Fidelity Visa Signature??

[wacdenney]

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@Sharingan wrote:

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@wacdenney wrote:

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@Sharingan wrote:

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@UncleB wrote:

This thread has 'piqued' my interest in this card once again.  I had a Fidelity account years ago through a previous employer, and I rolled the account into an IRA before I eventually withdrew all the funds (a terrible thing to do, but times were really hard). The withdrawal was approx. 10 years ago.

Just for 'giggles' I tried to log in just now, and after a password reset I was in... and my account has a balance of exactly 0.02, but it's still there.  I'm not sure what type of account it is classified as, but there was a transfer option there (assuming there was somewhere else to transfer to) so I think this might (?) be a sufficient relationship for the Fidelity Visa card (by that I mean without a credit pull to open an additional deposit/cash account).

My credit score is hovering around 720, so I'm not going to be comfortable seriously looking at this for a while yet, but they are back on my 'radar', so to speak.  Some folks have mentioned that Fidelity assets might play a part in approvals... while I'm clearly lacking in that department, if they were to look at longevity I would do well, since my relationship with them goes back to the early 90s. 

Oh well... a guy can dream, right?

For the interim, if I decide to go for a 2% card I should probably stick to Blispay, which I'm also "intrigued" with at the moment.  My chances of getting 'shot down' should be quite a bit less for that one. 

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I did decide to pickup a Blispay card myself, and it does appear to be the case that Blispay is a much easier alternative for applicants to acquire than the Fidelity Visa Signature or even the Citi Double Cash. I have to give the Fidelity card credit though, it gives the impression of being a much more solid product than what Blispay is offering. I fully expect some "changes" down the road for Blispay, so I have kept that possibility in the back of my mind. The Fidelity Visa Signature has longevity (in my opinion), so it will no doubt be in my wallet much longer than many of my other cards. For this reason, I didn't mind at all that the card had no sign up bonus. 

As for your Fidelity account, I wish I knew the answer for you, UncleB. I do kinda suspect that it would have a greater impact if Fidelity themselves were underwriting the card, but that's sadly not the case. 

Best of luck if you decide to apply for either card! 

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I do not share your optimism with the change to Elan.  The FIA card has been rock solid, but US Bank has a history of nerfing rewards programs (Cash +) where, as a new lender, BlisPay has no such track record.  What leads you to believe that it's more likely that BlisPay would make changes over US Bank?

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Oh, you mean aside from the blatantly stated language on Blispay's own website that they may "change this offer," in this case in regards to the financing they so heavily promote as a benefit (the first listed on the home page!) of the card? What more of an indication do you need when it comes straight from the horse's mouth? 

Blispay does refer to the financing as promotional; and typically, that word is not used to describe features or benefits that are permanent.

Also, is the Cash+, which isn't even directly related to subsidiary Elan's portfolio, the only example you have that led you to the conclusion that U.S. Bank has a history of nerfing rewards programs? I'm sure one could dig up examples of FIA/Bank of America not only nerfing products, but discontinuing them as well. Several Merrill Lynch products have been axed in recent years with cardholders forcefully changed over to other FIA/BoA products. How did that affect your FIA Fidelity AmEx's rewards? It didn't. So I don't think it's quite fair to be jumping to conclusions just yet regarding Elan. Finally, if things were so rosy at FIA for Fidelity, even with the higher swipe fees that AmEx cards command, they probably wouldn't have needed to make the switch. 

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I'm not sure where any of this is coming from with regards to FIA.  I was wondering what lead you to believe that the Elan Fidelity Visa was a "much more solid product"  and more specifically what had lead you to "fully expect changes" to the BlisPay rewards program.

If your only indication was a disclaimer reserving the right to modify the terms then I'm simply not seeing the same warning signs there that you are.  Every lender under the sun reserves the right to modify card agreements.

[Anonymous]

@wacdenney

I addressed the BlisPay situation in my post in this thread.

[CreditDunce]

In general, US Bank uses TU-04 BE enhanced scores for account maintenance.  We don't know what scores they will use for approvals.  Therefore, consider how strong your FICO 08 and FICO 04 BE scores are.  Just looking at your TU-08 score may not accurately reflect how US Bank will see the application.

[galahad15]

Thanks to those who provided input on my question about the appeal for the Fidelity VISA.  Just to clarify, FWIW, I do PIF on almost all of my 2% rewards cards, and am presently carrying balances at 0% BT promo rates on most of the other cards.  My only cards carrying non-promo balances atm are my FNBO Amex, FNBO Maximum Rewards VISA, BoA TR VS, and my Unify CU VISA.

