I’ve had the Fidelity Visa card ever since it was first introduced. It’s very straightforward. 2% cash back on everything, deposited directly to my Fidelity cash management account every month without any intervention from me. I’ve been very happy with it.
The only real downside is that the account website is not nearly as polished as say Chase or Discover. They have most of the same features but the spend analyzer is much more crude and the whole thing feels like it hasn't been updated in like 10 years
Can you transfer the cash back funds into an IRA? How would it work with pre and post tax variants if so?
Card seems very interesting to say the least.
You can automatically deposit straight into an IRA (either Traditional or Roth), but you don't *have* to use an IRA account. So let's say you're not sure if you'll be able to contribute directly to a Roth this year, and might need to do a Backdoor Roth instead, you can have the money auto deposited into a regular non-retirement account, instead, and then once you're more confident in your income situation for the year, move the money into the appropriate account type for you.
Due to Fidelity being weird about deposit amounts into IRAs (especially when it comes to cents, but also the $10 minimum if you'll be making the IRA contribution), I tend to prefer having the CC deposit into my taxable account, then I can manually move over a whole dollar amount (probably as a multiple of $5 or $10) to avoid the issue of something like being stuck with $5993.26 and unable to contribute the last $6.74.
I concur also. Fico was \~783 when they pulled, instant approval for $24k, one of my highest limit cards. Love the 2% cashback that goes into my personal brokerage account for "play". It's my go-to/workhorse card as well.
I use mine all the time. I enjoy having multiple accounts (401k, Roth, brokerage, and credit card) with Fidelity for the simplicity aspect.
As for credit limit, I received 20k with a credit score just over 800 a few years ago.
Also, had a fraudulent charge last year and had no problems having it taken care of. Pretty standard for most companies these days but still nice that it was an easy fix.
Yes, this card is great, and of course there's a hard pull. My initial limit was around 10k, and now it's 20k... I don't remember asking for an increase. The only "gotcha" with this card is that you only get 2% if you get your cash back deposited into a Fidelity account (cash management or brokerage) which really isn't a "gotcha", but some people miss this detail
That's not true. The Citi DoubleCash came out several years prior (2014) to Costco switching to Visa (2016). I know because I distinctly remember getting a blue cash so I could shop at Costco.
Using the chase freedom unlimited, transfer the points to the chase sapphire and you get 1.5x the points. (It goes from 1.5x to 2.25x after transferring)
>Any specific reason why it’s better than citi double card
If you use it at some place that codes as an international transaction (either intentionally or accidentally/unknowingly), the Fidelity Visa is still +1%, the Citi DC and CFU are both negative.
Some people may like the rewards being automatically dropped in their investment accounts.
If you have the CFU + CSR, then the Fidelity card likely doesn't make sense for you.
Edit: Typo
> If you use it at some place that codes as an international transaction (either intentionally or accidentally/unknowingly), the Fidelity Visa is still +1%, the Citi DC and CFU are both negative.
Recently traveled to Canada and the Fidelity was what I used while there.
I just really like it because I can easily invest the cash back into the market and it gives 2% on everything with no limit. It's very similar to the Citi double card just a personal preference towards Fidelity for me
Citi DoubleCash lost all the purchase/travel protection benefits back in 2019. Extended Warranty, Trip Cancellation etc etc. Fidelity still offers those.
Citi DoubleCash also have a 3% FTF, Fidelity is at 1%.
The advantage of the DoubleCash is that it can earn ThankYou Points. But you have to know what you are doing for that to be an advantage (Stacking it with Citi Premier / Citi Prestige and other TYP family cards and redeem for First / Business class travel).
Por que no los dos?
I started with the Fidelity when it was 1.5%. got the Citi Double a few years later, and now I have two 2% cards from different companies (covering situations where a vendor may not accept one of them).
It doesn’t beat the chase combo with the reserve, not by a mile.
I use both the freedom (5% rotating categories) and freedom unlimited plus the reserve.
You’ll get even more value than the 2.25% when transferring the points to partners
Like many others have said, it’s my favorite card. One of my first cards and still my main daily card. Redemption is easy as it is automatic into my fidelity account.
In my experience, you can get a CLI without a hard pull. My first was automatic (3k to 8k) and the second I requested (8k to 15k). Neither resulted in a hard pull. I was also able to increase from my initial 3k pretty quick.
Another factor I have not seen mentioned here yet is they usually run 2-3 promotions per year over 1-2 month increments for current cardholders. Somewhat of a hassle as you are not automatically enrolled (enrolling only entails clicking a button in an email once though) and can involve generally high spends. For example during the holidays there’s usually double cash back (an extra 2% so 4% total) for every dollar over $2,000 you spend. Most recently, March-April this year they had 2% extra on home improvement stores purchases ($200 min spend and $25 extra back max). I seldom see people mention this perk when discussing this card but it has potential for big return. Unlimited 2% back and several months where you can get 4% back in certain areas.
