29, 2015 2:15 pm

Nah, I don't think so. I'll stick with the one to two more cards I'll get for the future. Another 2% card that I'll have to open an account to utilize the right way isn't what I want.
Current Cards: Chase Freedom, Discover IT
Future: TBD



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