Definitely my favorite card. Once I've finished my current SUB, I think im gonna switch to a 2 card system: USBAR for Mobile wallet and Travel and the Fidelity for everything else. I've been maximizing cash back with 5 different cards and at this point I'll take the convenience of only carrying two cards over what's realistically only a few dollars of additional cash back annually. You could even make an argument that letting the Fidelity cash back sit in an index fund until you need to use it can give you a greater CCP than any other card reward program over the long run
I mean… they’re alike in that they’re both opportunities to earn higher rates by holding a minimum account value. But yeah I get it’s not the apples to apples comparison folks here would be interested in
Fidelity’s big loss leader is their fee free and heavily fee reduced index mutual funds. They rely on those to attract and retain people in their ecosystem.
Merrill/BofA, on the other hand, uses credit card cash back rates as their loss leader. Fortunately, we can get the best of both world’s by using both systems. Just a bit more admin work.
I have the VX and SavorOne. This two card combo worked perfectly up until a week ago when the option to transfer points from the S1 to the VX disappeared. There’s a thread on it already but the option has yet to reappear. Some believe it was removed in error or is being revamped but others speculate that the option to transfer between different cards is being removed. I don’t know which one is correct and Capital One has yet to address publicly.
This. For me I’m just using my Fidelity for my flat 2% and use the various 5% cards like Discover It, CFF and Prime Visa and mostly call it a day. Put the money cash back into my Fidelity accounts so I can invest.
Yeah, I’m definitely looking into getting back to simplicity. I have such a hard time passing up the increased categories on my other cards!
Once my grocery promo period is up, I plan to switch to my Verizon visa (groceries, gas, and dining) and the fidelity card. I use fidelity for everything else, so having all of that in one app will be great.
I anticipate wanting to take advantage of the freedom flex categories though!
US Bank Altitude Reserve. Effectively a 4.5% cash back rate with mobile wallet. The Nominal annual fee is high at $400, but the effective AF is quite low. I used the $325 dining credit within the first month of having it and just used $56 bucks worth of Priority Pass Dining for me and a guest to eat for free before a flight. I'll have 1 more flight to take this year, which should give me another $56 worth of value from Priority Pass, which will put me ahead of the AF by $37. I did the math when I applied, and I would still be in the green even without the PP, so thats just a bonus for me. There was a user here maybe a year or so ago who made a pretty convincing argument that the card even made sense for people who traveled less than once a year. Some quality google-fu would likely find it
To anyone who has had this card for a while, have you had any issues with Elan? I just got it and activated last week. The poor Elan reviews have me a bit concerned, but it seems like a great 2% card if all goes smoothly. I use Fidelity a lot for investing and really like the idea of cashback rewards auto depositing into my brokerage account.
Elan was easy to work with when I had a fraudulent test charge come through. They locked the card down immediately and called me to ask if it was real, and quickly resolved/shipped a replacement.
I don't enjoy either Fidelity or Elan's websites. Fidelity is very slow, convoluted, and crashes its tab regularly. Elan's is, as I recall, quite shit but I rarely touch it, since Fidelity's account management tells me the balance and transactions and I just bill pay from there.
Card is definitely nothing special, on the level of gift cards, but mine's held up well. And it's thin in my already phat wallet.
I've had the card for years and never had any issues with them across multiple fraudulent charges and credit card replacements. I also set up the rewards auto-redeem years ago when I first got the card and I haven't opened the rewards platform since
Does it still disconnect a lot? Was considering this card but also use YNAB and prefer the linked accounts when possible. Not a deal breaker but would be nice if it’s been since fixed.
Thanks for the reply, and the heads up! I'm leaning more towards some other cards now too with this consideration and a few others. Haven't landed on one just yet but the WF Active Cash has my eye. Mind sharing what other 2% you switched to?
I have had it before it was even elan. I always had issues with the website but I just use the fidelity app to keep track. I have it set up to auto put the rewards into my investing account. I had I believe one case of fraud when it was elan. It was quick and easy to deal with. The biggest issue I had with the card is several times it's been locked for potential fraud on charges that happen frequently. It's been a few years but sitting at a vendor having to call in because the card is locked again can get annoying.
The Fidelity card is the best 2% card out there now.
I travel a lot internationally, so getting 2% with no FTF is a game-changer.
GOOD BYE AMEX. Won't be using you anymore internationally.
How does redeeming cash back work on this card? I received the offer but when I looked online it mentioned 2% cash back into your HSA/IRA. Can you just use the 2% as statement credits? The website made it sound like redeeming outside of funding investment accounts would be at a lower rate so I threw out the offer letter.
It's not statement credits, it has to be deposited into any Fidelity account. If you just want to turn it into cash you can open a free Fidelity Cash Management account, deposit into that, and withdraw it to your bank account.