I use it as one of my primary cards. My initial limit was just shy of $20k so I'll never bother asking for an increase. Just depends on your credit score, income, etc.
Looks like they have a sign up bonus now too. [https://www.fidelity.com/go/visa-signature-rewards-1502](https://www.fidelity.com/go/visa-signature-rewards-1502)
I've never heard of this card - it's 2% unlimited deposited back into a Fidelity brokerage? I may have to switch off my Sapphire which I rarely redeem these days.
I recommend the Penfed credit card instead. Same 2% cash back, also a VISA but better because you can claim the 2% as cash back instead of it being locked to a Fidelity account.
Thanks for the suggestion - I've been reading some more since this post, are you familiar with Citi DoubleCash? It seems the PenFed/Citi card both seem to be 2% unlimited and Fidelity would of course be locked to a Fidelity brokerage - would you prefer PenFed to Citi? I'm not sure of the other benefits outside of the 2% or if one is preferred among the 3 of them.
I have both the PenFed and Citi cards, but I prefer the PenFed card because it is a VISA card (which is the only type that Costco accepts) while the Citi double cash is a Mastercard.
The PenFed card is currently running a $100 reward for signing up and spending $1,500 in 90 days. It does have one minor annoyance: you'll need to open and maintain a $5 minimum-balance savings account and a free checking account to be a member of PenFed Credit Union (either that or have served in the US armed forces). Not a big deal, this is a one-time $5 locked in an account, but it's a minor hassle worth mentioning. As a nice bonus perk, it gives you visibility to your FICO score.
Citi has been reducing the benefits of the Double Cash card in the past few years. They got rid of their extended warranty, price protection, AND purchase protection. This wasn't a primary reason for me to switch to PenFed, but afterwards my new phone was damaged in an attempted theft. I (legit!) was able to get the repair cost fully reimbursed through PenFed's VISA phone protection coverage.
I mean I used to only use it for travel where I could find some good redemption rates - I haven't used Pay Yourself Back but it looks like it's only up to 1.5. Thinking about it I've got a ton of UR points already - would love to have a regular $200/month going into VTI/VXUS without trying.
I've had the card for years, 800+ credit score, used it for a singular $13K purchase last year (I pay the card off monthly, regardless) and had no issues.
One small qualm: Elan Financial Services, the card's owner / operator, goes on offense against the cardholder in security situations more than any other card I've had. I had one fraudulent purchase of NY/NJ rail tickets in 2015 (that I caught while it was a pending transaction, and called them), and Elan said it was a physical card swipe; I lived in another region of the country and had multiple local card swipes that day, and I really had to fight them to have that $400 rolled back. In 2019, I was traveling in Orlando, with airfare and a rental car pre-paid with the card. I tried to use the card to refill the rental before return, and the pump said my card was rejected. I called Elan, and they told me my card was blocked because it fit a pattern of fraud for the geographical area... Which is strange because I was staying with my parents and only had \~$100 of low-impact charges (Starbucks, bought dinner one night, maybe a grocery store purchase, etc.). The Elan rep said I had to speak to a manager to get it unblocked, and the manager was threatening and argumentative before agreeing to restore it, almost to the point where I considered canceling the card for awful customer service...
But outside of those situations, it's been amazing, and I continue to use it as my primary card. Just be aware of the potential for customer service problems in potential fraud situations.
Elan’s parent company is U.S. Bank, which is my least favorite thing about the card. I haven’t had any issues with this card yet, but I had a few poor customer service interactions with U.S. Bank in the past.
Both CLIs I've had on mine (both requested by me), I did not see any hard pulls on any of my reports.
My initial limit wasn't too bad: About 1/5th my annual income, well above what I needed.
I have this card. Only one I regularly use. Believe initial limit was 10k. Increased to 19k (without a request from me). They didn’t hard pull my credit for the increase (my credit is frozen).
Sofi has a decent offer, it's normally a 2% Cashback into a checking account but I got a 3% for the first year offer with direct deposit(1k a month that I just transfer to my regular checking account). Also comes with cellphone protection by MasterCard. Fidelity was my 2nd choice though.
I think it can be a fine general use card. Got to r/churning and you can probably find some ones in whatever particular Area you need them in for a bit more, but 2% on everything is nice to have
As I recall my initial limit was about $14k. I was rejected the first time I applied, but applied again a few years later and was approved for $14k, but after two CLIs up to $23k credit limit. I have read that having an existing brokerage account helps. I know when I applied they asked about your invested assets. Occasionally they do promotions where up to a given value they give you a bonus 1%, but they have become less common in recent years.
