Question About the Fidelity Visa Signature Card

[ForwardLooking]

I did not receive a targeted offer, but I did apply for this card last November.  My goal was to use the card to pay bills with and collect the cash back -- being depositied in my brokerage account.  I was approved, but only for a $500 starting limit.  My scores were in the low 700s at the time and I have other cards with a lot higer limits.  I do have some older derogatories (over 5 years old) which may have affected their decision in reguards to the starting limit.  I have been using the card for monthly bills and just keep paying it off.  Hopefully, they will increase my limits after they see a pattern of responsible use.

[elboullee]

@longtimelurker wrote:

While I have and use the Fidelity card, is it just the SUB that is making you focus on it?   While once it was a market leader "2%!!!!!  That's amazing" now it's fairly standard, with the recently added no FTF being welcome but far from unique.   Have you looked at any of the other 2%+ cards, either 2% and no FTF(if that is important to you) or something like Paypal (2% everywhere with 3% on paypal transactions, but now with an FTF)?

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Every now and then I will have a fairly decent sized purchase not covered by 3% or higher multipliers on my other cards and can't use ApplePay with the Apple card, so an extra hundred bucks or so a year in 2% cashback directly into my Fidelity account with a no AF, no FTF card, and another $10K+ to help lower utilization, why not?

As for PayPAl, not a fan of Synchrony. And I have no desire to do business with WF. 

[GhostPrototype]

The standard sign-up page linked on the Fidelity site has no SUB: https://www.fidelity.com/spend-save/visa-signature-card

It sounds like the offer you received is the same as the $150 SUB/0% APR for 12 months deal available here: https://www.fidelity.com/go/visa-signature-rewards-1502

I wouldn't let your application decision be swayed by the offer you received because the $150 SUB has been available to anyone with the right sign-up link for at least 3 years.

I was approved for this card a few days ago with similar FICO/inquiry stats as you have. The application page used to explicitly say TU would be pulled, but that language has been removed and I received an EX pull so I think the old datapoints may no longer apply.

The approval process is definitely not the same as other Elan cards because the HP and approval/denial happen immediately. If approved you will be issued a virtual card number that can be used right away. I received a much higher credit limit than any of my other cards and the simplest explaination for that is that assets held in Fidelity are weighed in the decision. It is still possible to get hit with a $500 limit per usual Elan/US Bank practice on this card, although I hope that is only happening to people with few assets in Fidelity.

[longtimelurker]

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@elboullee wrote:

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Every now and then I will have a fairly decent sized purchase not covered by 3% or higher multipliers on my other cards and can't use ApplePay with the Apple card, so an extra hundred bucks or so a year in 2% cashback directly into my Fidelity account with a no AF, no FTF card, and another $10K+ to help lower utilization, why not?

As for PayPAl, not a fan of Synchrony. And I have no desire to do business with WF. 

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I wasn't arguing against a 2% card (I have a few!) just why this particular one?   It doesn't have any particularly interesting features except for the direct deposit into Fidelity, which others see as a restriction.  (Do you still get less if you deposit it elsewhere, can't remember).

Paypal was just an example, but one where you really get some extra value (if you can stand Sync).  

[Anonymalous]

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@Blender wrote:

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@Anonymalous wrote:

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@elboullee wrote:

I had planned on gardening for another 8-10 months to get under 5/24 - and I may still do that. But truth be told, there aren't many more Chase cards that I'm interestd in. World of Hyatt, maybe.

Anyway, got another targeted offer from Fidelity, good for the next three months [and yes, I do have a couple of accounts with them]. It's the $150 SUB offer with 19.24%, which is fine by me as I don't need to do a balance transfer.

Anyway, what's the current consensus on what Elan/U.S. Bank is looking for? My FICOs range from 755-770, AoOA is 2.5 years, and I'm currently 2/6, 2/12, 5/24 [would be 2/9 at time of application, if that's even a thing]. Decent chance of approval? If yes, would I have a good shot at a decent SL?

Thanks.