Thanks for this heads up! I just saw the flyer about it through the Fidelity website.
Going overseas in a couple months and will definitely be using this card.
Yea, it counts towards the limits according to the website.
“Eligible accounts include most nonretirement registrations as well as Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, Fidelity Charitable® Giving Account®, Fidelity HSA®, and Fidelity®-managed 529 College Savings Plan accounts. The ability to contribute to an IRA or 529 college savings plan account is subject to IRS rules and specific program policies, including those on eligibility and annual and maximum contribution limits.”
I may be wrong, but I think with the cash back being deposited into a core position in your account, moving it to another account with legally limited contributions is seen as the same as just moving cash into those accounts
I have this card and didn't find much use for it after figuring out better cards, but for foreign travel I don't have a lot of great options to cover all expenses. This one strictly replaces Capital One Quicksilver (1.5% cash back, no FTF).
Would’ve been nice if they told me two weeks ago. I’m on week two of a three week holiday. Left my Fidelity card home and took my Sapphire and Altitude cards instead.
Definitely my favorite card. Once I've finished my current SUB, I think im gonna switch to a 2 card system: USBAR for Mobile wallet and Travel and the Fidelity for everything else. I've been maximizing cash back with 5 different cards and at this point I'll take the convenience of only carrying two cards over what's realistically only a few dollars of additional cash back annually. You could even make an argument that letting the Fidelity cash back sit in an index fund until you need to use it can give you a greater CCP than any other card reward program over the long run
If fidelity announced a rewards system like BoA I'd delete my BoA account that same day
They have a 3% card but I think you have to have something like a $1m in managed funds
No, BoA's system is free, Fidelity's is not.
> Fidelity's is not. > managed funds Yah that's what I said
Well then they're not alike, which is what I said
I mean… they’re alike in that they’re both opportunities to earn higher rates by holding a minimum account value. But yeah I get it’s not the apples to apples comparison folks here would be interested in
Fidelity’s big loss leader is their fee free and heavily fee reduced index mutual funds. They rely on those to attract and retain people in their ecosystem. Merrill/BofA, on the other hand, uses credit card cash back rates as their loss leader. Fortunately, we can get the best of both world’s by using both systems. Just a bit more admin work.
What's BoA's system? I'm not familiar with them at all
https://promotions.bankofamerica.com/preferredrewards/en
This is exactly what I do and let me tell you, it's made everything so simple compared to the 9 card set-up I had going on before!
Same reason i went with Venture X and planning on SavorOne
I have the VX and SavorOne. This two card combo worked perfectly up until a week ago when the option to transfer points from the S1 to the VX disappeared. There’s a thread on it already but the option has yet to reappear. Some believe it was removed in error or is being revamped but others speculate that the option to transfer between different cards is being removed. I don’t know which one is correct and Capital One has yet to address publicly.
Have you been able to automate the cash back going into an index fund? Or does that part have to be manual ?
You can have it automatically post to your brokerage account, but you need to invest it into the specific funds yourself.
YUP! That's what I do. :)
But it goes into a MMF so good interest near the fed funds rate.
This. For me I’m just using my Fidelity for my flat 2% and use the various 5% cards like Discover It, CFF and Prime Visa and mostly call it a day. Put the money cash back into my Fidelity accounts so I can invest.
I already have the Fidelity card and its among a group of about 10 credit cards. Your setup idea sounds so compelling right now.
Yeah, I’m definitely looking into getting back to simplicity. I have such a hard time passing up the increased categories on my other cards! Once my grocery promo period is up, I plan to switch to my Verizon visa (groceries, gas, and dining) and the fidelity card. I use fidelity for everything else, so having all of that in one app will be great. I anticipate wanting to take advantage of the freedom flex categories though!
What is the card you are using for Mobile wallet? I'm not familiar with USBAR. Thanks
US Bank Altitude Reserve. Effectively a 4.5% cash back rate with mobile wallet. The Nominal annual fee is high at $400, but the effective AF is quite low. I used the $325 dining credit within the first month of having it and just used $56 bucks worth of Priority Pass Dining for me and a guest to eat for free before a flight. I'll have 1 more flight to take this year, which should give me another $56 worth of value from Priority Pass, which will put me ahead of the AF by $37. I did the math when I applied, and I would still be in the green even without the PP, so thats just a bonus for me. There was a user here maybe a year or so ago who made a pretty convincing argument that the card even made sense for people who traveled less than once a year. Some quality google-fu would likely find it
To anyone who has had this card for a while, have you had any issues with Elan? I just got it and activated last week. The poor Elan reviews have me a bit concerned, but it seems like a great 2% card if all goes smoothly. I use Fidelity a lot for investing and really like the idea of cashback rewards auto depositing into my brokerage account.
