2% everything, Visa/MC, no FTF, no other strings?

[ptatohed]

Maybe after 1/2 a week, 20 replies, and no acknowledgment from the OP, we are done here?  

[swankytiger]

I mean I guess the only one that wouldnt be too bad imo is the fidelitly one.  I just really didnt want to open another account.  I already have the schwab investor card which is 1.5% flat into my schwab taxable account, but it is an AMEX and comes with being taken at less places.

I guess ill stay with my current daily set up of Aspire, HHonors, and United Gateway and my travel set up of Aspire, United Gateway and SECU card(1% FTF last resort card that actually has a useful travel notification system).

[Anonymous]

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@swankytiger wrote:

I mean I guess the only one that wouldnt be too bad imo is the fidelitly one. 

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And of course the Fidelity card has the great advantge that it becomes a flat 3% card if you are willing to pay the fees to have $2M AUM with Fidelity.  

[Horseshoez]

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@swankytiger wrote:

I mean I guess the only one that wouldnt be too bad imo is the fidelitly one.  I just really didnt want to open another account.  I already have the schwab investor card which is 1.5% flat into my schwab taxable account, but it is an AMEX and comes with being taken at less places.

Interesting, I got bounced over from TDAmeritrade to Schwab last year and haven't spent any time looking at what they have to offer, so thanks for the reference to the Schwab Investor card.  I just looked at it and strongly suspect I wouldn't be approved for the card as I burned AMEX for some big money in my 2015 Chapter 13, but it is good to know that's out there if AMEX ever lets me back in.

[Anonymalous]

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@Anonymous wrote:

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@swankytiger wrote:

I mean I guess the only one that wouldnt be too bad imo is the fidelitly one. 

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And of course the Fidelity card has the great advantge that it becomes a flat 3% card if you are willing to pay the fees to have $2M AUM with Fidelity.  

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As you noted, the Fidelity card specifically requires those assets to be under management, i.e. you're paying them an advisory fee based on your total assets. Fidelity doesn't mention the fee anywhere on their website, but they typically start at 1%, which would make the effective AF for the 3% version of the card a minimum of $20,000/year.

So it's probably safest to consider it just a flat 2% card.

[Anonymous]

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@Anonymalous wrote:

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@Anonymous wrote:

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@swankytiger wrote:

I mean I guess the only one that wouldnt be too bad imo is the fidelitly one. 

---

And of course the Fidelity card has the great advantge that it becomes a flat 3% card if you are willing to pay the fees to have $2M AUM with Fidelity.  

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As you noted, the Fidelity card specifically requires those assets to be under management, i.e. you're paying them an advisory fee based on your total assets. Fidelity doesn't mention the fee anywhere on their website, but they typically start at 1%, which would make the effective AF for the 3% version of the card a minimum of $20,000/year.

So it's probably safest to consider it just a flat 2% card.

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The fee ranges are Wealth Management | wealth planning, products and services | Fidelity

(.5-1.5% for the low-end version, 0.2-1.04 for those with $10M+ in investible assets)

But yes, a sizeable AF by any standards, but if viewed that way, you have to agree that it has an unusual credit credit perk, we will manage your money!

So for those that already have Fidelity manage their money (and I assume that it a fair amount of people) this might be a useful perk, ranging from 2.25-3% rewards.   But opening an account to get the card bonus, not so much.  This is much much much less generous than Bank of America, where you just need to stash $100K with no additiona fees, to get 2.625%

[swankytiger]

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@Horseshoez wrote:

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@swankytiger wrote:

I mean I guess the only one that wouldnt be too bad imo is the fidelitly one.  I just really didnt want to open another account.  I already have the schwab investor card which is 1.5% flat into my schwab taxable account, but it is an AMEX and comes with being taken at less places.

Interesting, I got bounced over from TDAmeritrade to Schwab last year and haven't spent any time looking at what they have to offer, so thanks for the reference to the Schwab Investor card.  I just looked at it and strongly suspect I wouldn't be approved for the card as I burned AMEX for some big money in my 2015 Chapter 13, but it is good to know that's out there if AMEX ever lets me back in.

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Its the cash magnet card just with the cash back depositied straight into your chosen investment account. Also the CS Platinum is IMO the only Platinum to actually hold as it sets the floor for MR at 1.1cpp.

[Horseshoez]

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@swankytiger wrote:

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@Horseshoez wrote:

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@swankytiger wrote:

I mean I guess the only one that wouldnt be too bad imo is the fidelitly one.  I just really didnt want to open another account.  I already have the schwab investor card which is 1.5% flat into my schwab taxable account, but it is an AMEX and comes with being taken at less places.

Interesting, I got bounced over from TDAmeritrade to Schwab last year and haven't spent any time looking at what they have to offer, so thanks for the reference to the Schwab Investor card.  I just looked at it and strongly suspect I wouldn't be approved for the card as I burned AMEX for some big money in my 2015 Chapter 13, but it is good to know that's out there if AMEX ever lets me back in.

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Its the cash magnet card just with the cash back depositied straight into your chosen investment account. Also the CS Platinum is IMO the only Platinum to actually hold as it sets the floor for MR at 1.1cpp.

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The thing about the AMEX Platinum card, a card I had for just over 20 years until Chapter 13 in 2015; when I traveled a lot, it was really handy and worth the $450 annual fee, today, meh, I'd probably take a pass on any version of it, especially given my company hasn't put me on the road for even a single trip since the start of COVID in 2020.  Now, if I do start traveling again, I'd probably opt for the United Club card (my company buys blocks of United tickets and strongly encourages us to "Fly United"), so once again, the Delta lounge perk of the Platinum would be wasted.

[Anonymalous]

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@Anonymous wrote:

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So for those that already have Fidelity manage their money (and I assume that it a fair amount of people) this might be a useful perk, ranging from 2.25-3% rewards.   But opening an account to get the card bonus, not so much.  This is much much much less generous than Bank of America, where you just need to stash $100K with no additiona fees, to get 2.625%

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Good link.

It's probably beating a dead horse by now, but for me the AUM clause makes the enhanced CC rewards a complete non-factor in any decision. If I just needed to have to that much money in a no-fee account of some kind, particularly if the cap was much lower (like with BoA), I could see that swaying things if everything else was equal. But with the advisory fees, I would flat-out refuse to even consider that as a factor. Minimizing fees is just too important when it comes to investments, and a percentage off the top is a great way to turn an easy retirement into a tight one. No. Just no.

[Anonymous]

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@Anonymalous wrote:

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@Anonymous wrote:

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So for those that already have Fidelity manage their money (and I assume that it a fair amount of people) this might be a useful perk, ranging from 2.25-3% rewards.   But opening an account to get the card bonus, not so much.  This is much much much less generous than Bank of America, where you just need to stash $100K with no additiona fees, to get 2.625%

---

Good link.

It's probably beating a dead horse by now, but for me the AUM clause makes the enhanced CC rewards a complete non-factor in any decision. If I just needed to have to that much money in a no-fee account of some kind, particularly if the cap was much lower (like with BoA), I could see that swaying things if everything else was equal. But with the advisory fees, I would flat-out refuse to even consider that as a factor. Minimizing fees is just too important when it comes to investments, and a percentage off the top is a great way to turn an easy retirement into a tight one. No. Just no.

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I agree.  I have more than the needed amount in Fidelity, but in non-managed index-type accounts.   From time to time I think "3% would be nice" but nearly all the research shows that paying steep management fee is not a good idea.