topic Re: Fidelity Amex in Credit Cards

Fidelity Amex

heyitsyeh — Fri, 18 Oct 2013 22:30:53 GMT

Hey all,

I'm interested in apping for the Fidelity Amex Investment Rewards (2% on everything, deposited to eligible Fidelity account). Problem is I don't have an eligible account at the moment (currently have a 401k and 457b). Any tips/pointers on what kind of account I should get for the 2% deposit?

Re: Fidelity Amex

mongstradamus — Fri, 18 Oct 2013 22:32:37 GMT

@heyitsyeh wrote:
Hey all,

I'm interested in apping for the Fidelity Amex Investment Rewards (2% on everything, deposited to eligible Fidelity account). Problem is I don't have an eligible account at the moment (currently have a 401k and 457b). Any tips/pointers on what kind of account I should get for the 2% deposit?

I actually just emailed them asking them an similar question, i was planning on investing an few thousand in some index mutual funds, and they said those qualified for investments for the amex card.

Re: Fidelity Amex

UFGuy2006 — Fri, 18 Oct 2013 22:38:39 GMT

Just open a cash management account (combo w/ a fidelity account) and you are set... You can then invest the 2% back in any investment vehicle you want at that point.

Re: Fidelity Amex

Anonymous — Fri, 18 Oct 2013 22:43:21 GMT

you can open a cash management account , which has no fees. it works somewhat like a checking account. redeem the rewards towards that account, and then wire the money to your checking account. A tad more troublesome.

Re: Fidelity Amex

FinStar — Fri, 18 Oct 2013 22:56:06 GMT

@Anonymous wrote:
you can open a cash management account , which has no fees. it works somewhat like a checking account. redeem the rewards towards that account, and then wire the money to your checking account. A tad more troublesome.

I opened a CMA once I got approved around July. Usually do DDA transfers between Chase and CMA since there are no fees for external account transfers from Chase.

Re: Fidelity Amex

Anonymous — Fri, 18 Oct 2013 23:50:01 GMT

Definitely Cash Management Account. Having to then transfer to checking is worth it for 2% if you don't want to invest it. Personally, I will be investing my 2% once I finish some minimum spend on a couple cards and start using the FIDO Amex primarily.

Re: Fidelity Amex

heyitsyeh — Sat, 19 Oct 2013 08:35:46 GMT

I just got approved for an Investment Rewards Amex for $2.5k!

Unfortunately I cannot figure out how to transfer funds from Cash Management to my main checking account in BofA. (I already put in $20 into Cash Management from BofA but cannot do the reverse). The option to select BofA as a recipient is there but it's greyed out (unselectable) as an option for the transfer.

Re: Fidelity Amex

vagrants — Sat, 19 Oct 2013 10:14:40 GMT

@heyitsyeh wrote:
I just got approved for an Investment Rewards Amex for $2.5k!

Unfortunately I cannot figure out how to transfer funds from Cash Management to my main checking account in BofA. (I already put in $20 into Cash Management from BofA but cannot do the reverse). The option to select BofA as a recipient is there but it's greyed out (unselectable) as an option for the transfer.

When did you link the account? If it's recent, they need some time to verify the linked account. I can't remember how long...I think 7 - 10 business days....

Re: Fidelity Amex

mongstradamus — Sat, 19 Oct 2013 14:25:19 GMT

Its getting very tempting once i open my mutual fund account with them to not get the amex card :-( I am trying really hard to stay in the garden till next june. I shall try and resist the urge.

Re: Fidelity Amex

Anonymous — Sat, 19 Oct 2013 14:38:06 GMT

It is a good card, but how much value depends on your other cards: as you get more and more spending covered under categories, the bucket for "everything else" can become pretty small, and then the difference between 2 and 1.5% (or even 1%) can become insignificant.

Re: Fidelity Amex

mongstradamus — Sat, 19 Oct 2013 14:47:48 GMT

@Anonymous wrote:
It is a good card, but how much value depends on your other cards: as you get more and more spending covered under categories, the bucket for "everything else" can become pretty small, and then the difference between 2 and 1.5% (or even 1%) can become insignificant.

Yeah thats the thing I have 6% groceries 3% gas 2% restuarants already don't know where else i would use this card, but i also would not cash out with the cash back rewards. They would go straight into my mutual fund. I really have been doing bad job saving for the long term so every little bit counts i guess.