ETA:  corrections/edits

[galahad15]

Sorry not to go OT or anything, but I also find it rather fascinating that some people who would rather not pay any interest at all and who PIF on their cards, also have no issue with paying an AF.  I think the AF for the Citi Prestige card is $450, right?  If you break down the AF over 12 months and even if you PIF, you are still paying the equivalent of $37.50 a month as a portion of the AF.  Or, to put it another way, yes, you are not paying any interest on the Prestige with PIF, but if both interest and AF are out-of-pocket costs regardless, why not instead hypothetically have a no-AF card, and pay the same $37.50 in monthly interest?  They are both mathematically the same right?  I would personally rather pay credit card interest on a no-AF card than to have to PIF on a card with an AF, to but to each their own; it's all good lol. 

[CreditDunce]

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@galahad15 wrote:

Sorry not to go OT or anything, but I also find it rather fascinating that some people who would rather not pay any interest at all and who PIF on their cards, also have no issue with paying an AF.  I think the AF for the Citi Prestige card is $450, right?  If you break down the AF over 12 months and even if you PIF, you are still paying the equivalent of $37.50 a month as a portion of the AF.  Or, to put it another way, yes, you are not paying any interest on the Prestige with PIF, but if both interest and AF are out-of-pocket costs regardless, why not instead hypothetically have a no-AF card, and pay the same $37.50 in monthly interest?  They are both mathematically the same right?  I would personally rather pay credit card interest on a no-AF card than to have to PIF on a card with an AF, to but to each their own; it's all good lol. 

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The high AF cards are all about the perks.  Free lounge/food access in airports.  Extra hotel nights free.  Plus the airline credits.  Full disclosure, my spend/travel doesn't justify the high AF's.  I stick to the no AF's.  I do occasionally get a card with a waived AF and sign up bonus.  Then cancel before the year is up.

[wacdenney]

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@galahad15 wrote:

Sorry not to go OT or anything, but I also find it rather fascinating that some people who would rather not pay any interest at all and who PIF on their cards, also have no issue with paying an AF.  I think the AF for the Citi Prestige card is $450, right?  If you break down the AF over 12 months and even if you PIF, you are still paying the equivalent of $37.50 a month as a portion of the AF.  Or, to put it another way, yes, you are not paying any interest on the Prestige with PIF, but if both interest and AF are out-of-pocket costs regardless, why not instead hypothetically have a no-AF card, and pay the same $37.50 in monthly interest?  They are both mathematically the same right?  I would personally rather pay credit card interest on a no-AF card than to have to PIF on a card with an AF, to but to each their own; it's all good lol. 

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Generally speaking you are paying an anual fee on a lender's better card offerings for perks.  I have no idea what the interest rate on my Marriott card is, but I more than make up for the AF with an anual free night.  The exception to this being lenders that cater to sub-prime borrowers such as Cap 1.  They actually charge AF's on their lower tier cards but people pay them for the "perk" of establishing credit.

[pennccrn]

Hi all: I don't think I would have an issue getting approved for this card, but just wondering if there would be any benefit of getting this card over the Citi Double Cash card? I currently have a Citi Double Cash and am pretty happy with it. But the one benefit I see with the Fidelity is the ability to use it for deposits in investment accounts which is a huge plus for me since I already have a financial relationship with Fidelity and have a cash management account.

Any help or guidance is appreciated!

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@wacdenney wrote:

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@galahad15 wrote:

Sorry not to go OT or anything, but I also find it rather fascinating that some people who would rather not pay any interest at all and who PIF on their cards, also have no issue with paying an AF.  I think the AF for the Citi Prestige card is $450, right?  If you break down the AF over 12 months and even if you PIF, you are still paying the equivalent of $37.50 a month as a portion of the AF.  Or, to put it another way, yes, you are not paying any interest on the Prestige with PIF, but if both interest and AF are out-of-pocket costs regardless, why not instead hypothetically have a no-AF card, and pay the same $37.50 in monthly interest?  They are both mathematically the same right?  I would personally rather pay credit card interest on a no-AF card than to have to PIF on a card with an AF, to but to each their own; it's all good lol. 

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Generally speaking you are paying an anual fee on a lender's better card offerings for perks.  I have no idea what the interest rate on my Marriott card is, but I more than make up for the AF with an anual free night.  The exception to this being lenders that cater to sub-prime borrowers such as Cap 1.  They actually charge AF's on their lower tier cards but people pay them for the "perk" of establishing credit.