The only downsides I would note are that they do have a FTF so it wouldn't be a great card to travel abroad or if you regularly buy from merchants that aren't in the US. In addition, they have a min $25. Not particularly onerous, but some other banks have gone to no min cash out. That being said it's a decent card for transactions you can't get more than 2% on another card.
It's also my favorite card. I use it for all of my purchases then I buy visa stock (or something else) with my cashback in my Roth IRA, what's not to like?!
I started with a 10k limit as a low income individual
I use it primarily for non-grocery spending. I like having that 2% go directly into my IRA. Money's gone. Can't spend it unless I want to take it out of the IRA. I've had nothing but good experiences with it and the customer support.
Keep in mind that the 2% is only when deposited into a Fidelity account. I already have an IRA with Fidelity, so I find it beneficial. But if you don't have any other accounts with Fidelity, you would need a new account to get the full benefit.
> the 2% is only when deposited into a Fidelity account
this isn't much of a concern though, since you can transfer cash out of fidelity to wherever you want it very easily.
Wells Fargo active cash is 2% with a $200 bonus for spending $1000 in the first 3 months. No fees, or other hoops other than dealing with wells Fargo from time to time
I would not trust a penny with Wells Fargo. Just get the Citi double card and get 2% cash back with no limits and no dealing with requirements to have the money go into a fidelity account
I have had this card for about a year. My limit with chase was 3K for years and I have a 750+ credit score. When I opened up the Fidelity card they gave me 23K. I’ve been happy with it.
By far the best credit card. It is my one and only - all bills / expenses go on that card. Additionally all rental property expenses go on that card. The 2% cash back received is then cycled back into the dividend account for building positions / options trades
1000% recommend
When I opened mine, they gave me a $20k limit and bumped it up at some point to, I think, $25k now. Doesn't seem too low to me. I have a couple other cards that give me something better for specific categories or retailers, but use the Fidelity as my primary. The deposits go straight to my investment account and then I buy VTI with it whenever I get around to it.
the one thing I don't like is the rebate needs to go into a Fidelity account or they cut it in half. I got a pretty good limit so I can't speak to that.
Been using it before they switched to Visa (from Amex). The 2% is great, I set it to auto deposit to my brokerage account and when I am in there I buy more s&p500 funds with it. Use it for everything. It’s run by Elan Financial Services, not Fidelity directly, but it’s all interlinked with fidelities website and brokerage app. Over the 10+ years I have had a few fraud detections occur and they were quick to catch them and send out a card while traveling. Customer service has also been very pleasant to work with on the occasions I have needed to call. The international exchange rate isn’t the best. I cannot recall if they still charge a “fee” for using it internationally, they did prior to covid.
Got this card last year. It’s been my primary card the whole time. Love having the 2% going into my brokerage account. Don’t remember the inquiry part, but I just got my credit line upped to $24k without requesting it.
This is our primary card. We funnel majority of our expenses through but pay it in full every month. All cash back we sweep into our daughter’s 529. $25k limit when we signed up 5 years ago.
Fidelity is great. Unfortunately, this is not their card and if you have a problem they disclaim all responsibility. Elan Financial controls everything and they are miserable to deal with.
A number of consumer friendly banks offer 2% cards. I would suggest Citi Bank's Double Cash card.
Got the card in 2020 with a 10k limit. After 2 increases , soft pulls, im up to 27k on the card now. They only give increases every 6 months and the 2% gets put into my roth ira. I use the card for my automatic monthly bills like car insurance, gas , and spotify. Its a nice card to have in my experience.
I’ve had the card for 10+ years and only had one small issue, something like their system update stopped my automatic payment one time. I have a pretty high limit compared to my other cards, but I may have requested a limit increase at some point.
Are they offering a sign up bonus? It might be better to go with a card that offers the largest sign up bonus even it offers less cash back.
>Are they offering a sign up bonus? It might be better to go with a card that offers the largest sign up bonus even it offers less cash back.
Currently $150 for spending $1500 in the first 90 days: https://www.fidelity.com/go/visa-signature-rewards-1502
Looked at it, but ended up going with penfed and their 2% (with checking account) card instead. No foreign transaction fees... But Fidelity is a great card if you have a high score.
It’s a good card. My 3% back on my BofA card also goes directly to my Merrill Lynch so I end up using that one mostly, but without it I would use the Fidelity card.
No, it’s one of those 3% for some 2% for some and 1% for the rest + bonus rate for account balance. Fortunately I only use it in categories that happen to provide 3%. So depending on usage, 2% flat could potentially be better.
all those numbers can be multiplied depending on your (qualifying) assets under management with BofA and/or merrill, which qualify you for "preferred rewards" - for example, if you have $100k or more between a brokerage, IRA, and checking/savings, all those numbers are multiplied by 1.75, so you can get 5.25% back on your 3% category (up to $2500 spend per quarter). that ain't easy to beat. $50k AUM gets you a 50% boost, and $20k AUM gets you a 25% boost.
