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

[digitek]

I'd like to mention that the Fidelity has auto redemption over $25 and a savings account that is about 5% (Bloom Savings Account ) and a checking account that is 2.69% (they call it Cash Management Account). The savings account can be matched or slightly better elsewhere, but the checking account is hard to beat.

I have it auto-redeeming to the Bloom Savings Account. That savings account has some annual thing where it matches 10% on $300 of deposits and the card redemption counts towards it, so $30 a year. I have a couple of investment accounts with Fidelity already and now use it for checking and savings along with the card. It's a pretty good system for me, don't even need to do anything.

[Bockrocker]

You can just keep cash in the regular brokerage at Fidelity, by default it stores it in a money market (currently at 4.96%).  Then just set up the CMA to automatically overdraft from it.  Good way to get a decent interest rate with no hoops or restrictions.  Took me a while to fully migrate to this setup but it's been really nice.

Although I might get the bloom account anyway next time they run a sign up promo 😎

[ptatohed]

In all my years of myFICO history, I think this is the record for the longest and largest thread topic derailment I have experienced. 

I like it!  LOL.  

[Janneman]

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@Bockrocker wrote:

You can just keep cash in the regular brokerage at Fidelity, by default it stores it in a money market (currently at 4.96%).  Then just set up the CMA to automatically overdraft from it.  Good way to get a decent interest rate with no hoops or restrictions.  Took me a while to fully migrate to this setup but it's been really nice.

Although I might get the bloom account anyway next time they run a sign up promo 😎

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By chance, do you know if there is any kinda fee to have Brokerage account with Fidelity?

[Anonymous]

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@Janneman wrote:

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By chance, do you know if there is any kinda fee to have Brokerage account with Fidelity?

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There is no fee to open a (self-directed) brokerage account.  Obviously you would pay a fee for some transactions or if you wanted some kind of investment advice, but for the basic account, no.

[Aim_High]

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@digitek wrote:

 ... Fidelity has auto redemption over $25 and a savings account that is about 5% (Bloom Savings Account )

 ... I have it auto-redeeming to the Bloom Savings Account. That savings account has some annual thing where it matches 10% on $300 of deposits and the card redemption counts towards it, so $30 a year.

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Interesting, @digitek.  So you can earn $330 on $15,000 spend (0.02 x $15,000 = $300), for a return of 2.20%.  That could put the Fidelity Rewards card a notch above some of the 2% competitors on lower annual spend. 

[Anonymous]

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@Aim_High wrote:

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@digitek wrote:

 ... Fidelity has auto redemption over $25 and a savings account that is about 5% (Bloom Savings Account )

 ... I have it auto-redeeming to the Bloom Savings Account. That savings account has some annual thing where it matches 10% on $300 of deposits and the card redemption counts towards it, so $30 a year.

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Interesting, @digitek.  So you can earn $330 on $15,000 spend (0.02 x $15,000 = $300), for a return of 2.20%.  That could put the Fidelity Rewards card a notch above some of the 2% competitors on lower annual spend. 

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Still positive but remember that that extra $30 gets taxed, unlike a credit card returning 2.2% 

[ptatohed]

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@Anonymous wrote:

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@Aim_High wrote:

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@digitek wrote:

 ... Fidelity has auto redemption over $25 and a savings account that is about 5% (Bloom Savings Account )

 ... I have it auto-redeeming to the Bloom Savings Account. That savings account has some annual thing where it matches 10% on $300 of deposits and the card redemption counts towards it, so $30 a year.

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Interesting, @digitek.  So you can earn $330 on $15,000 spend (0.02 x $15,000 = $300), for a return of 2.20%.  That could put the Fidelity Rewards card a notch above some of the 2% competitors on lower annual spend. 

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Still positive but remember that that extra $30 gets taxed, unlike a credit card returning 2.2% 

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My upgrade Cash Rewards Elite Visa earns 2.20% CB.  Untaxed as far as I have seen.    

[Anonymous]

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@ptatohed wrote:

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@Anonymous wrote:

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@Aim_High wrote:

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@digitek wrote:

 ... Fidelity has auto redemption over $25 and a savings account that is about 5% (Bloom Savings Account )

 ... I have it auto-redeeming to the Bloom Savings Account. That savings account has some annual thing where it matches 10% on $300 of deposits and the card redemption counts towards it, so $30 a year.

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Interesting, @digitek.  So you can earn $330 on $15,000 spend (0.02 x $15,000 = $300), for a return of 2.20%.  That could put the Fidelity Rewards card a notch above some of the 2% competitors on lower annual spend. 

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Still positive but remember that that extra $30 gets taxed, unlike a credit card returning 2.2% 

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My upgrade Cash Rewards Elite Visa earns 2.20% CB.  Untaxed as far as I have seen.    

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Right, because (currently at least!) credit card rewards aren't taxed, whereas bank bonuses are.   Why?  Well, it's obvious isn't it! Because, you know, credit card rewards represent a discount, and um, bank bonuses are like interest, sort of.  And, oh, that what the nice IRS says

[ptatohed]

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@Anonymous wrote:

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@ptatohed wrote:

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@Anonymous wrote:

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@Aim_High wrote:

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@digitek wrote:

 ... Fidelity has auto redemption over $25 and a savings account that is about 5% (Bloom Savings Account )

 ... I have it auto-redeeming to the Bloom Savings Account. That savings account has some annual thing where it matches 10% on $300 of deposits and the card redemption counts towards it, so $30 a year.

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Interesting, @digitek.  So you can earn $330 on $15,000 spend (0.02 x $15,000 = $300), for a return of 2.20%.  That could put the Fidelity Rewards card a notch above some of the 2% competitors on lower annual spend. 

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Still positive but remember that that extra $30 gets taxed, unlike a credit card returning 2.2% 

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My upgrade Cash Rewards Elite Visa earns 2.20% CB.  Untaxed as far as I have seen.    

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Right, because (currently at least!) credit card rewards aren't taxed, whereas bank bonuses are.   Why?  Well, it's obvious isn't it! Because, you know, credit card rewards represent a discount, and um, bank bonuses are like interest, sort of.  And, oh, that what the nice IRS says

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What I have read is 'bonuses' (i.e. banks) are taxed, 'rewards' (i.e. credit cards) are not.  Go figure.