Fidelity Rewards Credit Card - Worth $2 Million?

[@RJFinancial]

Thanks for tuning in! Looking for some more options? Checkout US Banks catalogue - kzbin.info/www/bejne/epauamaoqq6DmM0

[@PhillyBill59]

U.S Bank...Egads...!!! They were just in a 3-way photo finish with Capital 1 and Discover at the Annual Bad Bank Handicap at my local track :)

[@gorviv529]

RJ, is a 401k eligible for applying for this card?

[@RJFinancial]

@@gorviv529 I'm pretty sure you can get the card even if you don't do business with Fidelity as you can cash the rewards out for statement credits. They were running a $200 offer recently as well

[@NotTheRealJoker]

I use the Fidelity Card as my daily driver. The cash back gets automatically deposited into my brokerage account each month. I can make credit card payments through the Fidelity app as well. I’m also seriously considering moving all of my assets and cash reserves to Fidelity now. Fidelity is a great place to grow your net worth.

[@RJFinancial]

I have them for 401k and it seems to do well. This isn't a bad card for this use case where your all in on Fidelity. Any other cash back you earn can easily be moved over. The $2 million is absurd considering what BofA and Merrily require but then again you aren't supposed to look around in their eyes.

[@explor360]

I agree that Fidelity is a great place to invest and grow your financial worth but their cc offering is meh at best. …

[@mypriusisfaster]

This card is great when paired with a WF Autograph for team cashback/no AF. I use this setup for Mexico travel. Both cards are no FTF and cover everything I need when abroad.

[@billervin4715]

I use this as my base 2% flat cash back. They gave me a $15,000 limit which is one of my highest. I currently put the rewards into my brokerage because I already max out the Roth IRA

[@RJFinancial]

That's the perfect use case. I don't think it's a bad card until you get into the multimillions portion of it. Still better than the Schwab version too

[@romain2761]

Same here.

[@SummerSunset2207]

Really like this card as a catch all rewards card and as a way to top off my Fidelity Roth contributions 🙂

[@RJFinancial]

I hit you back on IG and it turned into one run on sentence... my bad lol. This a fine catch all card. The multimillion thing is tragic but for a 2x card its fine

[@stevenwoo2881]

Another great video. Currently a Fidelity customer and really wanted to enroll in this program but the requirements are too high. Your mention regarding the Bank of America Preferred Rewards program is probably a better alternative for most people.

[@Jamesggentis]

plat honors gets you a card with 2.62% CB but it requires 100k avg daily balance. That can be done through a brokerage account however.

[@RJFinancial]

I think you could use this as a catch all card if you wanted. Maybe you like Fidelity better than the BofA ML options. Or if you want to be all in on one banking system then its probably BofA for this type of program.

[@djpuplex]

With Citi double cash moving away from the $25 redemption minimum hopefully that moves these other 2% catchall cards to move in that direction.

[@RJFinancial]

Was trying to redeem my US Bank Triple Cash bonus today and found out you can only do it in increments of $25... I have $16 that I'll likely never use now... the $25 needs to go... Fidelity doesn't seem like they're looking to compete as Elan would have to change and sadly I don't think these types of cards will. Meant more as a tie in than anything else... tho I really agree with you

[@djpuplex]

@@RJFinancial yup for me wells Fargo active cash and the fidelity card for me are just "use to not lose" I might rotate them but it'll take a couple years for.me to get $25 on each. Good on Citi though.

[@briant3143]

I’ve had this card for many years (it’s my oldest card) and I currently get 2.25% on it. I still only use it for one or two bills that can’t be put on my AmEx card. I really love Fidelity, but the card isn’t even worth the 2.25% to me because it doesn’t match up with what I want in a card or what I get from Fidelity otherwise. The customer service is mediocre at best and, as you mentioned, the few “benefits” it offers are really nothing. Add to that the fact that the card is really ugly and flimsy compared to other plastic cards and it really does nothing to hold me. I think as someone who needs to trust where I put my money, this card does nothing to earn or maintain my trust. I really wonder where I’d be if I had a serious fraud issue with it. Fidelity doesn’t take any responsibility for the card so you really need to put your trust in Elan, which I just can’t. I’d welcome any opposing opinions or comments. This is just my personal take on the card.

[@RJFinancial]

I think cards like this exist because programs want a card but don't want to mange it. To your point, when your talking that much capital with one institution there's an expectation that is hard for a third party vendor to match. Let alone the card has fallen behind the times in almost every aspect. This card likely exists for those who never look at all the options in the market and want one place to bank. An easy sell for Fidelity to those folks. Perhaps not a big enough business channel to invest more into. Appreciate you sharing your perspective as a cardholder.

