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I have it but don’t use it. The minimal redemption requirement of 50$ is steep considering the card would only be used for non cat spend.
I have it, like others I dislike the $50 redemption threshold. Elan usually does HP for CLIs, but once in a blue moon they do give auto CLIs, I got one once, small bump though.
The one thing I like about this card though is it has always coded as a purchase instead of a cash advance when using it to fund initial deposits for checking/savings accounts. So can earn 2% free money. I mainly keep this card for this purpose.
Otherwise I am looking for a 2% replacment for it. The Paypal card is tempting but I'm generally wary of Paypal even if I personally haven't had a bad experience with them yet, and have read a lot of mixed reviews of the underwriting bank, Synchrony.
@Anonymous wrote:
I have it and would heartily recommend it. Mainly b/c CC points etc are considered a rebate by the IRS and as such are non-taxable. Ergo, fund a Roth IRA with the points for a completely tax-free retirement acct granted, most ppl proly won't be able to max out the contribution w/ the points alone, but every little helps! And w/out the tax drag, it'll grow a little faster
But similar logic applies to any other 2% card (with lower redemptions). You get the tax-free cash which you can use (if IRS eligible) to fund a Roth IRA. The advantage of Fidelity is that this is automatic, and the disadvantage is that is automatic! You have to keep track of how much is being deposited to the account to make sure that that and your other contributions don't exceed the limit.
(Plus, as a small point, you need earned income at least equal to your contributions, so if you retire and have no earned income, the points from the card cannot be put in an IRA.)
Since Citi is removing benefits, the Fidelity Rewards Visa is my go to card for non-category spending.
Gotten a few bait offers, of the kind of spend $nnnn, and the next $mmmm will earn you an extra 1%.
Integrates well with Fidelity in terms of showing your balance, recent transactions, and landing the cash, although the site to get your statements is external to Fidelity but still is over green. The card works in Android Pay very well.
I was one of the previous 1.5% accounts, and after Fidelity changes the service partner they moved me to 2% over the phone. A nice move, so I owe them a little extra loyalty for that.
The cash gets flushed when a statement shows a reward >= $50.
Would be nice if the card was tappable.
I recently got approved with $13,000 spending limit. Not sure how best to utilize it, but I already have several Fidelity accounts so would like to put rewards directly into them.
Now that is a cool feature I didn't know about! Tax free is always good. I am definitely behind in retirement savings but now that my student loans are paid off it seems like a good time to 'passively' grow things as well as aggressively dumping in money as well.
@Anonymous wrote:
I have it and would heartily recommend it. Mainly b/c CC points etc are considered a rebate by the IRS and as such are non-taxable. Ergo, fund a Roth IRA with the points for a completely tax-free retirement acct granted, most ppl proly won't be able to max out the contribution w/ the points alone, but every little helps! And w/out the tax drag, it'll grow a little faster
Same as in an earlier post, I switched to use the fido visa for most non-category spending after Citi announced plan to turn double cash to a "debit card".
But I've recently stopped and am mainly using CFU now. As there was a charge that I wanted to dispute (in process of buying tickets online, website showed 'transaction failed, payment error', few days later found that the charge posted), but fido visa is making it very difficult to do so, in that while they seemingly support dispute online, but at the last step the website simply tells me to call a number, where there's such a long wait that I just gave up as the charge is an inconvenient amount of $50 which I don't want to simply gave up but also not gonna waste too much time fighting for.
On the other hand I have had disputes with Chase's cards previously and they took care of that after a simple SM. Chase also tend to pick up my calls right away and resolves the issues efficiently whenever I've needed to call them.
Thus, while whether 1.5 UR is worth $0.02 might be up to debate, Chase's customer service certainly makes up for any difference there for me.