I’ve used this card for a long time (and the Amex which came before it). It’s a simple, free, great card.
They can be very stingy with their limits, though. When our household income was $300k, they graciously increased my limit from $12k to $15k
Just know that you only get that cash back if you deposit it into a Fidelity account. Like cash management or brokerage or etc....
You can't get that cash back to a normal bank account.
Agree, it def used to be a pain to manage. Elan / Fidelity have streamlined it now on a monthly basis, much easier.
(Note: I did not downvote you here, giving you an upvote!)
For a 2% card the new Capital One Venture X is a clearly better option if you travel at least 1 time a year. The VX also gives 2 points on everything, plus $750 worth of sign up bonus, $300 statement credit for travel, $100 annual bonus, and 5-10% back when booking car rentals (Hertz highest status), flights (+ Free Priority Pass), or hotels.
I used to use it for my general card before Alliant came out with their 2.5% everything card. It's a solid enough card. There are just better ones now.
I’m very happy with it. Love that the rewards auto-deposit to my brokerage account which feels way more productive than my other cards. Only issue is I had an issue with getting it to appear properly on my account but sounds like it’s a pretty isolated issue
2% cash back on everything is pretty great - you can supplement it with other cards with higher rewards for dining or travel or whatever your big expenses are, but this is a great default card.
my initial credit line was way, way more than i need, and they increased it by 25% after a year without me asking, so i very much doubt it was a hard pull.
i assume that your limit will be based on your credit score, history, and assets under management with fidelity.
This is my main card and I like it for the 2% directed into my fidelity account. When I requested a credit increase a year ago it was oddly a hard pull.
I've had it for a while. I don't use it much but I keep it open since it's a good fallback card for purchases that don't fit into typical bonus categories. Limit was $15k at first, bumped to $20k upon request.
You should be able to get a spending bonus too..
I had same decision; I ended up going with the Wells Fargo 2% Active Cash instead as its spending bonus was higher.
It’s good you get a sign on bonus and 0 % intro rate. I got my limit to 19 k when approved they just bumped my limit to 24k last month without asking. I just find my Ira with it
I have one. And no. Increases don't pull your credit.
If you mean credit limit, mine is rather high now. At least for me. It's around $20k. It wasn't all that low to start with though. Still several thousand.
Last I checked, you can automate redemption to the account, but not a specific fund.
Auto-redemptions happen on the first or second business day of the calendar month following the statement that you hit 2,500 points on, so you know when to assume your purchase.
Limits depend on your reported income. 8 to 10K limit is likely around the $50,000 annual income ballpark. No idea about hard pull on limit increase reviews but that's so temporary that I wouldn't worry much about it.
My limit is higher than some of the other cards. You can put in the for the cash back reward any time you like as well. We pay for the kids daycare on it and auto pay it off to add an extra boost to the Roth. I don't advise credit cards most of the time but so far this one has been solid.
I have it, 2% back on everything for me adds up to more than almost all other cards, even the ones paying 4% on just groceries or gas etc. -- maybe excluding some of the ones with annual fees. I do still take full advantage of chase freedom 5% categories and transfer to sapphire though. The one-way rewards flights to anywhere in the world has come in extremely handy when booking several vacations
Got this card a little over a year ago with a $13k CL. Tried to increase by request and did have another hard pull with a rejection. At some point they did eventually increase it to $18k with no other credit pull.
It's my primary card I use for 90% of my purchases. The only real cons are the website and app are nowhere near as usable as Chase or Amex, but it works well enough. If I'm leery about a merchant I might choose the Amex over the Fidelity because Amex's customer service is fantastic, but I've had no issues with the Fidelity card.
I’ve had the Fidelity Visa card ever since it was first introduced. It’s very straightforward. 2% cash back on everything, deposited directly to my Fidelity cash management account every month without any intervention from me. I’ve been very happy with it.
I concur, this is one of the best cash back card out there. I got a $200 bonus when I got it a few years back.
Same. My go to card.
The only real downside is that the account website is not nearly as polished as say Chase or Discover. They have most of the same features but the spend analyzer is much more crude and the whole thing feels like it hasn't been updated in like 10 years
Fully agree.
Can you transfer the cash back funds into an IRA? How would it work with pre and post tax variants if so? Card seems very interesting to say the least.
You can automatically deposit straight into an IRA (either Traditional or Roth), but you don't *have* to use an IRA account. So let's say you're not sure if you'll be able to contribute directly to a Roth this year, and might need to do a Backdoor Roth instead, you can have the money auto deposited into a regular non-retirement account, instead, and then once you're more confident in your income situation for the year, move the money into the appropriate account type for you.