Re: Fidelity Amex

Anonymous — Sat, 19 Oct 2013 15:23:52 GMT

@mongstradamus wrote:
@Anonymous wrote:
It is a good card, but how much value depends on your other cards: as you get more and more spending covered under categories, the bucket for "everything else" can become pretty small, and then the difference between 2 and 1.5% (or even 1%) can become insignificant.
Yeah thats the thing I have 6% groceries 3% gas 2% restuarants already don't know where else i would use this card, but i also would not cash out with the cash back rewards. They would go straight into my mutual fund. I really have been doing bad job saving for the long term so every little bit counts i guess.

Yes, all helps. Although my major spending categories are covered, there are still things like random stores, some online channels, doctor copay, vet etc that can go on this card, or Capital One Quicksilver if they don't take Amex. I just checked and I have $350 back YTD on this card which is more than I thought. But again, that's just $175 more than a generic 1% cash back card (and if you value UR/MR etc as more, the gap is smaller or -ve if you have one of those cards!) so might not be worth the HP/AAoA hit for some.

Re: Fidelity Amex

mongstradamus — Sat, 19 Oct 2013 15:35:08 GMT

@Anonymous wrote:
@mongstradamus wrote:
@Anonymous wrote:
It is a good card, but how much value depends on your other cards: as you get more and more spending covered under categories, the bucket for "everything else" can become pretty small, and then the difference between 2 and 1.5% (or even 1%) can become insignificant.
Yeah thats the thing I have 6% groceries 3% gas 2% restuarants already don't know where else i would use this card, but i also would not cash out with the cash back rewards. They would go straight into my mutual fund. I really have been doing bad job saving for the long term so every little bit counts i guess.
Yes, all helps. Although my major spending categories are covered, there are still things like random stores, some online channels, doctor copay, vet etc that can go on this card, or Capital One Quicksilver if they don't take Amex. I just checked and I have $350 back YTD on this card which is more than I thought. But again, that's just $175 more than a generic 1% cash back card (and if you value UR/MR etc as more, the gap is smaller or -ve if you have one of those cards!) so might not be worth the HP/AAoA hit for some.

I am not as big on UR points as most people on here since i don't travel that much and I don't have an csp card. I was thinking of using fidelity amex for anything thats not covered by 5% from my freedom/IT and not groceries/gas from my bcp. I am going to wait till next year tho to apply. I was debating between this and Cap one QS.and possibly sallie mae world MC. I am thinking though i really should be adding more money into my mutual fund or roth ira.

Re: Fidelity Amex

heyitsyeh — Sun, 20 Oct 2013 08:07:58 GMT

This card doesn't appear on Amex's website...does that mean that this card would not help in terms of building history with Amex?

Quote:
"With American Express soft pull 3X CLI requests at 2 month and then every 6 month interval after that, it makes more sense to get the card and then quickly get CLI increases to the maximum amount that American Express will allow you to have, rather than waiting years before even applying.

Plus due to American Express back dating additional cards in the future, its advantageous to get your first Amex as soon as possible. IE, to get one in 2013 rather than waiting."

In other words does any of that stated above apply to this card?

Re: Fidelity Amex

09Lexie — Sun, 20 Oct 2013 08:08:45 GMT

Correct, it's not issued by Centurion Bank.

Re: Fidelity Amex

heyitsyeh — Sun, 20 Oct 2013 22:32:13 GMT

That's a bummer...oh well, having the 4 payment networks is good enough.

Re: Fidelity Amex

09Lexie — Sun, 20 Oct 2013 22:35:26 GMT

It's a good card and one I was looking at to add to my next mini spree

Re: Fidelity Amex

mongstradamus — Mon, 21 Oct 2013 03:19:25 GMT

@09Lexie wrote:
It's a good card and one I was looking at to add to my next mini spree

I was thinking of adding card too , but trying to be good and wait till next summer. 2% on everything is good no matter what :-)

Re: Fidelity Amex

heyitsyeh — Mon, 21 Oct 2013 03:53:43 GMT

Costco Amex is next on my wish list, but I have no desire to app at the moment thanks to the lack of a Costco nearby.

Re: Fidelity Amex

Anonymous — Mon, 21 Oct 2013 04:15:39 GMT

@heyitsyeh wrote:
Costco Amex is next on my wish list, but I have no desire to app at the moment thanks to the lack of a Costco nearby.

OK, so I have to ask! Why that card if you can't use it easily at a Costco?