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[CreditDunce]

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@pennccrn wrote:

Hi all: I don't think I would have an issue getting approved for this card, but just wondering if there would be any benefit of getting this card over the Citi Double Cash card? I currently have a Citi Double Cash and am pretty happy with it. But the one benefit I see with the Fidelity is the ability to use it for deposits in investment accounts which is a huge plus for me since I already have a financial relationship with Fidelity and have a cash management account.

Any help or guidance is appreciated!

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@wacdenney wrote:

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@galahad15 wrote:

Sorry not to go OT or anything, but I also find it rather fascinating that some people who would rather not pay any interest at all and who PIF on their cards, also have no issue with paying an AF.  I think the AF for the Citi Prestige card is $450, right?  If you break down the AF over 12 months and even if you PIF, you are still paying the equivalent of $37.50 a month as a portion of the AF.  Or, to put it another way, yes, you are not paying any interest on the Prestige with PIF, but if both interest and AF are out-of-pocket costs regardless, why not instead hypothetically have a no-AF card, and pay the same $37.50 in monthly interest?  They are both mathematically the same right?  I would personally rather pay credit card interest on a no-AF card than to have to PIF on a card with an AF, to but to each their own; it's all good lol. 

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Generally speaking you are paying an anual fee on a lender's better card offerings for perks.  I have no idea what the interest rate on my Marriott card is, but I more than make up for the AF with an anual free night.  The exception to this being lenders that cater to sub-prime borrowers such as Cap 1.  They actually charge AF's on their lower tier cards but people pay them for the "perk" of establishing credit.

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Probably not worth the AAoA hit.  Here are the Pros/differences off the top of my head:

1) MC vs Visa.  Some stores only accept one or the other.  eg Costco.

2) US Bank vs Citi.  One may like your profile better.  Give better limits, etc. Fido may consider assets under management when setting credit limits.

3) US Bank uses TU-04 BE scores.  Citi uses EQ-08 BE.  Of course, both may also pull other CRAs for ARs and approvals.  US Bank pulls a couple of minor CRA's for approvals.  Citi is very picky about INQs in the last 6 months.

4) You may prefer US Bank website more.  Or you might prefer Citi's website.  Ditto for customer service. 

5) Good to have a second card if you hit your credit limit in the middle of the month or if your card is compromised

6) The extra benefits between the two may be slightly different.   I don't know the exact differences, but it would be hard to beat Citi Price Rewind.  Still you might want to review extended warranty, rental insurance and other side benefits.

7) Automatic redemption with the Fido, but it is a minimum of $50.  It might be only multiple's of $50, I have never checked. You have to deposit it with Fidelity.  You can't directly deposit it into your high yield savings account.  Citi has a $25 minimum redemption.

8) Both have FTF's, but Fido is 1% vs 3%.  I wouldn't use either for foreign travel.

9) Fidelity could nerf the 2% cash back in the future.  Citi would have a harder time nerf'g the DC, but they could cancel the card.

10) Ability to deposit cash back into retirement/529 plans.

11) Neither has a sign up bonus.  Maybe a 0% intro period.

12) The DC interest rate range is 13.24% to 23.24%.  Even with good credit, Citi could have you near the upper end of the range.  I think the Fido visa is 14.24% variable for everyone.  Bottom line, neither card is suitable for someone that carries a balance.

13) US Bank sends me regular balance transfer offers (I have the Cash+).  I have never read any of the US Bank BT offers, I don't know if the offers are any good.  If you were carrying a balance due to to a 0% BT offer, it might be a good idea to not use the card for purchases.  In which case, having a second 2% card would be good.  Sometimes you loose your grace period for purchases when you accept a BT offer.  I don't think I have had any BT offers from Citi. 

#10 is the only reason I would consider the Fido Visa.  However, I am not sure if the cash back you earn is counted against your maximum yearly IRA contribution.  If it wasn't counted then it would be a way to increase my yearly IRA contributions.  I max out my IRA each year.  Only do this in a Roth IRA.  Never have the money deposited into a traditional IRA.

Full disclosure: I have the BoA TR card with PR relationship bonus.  It is a 2.625% cash back card when redeemed against travel expenses.  As I already have a 2%+ Cash back Visa, I have no need for a 2% Visa.  For me, it was more tempting when it was a 2% amex.

[MugenCivicSi83]

App'd for Fidelity Visa Signature yesterday and approved with a 701 FICO EX. Approved for $7.5k. I have a new invesment account with them last month.