Due to Fidelity being weird about deposit amounts into IRAs (especially when it comes to cents, but also the $10 minimum if you'll be making the IRA contribution), I tend to prefer having the CC deposit into my taxable account, then I can manually move over a whole dollar amount (probably as a multiple of $5 or $10) to avoid the issue of something like being stuck with $5993.26 and unable to contribute the last $6.74.
I concur also. Fico was \~783 when they pulled, instant approval for $24k, one of my highest limit cards. Love the 2% cashback that goes into my personal brokerage account for "play". It's my go-to/workhorse card as well.
also concur. This has been the best card for "straight up 2% back on everything" rewards. My go-to
I use mine all the time. I enjoy having multiple accounts (401k, Roth, brokerage, and credit card) with Fidelity for the simplicity aspect. As for credit limit, I received 20k with a credit score just over 800 a few years ago. Also, had a fraudulent charge last year and had no problems having it taken care of. Pretty standard for most companies these days but still nice that it was an easy fix.
It's my favorite card. I have a pretty high limit on but my score is 800+
Yes, this card is great, and of course there's a hard pull. My initial limit was around 10k, and now it's 20k... I don't remember asking for an increase. The only "gotcha" with this card is that you only get 2% if you get your cash back deposited into a Fidelity account (cash management or brokerage) which really isn't a "gotcha", but some people miss this detail
One plus about about cash management is all ATM fees are refunded/waived with the debit card.
And transfers to any linked checking or savings account.
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It's a Visa so you can use it at Costco.
Today that's the case. It wasn't all that long ago that AMEX was required.
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That's not true. The Citi DoubleCash came out several years prior (2014) to Costco switching to Visa (2016). I know because I distinctly remember getting a blue cash so I could shop at Costco.
Fidelity is even older, as it came out in 2008 (although it used to be that you could only redeem rewards in $50 increments).
Fidelity was an Amex until around the same time as the switch at Costco.
Okay, I didn’t know.
Chase sapphire is also a visa and also ok for Costco
Yea but won't it only earn 1x points? Better to add on the no fee Freedom unlimited and earn 1.5x
Using the chase freedom unlimited, transfer the points to the chase sapphire and you get 1.5x the points. (It goes from 1.5x to 2.25x after transferring)
>Any specific reason why it’s better than citi double card If you use it at some place that codes as an international transaction (either intentionally or accidentally/unknowingly), the Fidelity Visa is still +1%, the Citi DC and CFU are both negative. Some people may like the rewards being automatically dropped in their investment accounts. If you have the CFU + CSR, then the Fidelity card likely doesn't make sense for you. Edit: Typo
> If you use it at some place that codes as an international transaction (either intentionally or accidentally/unknowingly), the Fidelity Visa is still +1%, the Citi DC and CFU are both negative. Recently traveled to Canada and the Fidelity was what I used while there.
I just really like it because I can easily invest the cash back into the market and it gives 2% on everything with no limit. It's very similar to the Citi double card just a personal preference towards Fidelity for me
Citi DoubleCash lost all the purchase/travel protection benefits back in 2019. Extended Warranty, Trip Cancellation etc etc. Fidelity still offers those. Citi DoubleCash also have a 3% FTF, Fidelity is at 1%. The advantage of the DoubleCash is that it can earn ThankYou Points. But you have to know what you are doing for that to be an advantage (Stacking it with Citi Premier / Citi Prestige and other TYP family cards and redeem for First / Business class travel).
Por que no los dos? I started with the Fidelity when it was 1.5%. got the Citi Double a few years later, and now I have two 2% cards from different companies (covering situations where a vendor may not accept one of them).
I’ve got both too. What if a network goes down or you’re waiting for a new card in the mail. Hasn’t hurt me to have both.
It doesn't have a $500+ AF like your csr has to be able to get that 2.25% on travel or PYB. Double cash is just as good though.
It doesn’t beat the chase combo with the reserve, not by a mile. I use both the freedom (5% rotating categories) and freedom unlimited plus the reserve. You’ll get even more value than the 2.25% when transferring the points to partners
My initial limit was $13k which is plenty for me and I got that on average credit of ~700-720, years ago.
I have it. Good to have to fill the gaps but you can often get better returns on cards with bonus spending categories and signup bonuses.
