Thoughts/feedback on Fidelity's Cash Management w/ 2% Visa?

[CBartowski]

I recently found that Fidelity offers a decent set up with a Cash Management (basically checking) account with savings/money market/brokerage and a 2% Visa card (wish it was still AMEX) that will deposit into your brokerage. 

Does anyone have any experiences, good, bad or otherwise?

Thanks!

[Anonymous]

We obtained the Visa last year and linked it to a cma account opened at the same time. I also felt it was a good idea and we have been happy thus far.We redeem the 2% or convert it to our account.The Visa is actually issued by Elan if memory serves me, a little confusing at first, but redemption has been seemless, hope this helps,

[Anonymous]

Just curious, why the preference for Amex over Visa,I personally like Visa for greater acceptance,

[FinStar]

I'm not sure if the OP referenced the AMEX version since this specific product used to be issued by BoA/FIA a few years ago.

I never had any issues with acceptance even before it transitioned to ELAN, though.

[CBartowski]

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@Anonymous wrote:
We obtained the Visa last year and linked it to a cma account opened at the same time. I also felt it was a good idea and we have been happy thus far.We redeem the 2% or convert it to our account.The Visa is actually issued by Elan if memory serves me, a little confusing at first, but redemption has been seemless, hope this helps,

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Hi Rocketman, thanks for the post. That sounds good to me. I'm still considering if it's worth switching my main bank over. Is the CMA similar to a brokerage account and you make returns as such?

[Anonymous]

Believe the “cma” account is a money market account , paying prevailing rates(LOW).We use money accumulated to purchase securities,funds , etc.We were issued checks, at our election, which we seldom use.
We do not use as our primary bank , primarily because there’s no local branch, and we do extensive business with local banks, that just a personal preference, but it could serve as a “main bank”,just more of a savings/retirement vehicle for us, I guess it depends on your situation,if I were in a city where they had a branch I may feel different, but that’s just me, hope this helps.
I do like the whole concept though and feel you are on the right track , just not ready to kick local bank to curb. Sorry for rambling,

[Anonymous]

Yea, I was just curious, what, if any advantages Amex has over Visa, not being skeptic,and hopefully not hijacking thread,
RM

[CBartowski]

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@Anonymous wrote:
Yea, I was just curious, what, if any advantages Amex has over Visa, not being skeptic,and hopefully not hijacking thread,
RM

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Well Fidelity's CC used to be with AMEX now with Visa so, sounds relevant . In my admittedly limited experience, I have seen a little more lucrative rewards and benefits with AMEX than VISA/visa sig. However, I have never run into a place that doesn't accept VISA but have a few that don't AMEX. After helping my folks run our own business growing up, AMEX charges a larger percentage in merchant fees than the rest. I believe this to be the reason that some vendors just won't pay it. 

Again, no expert here.

[Anonymous]

Thanks, wondered if they maybe give more back in rewards or perks,
RM

[Anonymous]

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@Anonymous wrote:
Believe the “cma” account is a money market account , paying prevailing rates(LOW).

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A CMA is not anything like a MMSA. 

A CMA is not limited to 6 fee-less withdrawals a month, and it does include its own debit card. 

A CMA is simply a checking account that has investment opportunities attached to it.