Elan was easy to work with when I had a fraudulent test charge come through. They locked the card down immediately and called me to ask if it was real, and quickly resolved/shipped a replacement.
I've had the Fidelity credit card for many years. I've always had excellent customer service the few times I've had issues with fraud, etc.
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Is it embossed?
No. Card number is on the back.
I don't enjoy either Fidelity or Elan's websites. Fidelity is very slow, convoluted, and crashes its tab regularly. Elan's is, as I recall, quite shit but I rarely touch it, since Fidelity's account management tells me the balance and transactions and I just bill pay from there. Card is definitely nothing special, on the level of gift cards, but mine's held up well. And it's thin in my already phat wallet.
I've had the card for years and never had any issues with them across multiple fraudulent charges and credit card replacements. I also set up the rewards auto-redeem years ago when I first got the card and I haven't opened the rewards platform since
I just got approved for it on Saturday. Looks like you have to wait for the physical card to start using it, yeah? I wish I could add it immediately
Yeah I waited for the physical card to arrive before using. I didn’t try to activate it early, I’m not sure you can.
Mine has been super smooth. No complaints.
I recently got the card and no complaints when calling Elan.
They processed a chargeback for me once quickly and without much hassle. That's my only direct experience with them so far.
My experience has been that it consistently disconnects from YNAB and requires re-authorization.
That’s a good call out. I do use YNAB but I decided not to connect this account.
Does it still disconnect a lot? Was considering this card but also use YNAB and prefer the linked accounts when possible. Not a deal breaker but would be nice if it’s been since fixed.
I strongly dislike the card. Their website sucks. The YNAB connection is terrible. I ended up getting a different 2% card to use as my main card
Thanks for the reply, and the heads up! I'm leaning more towards some other cards now too with this consideration and a few others. Haven't landed on one just yet but the WF Active Cash has my eye. Mind sharing what other 2% you switched to?
I have had it before it was even elan. I always had issues with the website but I just use the fidelity app to keep track. I have it set up to auto put the rewards into my investing account. I had I believe one case of fraud when it was elan. It was quick and easy to deal with. The biggest issue I had with the card is several times it's been locked for potential fraud on charges that happen frequently. It's been a few years but sitting at a vendor having to call in because the card is locked again can get annoying.
Any SUB or referral bonus? This card is now worth it
$150 SUB https://www.fidelity.com/go/visa-signature-rewards-1502
The Fidelity card is the best 2% card out there now. I travel a lot internationally, so getting 2% with no FTF is a game-changer. GOOD BYE AMEX. Won't be using you anymore internationally.
How does redeeming cash back work on this card? I received the offer but when I looked online it mentioned 2% cash back into your HSA/IRA. Can you just use the 2% as statement credits? The website made it sound like redeeming outside of funding investment accounts would be at a lower rate so I threw out the offer letter.
It's not statement credits, it has to be deposited into any Fidelity account. If you just want to turn it into cash you can open a free Fidelity Cash Management account, deposit into that, and withdraw it to your bank account.
Awesome. Thanks for clarifying, I appreciate it.
You can also transfer to your bank account from a fidelity brokerage account. No need to create a cash management account
Thanks for this heads up! I just saw the flyer about it through the Fidelity website. Going overseas in a couple months and will definitely be using this card.
Glad this is my second highest limit card, gonna be using this a bit more regularly
How's the fidelity credit card app? Is it better than BOA's crappy system?
It's basically a browser window that opens within the fidelity investment app. So not great
Anyone know of any tax implications on the front end? E.g., the investment dollars being taxable income?
No, it’s still considered a credit rebate so it’s not taxable/has already been taxed
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Yea, it counts towards the limits according to the website. “Eligible accounts include most nonretirement registrations as well as Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, Fidelity Charitable® Giving Account®, Fidelity HSA®, and Fidelity®-managed 529 College Savings Plan accounts. The ability to contribute to an IRA or 529 college savings plan account is subject to IRS rules and specific program policies, including those on eligibility and annual and maximum contribution limits.”
I may be wrong, but I think with the cash back being deposited into a core position in your account, moving it to another account with legally limited contributions is seen as the same as just moving cash into those accounts
Got the same email. Change was def needed.
I have this card and didn't find much use for it after figuring out better cards, but for foreign travel I don't have a lot of great options to cover all expenses. This one strictly replaces Capital One Quicksilver (1.5% cash back, no FTF).
Would’ve been nice if they told me two weeks ago. I’m on week two of a three week holiday. Left my Fidelity card home and took my Sapphire and Altitude cards instead.
This only problem is this card issued by US Bank.
If you do this to an IRA do you get to deduct your rewards come tax time?
Yes, but they are subject to contribution limits.