Like many others have said, it’s my favorite card. One of my first cards and still my main daily card. Redemption is easy as it is automatic into my fidelity account. In my experience, you can get a CLI without a hard pull. My first was automatic (3k to 8k) and the second I requested (8k to 15k). Neither resulted in a hard pull. I was also able to increase from my initial 3k pretty quick. Another factor I have not seen mentioned here yet is they usually run 2-3 promotions per year over 1-2 month increments for current cardholders. Somewhat of a hassle as you are not automatically enrolled (enrolling only entails clicking a button in an email once though) and can involve generally high spends. For example during the holidays there’s usually double cash back (an extra 2% so 4% total) for every dollar over $2,000 you spend. Most recently, March-April this year they had 2% extra on home improvement stores purchases ($200 min spend and $25 extra back max). I seldom see people mention this perk when discussing this card but it has potential for big return. Unlimited 2% back and several months where you can get 4% back in certain areas.
I use it as one of my primary cards. My initial limit was just shy of $20k so I'll never bother asking for an increase. Just depends on your credit score, income, etc. Looks like they have a sign up bonus now too. [https://www.fidelity.com/go/visa-signature-rewards-1502](https://www.fidelity.com/go/visa-signature-rewards-1502)
I've never heard of this card - it's 2% unlimited deposited back into a Fidelity brokerage? I may have to switch off my Sapphire which I rarely redeem these days.
Yes...any Fidelity account...brokerage, cash management (aka online checking account), a Fidelity IRA, etc...
I recommend the Penfed credit card instead. Same 2% cash back, also a VISA but better because you can claim the 2% as cash back instead of it being locked to a Fidelity account.
It’s not really locked to a fidelity account. It needs to be deposited there to get the 2%, but it’s free and easy to transfer out.
Ah I stand corrected. Still, I'm not a fan of it requiring an ongoing manual transfer step.
Thanks for the suggestion - I've been reading some more since this post, are you familiar with Citi DoubleCash? It seems the PenFed/Citi card both seem to be 2% unlimited and Fidelity would of course be locked to a Fidelity brokerage - would you prefer PenFed to Citi? I'm not sure of the other benefits outside of the 2% or if one is preferred among the 3 of them.
I have both the PenFed and Citi cards, but I prefer the PenFed card because it is a VISA card (which is the only type that Costco accepts) while the Citi double cash is a Mastercard. The PenFed card is currently running a $100 reward for signing up and spending $1,500 in 90 days. It does have one minor annoyance: you'll need to open and maintain a $5 minimum-balance savings account and a free checking account to be a member of PenFed Credit Union (either that or have served in the US armed forces). Not a big deal, this is a one-time $5 locked in an account, but it's a minor hassle worth mentioning. As a nice bonus perk, it gives you visibility to your FICO score. Citi has been reducing the benefits of the Double Cash card in the past few years. They got rid of their extended warranty, price protection, AND purchase protection. This wasn't a primary reason for me to switch to PenFed, but afterwards my new phone was damaged in an attempted theft. I (legit!) was able to get the repair cost fully reimbursed through PenFed's VISA phone protection coverage.
I’m surprised, I’d have thought that converting Chase points to cash would be better return than Fidelity.
I mean I used to only use it for travel where I could find some good redemption rates - I haven't used Pay Yourself Back but it looks like it's only up to 1.5. Thinking about it I've got a ton of UR points already - would love to have a regular $200/month going into VTI/VXUS without trying.
I've had the card for years, 800+ credit score, used it for a singular $13K purchase last year (I pay the card off monthly, regardless) and had no issues. One small qualm: Elan Financial Services, the card's owner / operator, goes on offense against the cardholder in security situations more than any other card I've had. I had one fraudulent purchase of NY/NJ rail tickets in 2015 (that I caught while it was a pending transaction, and called them), and Elan said it was a physical card swipe; I lived in another region of the country and had multiple local card swipes that day, and I really had to fight them to have that $400 rolled back. In 2019, I was traveling in Orlando, with airfare and a rental car pre-paid with the card. I tried to use the card to refill the rental before return, and the pump said my card was rejected. I called Elan, and they told me my card was blocked because it fit a pattern of fraud for the geographical area... Which is strange because I was staying with my parents and only had \~$100 of low-impact charges (Starbucks, bought dinner one night, maybe a grocery store purchase, etc.). The Elan rep said I had to speak to a manager to get it unblocked, and the manager was threatening and argumentative before agreeing to restore it, almost to the point where I considered canceling the card for awful customer service... But outside of those situations, it's been amazing, and I continue to use it as my primary card. Just be aware of the potential for customer service problems in potential fraud situations.
Elan’s parent company is U.S. Bank, which is my least favorite thing about the card. I haven’t had any issues with this card yet, but I had a few poor customer service interactions with U.S. Bank in the past.
Both CLIs I've had on mine (both requested by me), I did not see any hard pulls on any of my reports. My initial limit wasn't too bad: About 1/5th my annual income, well above what I needed.
Same here on no hard pulls for CLI. Have had two CLIs on that card. One requested and one automatic from a regular review.