Edited to add: Seems Elan pulls TU for this card and after checking my TU account [1] there's only one HP on my TU and [2] the most recent SP on my TU was from, wait for it - Elan.

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I don't have the card, but I got a mailed offer for it when I had just over 1 year of credit history, with the full $150 SUB, so my guess is your AoOA is fine. My scores were similar. I had some money with Fidelity, but not a lot. Elan in general seems to like profiles that are 2/12 or less, which is a little more generous than the 1/12 of US Bank. Though that's based on Elan's baseline cards like the Max Cash Preferred, and the Fidelity card may be different. Are you sure they'll pull Transunion? Elan in general varies by state, though again the Fidelity Rewards may be different.

https://ficoforums.myfico.com/t5/General-Credit-Topics/Which-Report-Will-They-Pull-Part-2/td-p/63797...

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2/12 accounts? Are they equally sensitive to ALL INQs (home, auto, loan, etc) or just CC ?

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You switched between sentences, so be clear 2/12 is accounts, not inquiries. Don't know how non-CC accounts are treated, but generally US Bank is the most conservative of the major CC lenders, and their sister company Elan is only slightly looser.

[Anonymalous]

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@longtimelurker wrote:

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@elboullee wrote:

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Every now and then I will have a fairly decent sized purchase not covered by 3% or higher multipliers on my other cards and can't use ApplePay with the Apple card, so an extra hundred bucks or so a year in 2% cashback directly into my Fidelity account with a no AF, no FTF card, and another $10K+ to help lower utilization, why not?

As for PayPAl, not a fan of Synchrony. And I have no desire to do business with WF. 

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I wasn't arguing against a 2% card (I have a few!) just why this particular one?   It doesn't have any particularly interesting features except for the direct deposit into Fidelity, which others see as a restriction.  (Do you still get less if you deposit it elsewhere, can't remember).

Paypal was just an example, but one where you really get some extra value (if you can stand Sync).  

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I'm obviously not the same poster, but most 2% cards are pretty stripped. You'll be lucky to get roadside assistance and a concierge. The Fidelity Rewards card is the one major exception, because it still retains some of the other VISA Signature benefits, like purchase protection and luggage insurance. It's easy to beat the network benefits if you compare it with something like a real travel card or credit union VS, but for a single no AF card the 2%+ a few extras is not bad.

[elboullee]

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@GhostPrototype wrote:

I received a much higher credit limit than any of my other cards and the simplest explaination for that is that assets held in Fidelity are weighed in the decision. 

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If that's true, I would find it worrying that Fidelity would give a third party that kind of access to my personal accounts without asking me first. 

[citymunky]

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@elboullee wrote:

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@GhostPrototype wrote:

I received a much higher credit limit than any of my other cards and the simplest explaination for that is that assets held in Fidelity are weighed in the decision. 

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If that's true, I would find it worrying that Fidelity would give a third party that kind of access to my personal accounts without asking me first. 

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I don't think this is true. While I have assets with Fidelity, my CL is a lot higher than I what I hold in my accounts. 

[elboullee]

I'm putting this one on the back-burner for now.

Too many anecdotes of people with strong numbers and a solid profile getting $500 and $1000 SLs.

And with Elan doing HPs for all CLI requests [I had forgotten about that little fact], I'm not burning four or five HPs to try to grow the card over the next couple years.

[Blender]

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@elboullee wrote:

I'm putting this one on the back-burner for now.

Too many anecdotes of people with strong numbers and a solid profile getting $500 and $1000 SLs.

And with Elan doing HPs for all CLI requests [I had forgotten about that little fact], I'm not burning four or five HPs to try to grow the card over the next couple years.

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Think I'm following in your foot steps. I have a feeling that would happen to me. 

It was this card vs WF AC, only bc I need a 0% promo. The AC SUB is better, the promo is better, and I feel like with that relationship I may get a decent SL. The only issue is I probably wont use the AC after the promo, whereas the FRVS, I would daily it to catch up on me not investing in my Fidelity accounts recently.