Fidelity 2% cashback AmEx-network card [Consolidated]
 

Hi:

I was just on the Fidelity site and saw that they officially revamped their entire credit card lineup.

In addition to the already announced Retirement Rewards Amex, there is now an Investment Rewards Amex and 529 Amex all earning 2% back.

In addition, the Investment Rewards VISA (previously offered) is STILL 1.5% back, but you earn 2% on any amount over $15K.

I'm not sure why they didn't just kill the Visa card given the new Amex version. Oh well.

The Amex cards are here: http://personal.fidelity.com/product...efpr=CMGTOC006

The slightly changed Visa Signature card is here: http://personal.fidelity.com/product...efpr=CMGTOC007

Because there are still places that accept Visa/MC but not Amex, especially overseas. @:-)

I think I found my new card after my Citi TY 3/5 deal is up. bye-bye points chase, its cash back for me!

Do they charge the 3% forex fee?
 

In order to compete with Schwab, Fido has to drop the 3% forex fee on its cards! They also need to have Visa or MC offerings that are as good as Schwab's. Besides, Visa / MC have far more acceptance everywhere incl domestically. BellSouth / AT&T would not accept AMEX for online payment for example.

Despite our main brokerage firm is Fido, we seriously consider to open the SchwabOne and the 2% cash rebate, 0% forex fee Visa. This would mark our return to Schwab after a decade.

EDIT:

Totally USELESS because all Fido cards still charge 3% forex fee, and as of 06/01/09, all transactions even in USD but are processed by a foreign entity (such as an oversea airline or railroad) will also be charged 3% fee.

Schwab's card wins hands down!

Ditto. Fidelity Visa used to offer free forex fee and why can it offer again?

They killed it when MBNA (who owned FIA) was sold to BofA. All financial institutions cards are handled by FIA, it seems. Schwab did not kill it until 6 or 9 months later after Fido did. Obviously Schwab saw the relatively small revenues enhancer on this 3% forex fee would be better offset by luring a lot more cardholders (high-spending cardholders as well) by dropping the forex fee and upping the return to 2%.

AMEX is never as good as Visa or MC, for acceptance both domestic or aboard anyway. It is very stupid on Fido's part not to seriously study Schwab's products and always react to them, such as mySmartCash being the response to Schwab's Investor Checking after the latter was introduced many months.

While the FIDO Amex's don't have 0%, if you read the terms & conditions, they did state that for the Amex it's 1% which isn't horrendous but not the same as Schwab.

Not only that, the acceptance of AMEX card outside US is much worse than inside US.

When we rented a week of apartment stay in BCN last April, the owner would not accept AMEX but gladly take Visa or MC.

You go to Canada, most of the oriental restaurants dont take AMEX.

My local favorite restaurant here in town, stopped taking AMEX 3 months
ago.

Frankly I am disappointed in Fido's card offerings. These days I only use the ATM card from mySmartCash account when travelling overseas so I dont need to hunt down a member bank of BofA's Global ATM network, or in countries there is None, such as Spain and Italy. Note: You can only get fee-free withdrawals from member bank's own host country. If you withdraw money from, say, Barclays branch in Spain, you will get hit with the BofA international withdrawal fee. You only get fee-free withdrawal in UK using Barclays. The ATM card from mySmartCash solves this issue, though this is Fido's response to the similar product Schwab introcuded months ahead.

For me the lack of acceptance of Amex is a non issue. I can't recall ever coming up on a situation where Amex was not accepted while Visa/MC was.

I called Fidelity and tried to convert my Fidelity Amex Gold Card and was told that this can't be done - I would have to apply for a new card. :td:. Will re-visit this in a year or so.

It shouldn't be surprise; AmEx Gold is charge card (or delayed debit card in case of Fido version) but rebate AmEx is a credit card. Not to mention they are offered by different company.

This is so frustrating. I literally received my Fidelity Worldpoints Visa Sig cards last week without the bonus above $15k. Does that mean my TOS will just change to reflect the new deal?

Thanks for the response. I think I will just go ahead and apply for the card

I'm a little confused. Can the 2% earned on the Schwab or Fidelity cards be withdrawn from the investment accounts at any time?

That was quick...got the card in the mail today. Will move all bill payment to this card and use the Citi Amex for the rest of the year for all other purchases.

What happens to my existing Fidelity Visa Rewards card? Does my current card NOW earn the 2% above $15K OR do I need to somehow convert it to this new card?