[@briant3143]

@@RJFinancial Thanks RJ. I always appreciate your well researched videos. 👍🏻

[@ebonywinn50]

Thanks for your comment. I am looking at AMEX Platinum

[@explor360]

We have been a long time Fidelity customer and have been happy with their private client group. We got their cc a few years ago and to be honest have been underwhelmed with their offering. It is just a basic cash back card. In this day and age there are several other brokerage companies that offer better credit cards. What Fidelity needs to offer is a platinum Amex Card for those with at least 1 million invested with them and a black Amex for those with at least 5 mil invested with them… It’s surprising that they have not gotten with the current market.

[@RJFinancial]

They make cards like this to take advantage of folks who want an easy setup and never shop options. As for the Amex... Ameriprise use to do something like this without the capital requirement tho. The hard part is that you can get the CS, MS, Biz, or Vanilla platinum with no capital requirement. Needs to be something a little different than those to make it work... maybe a reduced AF like MS does depending on how much capital you have.

[@thewmbshowaaronlopez3811]

u dont even have the card fool

[@explor360]

@@thewmbshowaaronlopez3811 Who’s the fool…didn’t you read my comment. We’ve had the card for almost 4 years mow

[@Fjjfuffnr244]

@@thewmbshowaaronlopez3811 are you a child? The first thing from you is to insult people for absolutely no reason?

[@Fjjfuffnr244]

I look at it as my catchall and a very useful one for my use case. I live internationally most of the time so it basically gets me 3% at home and 2% overseas without having to fuss with which category is this quarter or which card for this or that store. Everyone needs a catchall and for very specific clients it really cant be beat. It shouldnt be compared to travel cards just like you dont compare citi double cash to sapphire reserved.

[@Another_Bad_Creation]

There is nothing more simpler than cashback, this is my daily driver and it fund my Roth IRA at Fidelity yearly.

[@RJFinancial]

Cash back is almost underrated as the travel cards get the shine. This card is a fine once and done card for a lot of people

[@Jamesggentis]

AOD credit union gets 3% without needing the professionally managed assets/financial commitment. You just need to find a way to be come a member of the CU

[@RJFinancial]

Ah that's awesome as I see USAA is finally killing their 2.5x card that some folks were grandfathered into. Those CU's can be picky depending on their setup

[@Jamesggentis]

@@RJFinancial AOD is a little picky and the verification is a little awkward (sending a selfie with "AODFCU" was a part of it) but it's not terribly onerous to complete. It's more about finding a way to fit onto their field of membership.

[@cliffordhussey8549]

I do have a Fidelity Visa card. I tend to use my Sam’s Club Mastercard with 5% rewards on gasoline purchases and 3% rewards on most purchases. Their interest rate is high so card balance is paid in full each month. The card is used as a membership card as well and they have two different card levels. I like the USAA card with their low interest rate but rewards are not as appealing.

[@RJFinancial]

Right card for the job. Walmart/sams club cards are sleepers

[@Jason_The_Man]

Interesting 🧐. I like Fidelity as a company. I’m not sure this card gets me all warm and fuzzy though.

[@RJFinancial]

I have Fidelity 401k and no issues. Cards like these are meant for folks who never look around at other options. On the surface it seems like a fine option and people never make it any farther.

[@dlg5485]

I didn't realize this card required you to have a managed acct with a minimum $250k invested. I was thinking I could just dump the points into my self managed individual brokerage acct, so this doesn't seem like such a great deal after all.

[@RJFinancial]

The $250k comes into play for the elevated rewards beyond 2x. I believe the $250k has to be in the managed account. If you want regular 2x then these are the accounts you can redeem to below. If you're going to get close to that much money with them then I'd check out Bank of America and the preferred rewards program Brokerage account Fidelity® Cash Management Account 529 College Savings plan Retirement account Fidelity Go® account Fidelity Charitable® Giving Account® Fidelity HSA®

[@dlg5485]

@@RJFinancial OK I wasn't clear on that

[@FRND23]

Too much money in one place for the benefits

[@RJFinancial]

A lot of these programs take advantage of the crowed who wants one simple setup... these guys never look around then end up locked in to a program like this. Which is the point but they could at least make it competitive.

[@davebrucher5550]

As I understand, I cannot contribute to my Roth IRA unless I have earned income for that year I contribute.

[@RJFinancial]

I'm not sure enough on that to offer a good response. Sorry my guy

[@Another_Bad_Creation]

If your spouse work, then you can contribute to your IRA.

[@Yette]

Skank of America? Not me

[@Jean-ni6of]

This was as clear as mud.

[@RJFinancial]

What can I clean up for you?