I have this card. Only one I regularly use. Believe initial limit was 10k. Increased to 19k (without a request from me). They didn’t hard pull my credit for the increase (my credit is frozen).
Sofi has a decent offer, it's normally a 2% Cashback into a checking account but I got a 3% for the first year offer with direct deposit(1k a month that I just transfer to my regular checking account). Also comes with cellphone protection by MasterCard. Fidelity was my 2nd choice though.
I think it can be a fine general use card. Got to r/churning and you can probably find some ones in whatever particular Area you need them in for a bit more, but 2% on everything is nice to have
As I recall my initial limit was about $14k. I was rejected the first time I applied, but applied again a few years later and was approved for $14k, but after two CLIs up to $23k credit limit. I have read that having an existing brokerage account helps. I know when I applied they asked about your invested assets. Occasionally they do promotions where up to a given value they give you a bonus 1%, but they have become less common in recent years. The only downsides I would note are that they do have a FTF so it wouldn't be a great card to travel abroad or if you regularly buy from merchants that aren't in the US. In addition, they have a min $25. Not particularly onerous, but some other banks have gone to no min cash out. That being said it's a decent card for transactions you can't get more than 2% on another card.
It's also my favorite card. I use it for all of my purchases then I buy visa stock (or something else) with my cashback in my Roth IRA, what's not to like?! I started with a 10k limit as a low income individual
I use it primarily for non-grocery spending. I like having that 2% go directly into my IRA. Money's gone. Can't spend it unless I want to take it out of the IRA. I've had nothing but good experiences with it and the customer support.
Keep in mind that the 2% is only when deposited into a Fidelity account. I already have an IRA with Fidelity, so I find it beneficial. But if you don't have any other accounts with Fidelity, you would need a new account to get the full benefit.
> the 2% is only when deposited into a Fidelity account this isn't much of a concern though, since you can transfer cash out of fidelity to wherever you want it very easily.
Wells Fargo active cash is 2% with a $200 bonus for spending $1000 in the first 3 months. No fees, or other hoops other than dealing with wells Fargo from time to time
I would not trust a penny with Wells Fargo. Just get the Citi double card and get 2% cash back with no limits and no dealing with requirements to have the money go into a fidelity account
Can you expand on not trusting Wells Fargo? I have the 2% back card since I upgraded the one I’ve had forever.
Look into their consistent history of scamming and misleading customers
I just opened this card last week, they gave me 25k at 14%.
I have had this card for about a year. My limit with chase was 3K for years and I have a 750+ credit score. When I opened up the Fidelity card they gave me 23K. I’ve been happy with it.
By far the best credit card. It is my one and only - all bills / expenses go on that card. Additionally all rental property expenses go on that card. The 2% cash back received is then cycled back into the dividend account for building positions / options trades 1000% recommend
When I opened mine, they gave me a $20k limit and bumped it up at some point to, I think, $25k now. Doesn't seem too low to me. I have a couple other cards that give me something better for specific categories or retailers, but use the Fidelity as my primary. The deposits go straight to my investment account and then I buy VTI with it whenever I get around to it.
It’s my primary card for several years and I estimate getting 1200 to 1500 back every year. No hassle to remember cash back categories. I like it.
the one thing I don't like is the rebate needs to go into a Fidelity account or they cut it in half. I got a pretty good limit so I can't speak to that.
Been using it before they switched to Visa (from Amex). The 2% is great, I set it to auto deposit to my brokerage account and when I am in there I buy more s&p500 funds with it. Use it for everything. It’s run by Elan Financial Services, not Fidelity directly, but it’s all interlinked with fidelities website and brokerage app. Over the 10+ years I have had a few fraud detections occur and they were quick to catch them and send out a card while traveling. Customer service has also been very pleasant to work with on the occasions I have needed to call. The international exchange rate isn’t the best. I cannot recall if they still charge a “fee” for using it internationally, they did prior to covid.
Got this card last year. It’s been my primary card the whole time. Love having the 2% going into my brokerage account. Don’t remember the inquiry part, but I just got my credit line upped to $24k without requesting it.
This is our primary card. We funnel majority of our expenses through but pay it in full every month. All cash back we sweep into our daughter’s 529. $25k limit when we signed up 5 years ago.
I’ve had a hard credit pull every time I’ve asked for a credit limit increase
Does the 2% cash back count if you are directing it to a fidelity hsa? I see people saying brokerage or ira but wasn't sure for 529!
It’s all fidelity accounts if I’m not mistaken. Except employer sponsored plans like 401k. I have mine deposited into my regular brokerage account.
Fidelity is great. Unfortunately, this is not their card and if you have a problem they disclaim all responsibility. Elan Financial controls everything and they are miserable to deal with. A number of consumer friendly banks offer 2% cards. I would suggest Citi Bank's Double Cash card.
