Originally Posted by
budugu
How does it work? Does fidelity give you back the ATM charges (and no interest)? It will be great if you could tell me the type of fidelity account that has this feature.
1. The Fidelity AMEX Platinum card works like a debit card. The fees are:
- AMEX charges $1.50
- Fidelity reimburses for ATM owner fees for Premium $500k or Private Access $1mm up to $75 per year.
2. There is no interest, the money is removed from your account just like a debit card.
3. "Credit Card" purchases are debited from your account at the end-of-month
4. The annual fee for Fidelity AMEX Platinum was $320, the Gold card was free.
5. The minimum is $5k in a regular Fidelity account.
6. Supposedly the cards are not available now. However, some FTers have had luck applying for them. Use the following link:
https://scs.fidelity.com/customeronly/amexonly.shtml
I like it because:
a. I get an AMEX Platinum for $320 per year
b. I keep my cash in a federal tax-free account until the moment it is withdrawn
c. I do not have to worry about paying the bill. It is debited at the end of the month
d. There is no record of the account on my credit report
e. I do not have to carry a separate ATM card.