According to fidelity in order to get the 2% cash back you must link your card to a fidelity account. I noticed that it is not possible to open up just a cash management account. In order to open a brokerage account one must deposit a minimum of $2500. I must be missing something here. Which account should be opened (so the rewards can be deposited somewhere!) if one just wants to use the card for the rewards and keep investments with another broker?
From their site:
"Deposit 2% of your purchases into the eligible Fidelity account1 of your choice, including your:
Cash Management Account
Brokerage account
Fidelity-managed 529 account
Retirement account"
Nevermind the chat rep informed me that there was no minimum required to open an account. Perfect!
David : There is no minimum investment requirement to open an account but some investments have minimums.
David : All mutual funds have at least a $2,500 minimum. CDs and bonds have a $1,000 minimum. There is no minimum requirement to purchase stock, ETFs, or the cash core part of the account.
Wait, you have to open a brokerage account in order to open a CM account?
@watch44 wrote:Wait, you have to open a brokerage account in order to open a CM account?
You should be able to open a CMA to transfer money to and then can transfer from there to any checking or savings account you want