@JABacchetta wrote:
I've been going back and forth between rewards cards over the past few days and I think I've settled on the Fidelity Investment Rewards American Express Card as being the best for me. The thing is, I'd like this to be the last credit card I apply for, at least for the next 5-10 years. I already have my low interest USAA and NFCU cards so I'm set there.
How often do companies decrease the rewards being offered for a certain card? And if they do decrease benefits, or if they cancel the card all together, does that affect people who already own the card? Or do you generally get grandfathered in?
Also, what are the chances that the reward card competition heats up over the next year or two. Would it be worth waiting to settle on a rewards card?
It really depends on the creditor. The Fidelity card has been around for awhile but I'd be worried since it is now issued by FIA Card Services aka BofA. FIA used to issue the Charles Schwab 2% Visa until they axed it last year and converted everyone over to BankAmericard Cash Rewards, while not a bad card is no where near the Schwab. To me the creditor is equally as important as the rewards, since the latter can change but with a good creditor you build a long term relationship with CLIs, APR reductions, and the ability to move around credit lines and product change.
