Fidelity Amex to app or not

[lord_kinbote]

Evening.  I am about to do an ACATS transfer from Tradestation to Fidelity and this card caught my attention.  I already have the Citi DC which gives me 2% on everything, but I still like the idea of this card; the ease of transferring rewards to my brokerage account is the attraction, maybe somone give me be a better reason?

I believe I have read that this card is managed by FIA card services and that they pull EX?  My experian is my lowest score of 738.  My fico report shows that I have two inquiries on my EX, one is set to fall off on 10/18/15 and the other and 1/20/16.  I doubt two is a big deal, but I have never deal with FIA card services.  I would like to receive the highest limit possible, so please let me know if the inquiries on EX or the score may be a deterrent.  The cards in my signature reflect my current scores and limits.  Thanks in advance for the help.

[kdm31091]

You know, you could just redeem your DC rewards as a check and then deposit them into the appropriate account instead of opening a mostly superfluous new account. That's just my suggestion. Yes, a bit more work, but may be worth it.

[FinStar]

All else considered and provided you don't have a slew of new accounts reporting in the last couple months, I'd say you have a shot.  If you don't get the SL as desired when approved, then you can always contact an analyst/UW to see if they can review for something higher.  So, it will likely end up being two HPs if you go that route, EX for approval and TU for CLI (if need be).

Let us know the outcome   I have the Fidelity Private Client AmEx and really love some of the benefits (besides the 2% CB).

[Open123]

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@akula wrote:

Evening.  I am about to do an ACATS transfer from Tradestation to Fidelity and this card caught my attention.  I already have the Citi DC which gives me 2% on everything, but I still like the idea of this card; the ease of transferring rewards to my brokerage account is the attraction, maybe somone give me be a better reason?

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Fid Amex's main appeal for me are (1) auto deposit of 2% into my CMA; and, (2) may be used to load Serve for 2% without cash advance fee.

The downside, unless you have Finstar's, it's...ah...bright ugly Green.  Looks like a Groupon GC.

[CreditDunce]

FIA is part of BoA.  In general BoA isn't that inq sensitive (although, I don't know for this card in particular).  It will mostly likely be a EX pull for app and TU pull if you ever request a CLI.   BoA can be generous with limits, especially CLI requests.  But I am not experienced enough to guess what your SL would be.

The rewards can be sent to your CMA account.  From their the money can be sent anywhere.  You can also transfer points from BoA's TR card to the Fido Amex if you don't have travel redemptions.

There have been some rumors that Fidelity is considering moving the Fido Amex to a different bank and/or payment network.  If it were to happen, the rewards might change.  There is also no guarantee you would be able to keep the same account opening date.  Although, the new bank would probably keep the original account opening date.

[FinStar]

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@Open123 wrote:

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@akula wrote:

Evening.  I am about to do an ACATS transfer from Tradestation to Fidelity and this card caught my attention.  I already have the Citi DC which gives me 2% on everything, but I still like the idea of this card; the ease of transferring rewards to my brokerage account is the attraction, maybe somone give me be a better reason?

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Fid Amex's main appeal for me are (1) auto deposit of 2% into my CMA; and, (2) may be used to load Serve for 2% without cash advance fee.

The downside, unless you have Finstar's, it's...ah...bright ugly Green.  Looks like a Groupon GC.

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LOL... I agree with Open.  Unless, bright green is an attractive color for some folks!  It takes some getting used to.  I saw once a Fidelity AmEx card that had a sleeve cover!

[Revelate]

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@FinStar wrote:

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@Open123 wrote:

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@akula wrote:

Evening.  I am about to do an ACATS transfer from Tradestation to Fidelity and this card caught my attention.  I already have the Citi DC which gives me 2% on everything, but I still like the idea of this card; the ease of transferring rewards to my brokerage account is the attraction, maybe somone give me be a better reason?

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Fid Amex's main appeal for me are (1) auto deposit of 2% into my CMA; and, (2) may be used to load Serve for 2% without cash advance fee.

The downside, unless you have Finstar's, it's...ah...bright ugly Green.  Looks like a Groupon GC.

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LOL... I agree with Open.  Unless, bright green is an attractive color for some folks!  It takes some getting used to.  I saw once a Fidelity AmEx card that had a sleeve cover!

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The ugly green color makes it a conversation piece at least... unlike so many cards that get absolutely zero attention whatsoever.

I'm very color/visually oriented but this ain't a big deal to me anyway as far as looks go  Then again I'm finding plenty of places accepting my new JCB card and it hasn't been terrible online even... Fidelty Amex has been sitting idle as of late, maybe when I get to tax payments that I can't fit on the 3K card if the transaction fees aren't north of 2% now.

[celluloid17]

If you apply, make sure you have a plan for how you will use it.  If you aren't planning to spend a lot on it, it could take a very long time before you're able to redeem your cash as there is a $50 redemption threshold ($2500 of spend).  I got Fidelity Amex a few months before Citi DC was introduced and I had originally intended for it to be my miscellaneous (non-cateogry) spend card and for all bill pay.  Unfortunately, I discovered that some of my bills only accepted Visa or Mastercard so I wasn't able to fully use Fidelity Amex the way I had intended and now it lives in a sock drawer (thanks to Citi DC).  I personally wouldn't suggest getting it to supplant Citi DC, but if you have extra spend to burn and like the idea of having it as a companion to your Fidelity account it could be a decent addition.  

[lord_kinbote]

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@kdm31091 wrote:

You know, you could just redeem your DC rewards as a check and then deposit them into the appropriate account instead of opening a mostly superfluous new account. That's just my suggestion. Yes, a bit more work, but may be worth it.

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Good advice.  I just logged into Citi and instead of sending a check, you can also direct deposit cash rewards into a checking/savings account.  Since I will be opening a CMA account as well, I can just send the rewards directly to Fidelity.  I really did not want any more damage done to my EX score and not to mention to all three for the new account.  I spend about 3k a month on the Citi DC so it will be nice to start having those rewards inserted into my brokerage account for trading.

[lord_kinbote]

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@celluloid17 wrote:

I personally wouldn't suggest getting it to supplant Citi DC, but if you have extra spend to burn and like the idea of having it as a companion to your Fidelity account it could be a decent addition.  

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I agree, now that I can directly deposit into Fidelity account from the Citi website, there is absolutely no need for the card.  Thanks for the help fellas..