Fidelity Rewards Visa - Anyone Apply?

[UncleB]

I'm not savvy when it comes to investments... at one time I 'dabbled' but when I had my financial meltdown everything had to go.

That being said, I've discovered I still have an account established with Fidelity.  I thought it was a CMA, but from what I can tell it's actually a brokerage account (please don't laugh too hard at the balance - times were truly dire):

From what I can tell, the account I have requires a minimum deposit to open, while the CMA doesn't.  It appears, though, that if I were to link my checking account I would be allowed to do transfers to/from this account. 

It also appears it might be sufficient to redeem rewards from the Fidelity Visa card:

I can't find a definitive answer on if the account will have a service charge of any type, but I can say this account has been 'alive' for 10+ years and miraculously it's still open with a 2¢ balance. 

If I find out the brokerage account wouldn't be hit with service charges if I move funds into it, that would make me give the Fidelity Visa another look.  I suspect with my inquiries I might be able to get either a Citi DC or Fidelity Visa, but probably not both (not that I would need both, anyway).

I should probably go grab a Venture and just be done with it - that would be drama-free... LOL. 

[sr383]

You probably started with a penny and doubled your money! 

Seems easiest to just open a CMA, since it's free.

[UncleB]

---

@sr383 wrote:

Seems easiest to just open a CMA, since it's free.

---

True, but I think (?) I recall someone saying to open a CMA required a HP... if I could use the already established brokerage account the same way there wouldn't be a need for the CMA (thus, the extra HP). 

I would have to research it some more... I'm not ready to app now in any case - I'm still in 'explorer' mode. 

[B335is]

Yeah I went to sign up for a Cash Management account and they found a record of an existing account for me. I didn't see anything besides the link to the card though. I think someone said they had a pre approval after joining.

[Anonymous]

---

@UncleB wrote:

---

@sr383 wrote:

Seems easiest to just open a CMA, since it's free.

---

True, but I think (?) I recall someone saying to open a CMA required a HP... if I could use the already established brokerage account the same way there wouldn't be a need for the CMA (thus, the extra HP). 

I would have to research it some more... I'm not ready to app now in any case - I'm still in 'explorer' mode. 

---

i opened a CMA account about 2 mos ago. there was no HP done.

fwiw, i got it mainly for future int'l travel use (reimbursed atm surcharges). it's a fee-free debit card but i still parked $100 (minimum as per 'inactivity/closure' terms but some only parked $10 and they're ok. ymmv) in it to keep it open til im ready to deposit and use overseas travel money. i tried using it for banking (mobile deposit, ach transfer, bill pay) just to see how they are but everything was a tad bit slow to my liking. i ask them about it and they said they're not like a traditional bank. they are a brokerage bank (whatever that means) so i guess i can't really fault them for it. i just use Alliant CU now for my banking needs.

[Discover2016]

This card was tempting for me when it first came out, then I started researching US Bank/Elan and my enthusiasm quickly vanished. They seem to be very fussy and nosey (especially with obscure, shady credit agencies), or maybe I confused them with BBVA

[Discover2016]

---

@UncleB wrote:

---

@sr383 wrote:

Seems easiest to just open a CMA, since it's free.

---

True, but I think (?) I recall someone saying to open a CMA required a HP... if I could use the already established brokerage account the same way there wouldn't be a need for the CMA (thus, the extra HP). 

I would have to research it some more... I'm not ready to app now in any case - I'm still in 'explorer' mode. 

---

I opened a CMA a few months ago, no HP.

[kdm31091]

Unless you really want a Visa (for Costco use, etc), what's the advantage over Double Cash? To me, this is just more headache, since you are required to open a Fidelity CMA account if you want the full 2% (the terms say you can get statement credit/gift cards, but would be worth less than 2%). Sure, you can probably shuffle the money from a CMA to your own bank account, but again, what's the advantage here?

Not attacking anyone -- just curious. I do think one advantage could be that ostensibly, the 2% is paid out right away, none of the 1 + 1 Citi stuff.

For me, I haven't applied because it's not enough of a gain/advantage for a new account.

[CreditCuriosity]

---

@kdm31091 wrote:

Unless you really want a Visa (for Costco use, etc), what's the advantage over Double Cash? To me, this is just more headache, since you are required to open a Fidelity CMA account if you want the full 2% (the terms say you can get statement credit/gift cards, but would be worth less than 2%). Sure, you can probably shuffle the money from a CMA to your own bank account, but again, what's the advantage here?

Not attacking anyone -- just curious. I do think one advantage could be that ostensibly, the 2% is paid out right away, none of the 1 + 1 Citi stuff.

For me, I haven't applied because it's not enough of a gain/advantage for a new account.

---

For me a CMA is the bomb.. Let me explain, eventually I will get the Fidelity Visa card, but that is about a year down the line before I apply.  Reason I have it is using it for my primary account to withdraw money from ANY atm as they reimburse you for ATM fees.  I just simply transfer X amt of money from PenFed or another institution for how much ever I want to withdraw and take it out of their saving me all the lame fees on both the bank side and atm side as they are reimbursed almost immediately.  Also as you stated it is a Visa aka Costco vs. MC as well so obviously that.  This is my appeal to the CMA and Fidelity Visa and I have no love for US Bank as you know which owns Elam, but I have considerable money in my fidelity accounts which probably would sway UW as well although not a huge factor on it, definitely probably is considered to an extent.

[Anonymous]

---

@kdm31091 wrote:

Unless you really want a Visa (for Costco use, etc), what's the advantage over Double Cash? To me, this is just more headache, since you are required to open a Fidelity CMA account if you want the full 2% (the terms say you can get statement credit/gift cards, but would be worth less than 2%). Sure, you can probably shuffle the money from a CMA to your own bank account, but again, what's the advantage here?

Not attacking anyone -- just curious. I do think one advantage could be that ostensibly, the 2% is paid out right away, none of the 1 + 1 Citi stuff.

For me, I haven't applied because it's not enough of a gain/advantage for a new account.

---

Or maybe someone doesn't want to deal with Citi and figure this might be a better way to go for a 2% card