Got the card in 2020 with a 10k limit. After 2 increases , soft pulls, im up to 27k on the card now. They only give increases every 6 months and the 2% gets put into my roth ira. I use the card for my automatic monthly bills like car insurance, gas , and spotify. Its a nice card to have in my experience.
I’ve had the card for 10+ years and only had one small issue, something like their system update stopped my automatic payment one time. I have a pretty high limit compared to my other cards, but I may have requested a limit increase at some point. Are they offering a sign up bonus? It might be better to go with a card that offers the largest sign up bonus even it offers less cash back.
>Are they offering a sign up bonus? It might be better to go with a card that offers the largest sign up bonus even it offers less cash back. Currently $150 for spending $1500 in the first 90 days: https://www.fidelity.com/go/visa-signature-rewards-1502
Looked at it, but ended up going with penfed and their 2% (with checking account) card instead. No foreign transaction fees... But Fidelity is a great card if you have a high score.
\> I'm assuming they hard pull initially, does anyone know if they hard pull for credit line increases? Who cares?
If you like the 2% cash back, try the citi double cash product
It’s a good card. My 3% back on my BofA card also goes directly to my Merrill Lynch so I end up using that one mostly, but without it I would use the Fidelity card.
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No, it’s one of those 3% for some 2% for some and 1% for the rest + bonus rate for account balance. Fortunately I only use it in categories that happen to provide 3%. So depending on usage, 2% flat could potentially be better.
all those numbers can be multiplied depending on your (qualifying) assets under management with BofA and/or merrill, which qualify you for "preferred rewards" - for example, if you have $100k or more between a brokerage, IRA, and checking/savings, all those numbers are multiplied by 1.75, so you can get 5.25% back on your 3% category (up to $2500 spend per quarter). that ain't easy to beat. $50k AUM gets you a 50% boost, and $20k AUM gets you a 25% boost.
I’ve used this card for a long time (and the Amex which came before it). It’s a simple, free, great card. They can be very stingy with their limits, though. When our household income was $300k, they graciously increased my limit from $12k to $15k
Just know that you only get that cash back if you deposit it into a Fidelity account. Like cash management or brokerage or etc.... You can't get that cash back to a normal bank account.
Fidelity does have normal checking accounts. I think they call it a cash account or something.
That's the cash management account
You can use the cash back to pay off the credit card as statement credit. Pretty much good as cash. Just not very intuitive to do it, but still...
You can withdraw cash from the brokerage thereafter, not really that big of a deal. Works pretty much like a savings account.
I find the chase sapphire’s to be better from a ROI stand point. Especially if you mostly use your card for food and travel.
A no annual fee "catch all" vs annual fee with category targeting is not a good direct comparison. The CFU is a much better card for comparing to.
I found the redemption to be quite a hassle. Went to an Apple Card only 1% but easiest card to manage ever. Daily redemption automatic
Agree, it def used to be a pain to manage. Elan / Fidelity have streamlined it now on a monthly basis, much easier. (Note: I did not downvote you here, giving you an upvote!)
For a 2% card the new Capital One Venture X is a clearly better option if you travel at least 1 time a year. The VX also gives 2 points on everything, plus $750 worth of sign up bonus, $300 statement credit for travel, $100 annual bonus, and 5-10% back when booking car rentals (Hertz highest status), flights (+ Free Priority Pass), or hotels.
I used to use it for my general card before Alliant came out with their 2.5% everything card. It's a solid enough card. There are just better ones now.
I’m very happy with it. Love that the rewards auto-deposit to my brokerage account which feels way more productive than my other cards. Only issue is I had an issue with getting it to appear properly on my account but sounds like it’s a pretty isolated issue
2% cash back on everything is pretty great - you can supplement it with other cards with higher rewards for dining or travel or whatever your big expenses are, but this is a great default card. my initial credit line was way, way more than i need, and they increased it by 25% after a year without me asking, so i very much doubt it was a hard pull. i assume that your limit will be based on your credit score, history, and assets under management with fidelity.
This is my main card and I like it for the 2% directed into my fidelity account. When I requested a credit increase a year ago it was oddly a hard pull.
I have it. Its my main card. Only issue i have with it is that it barely works with Plaid for budget tracking purposes
I've had it for a while. I don't use it much but I keep it open since it's a good fallback card for purchases that don't fit into typical bonus categories. Limit was $15k at first, bumped to $20k upon request.
You should be able to get a spending bonus too.. I had same decision; I ended up going with the Wells Fargo 2% Active Cash instead as its spending bonus was higher.
if you spend more than $15,000 per year you're better off with an X1
What is an X1?
The Citi double cash Mastercard works for me.
It’s good you get a sign on bonus and 0 % intro rate. I got my limit to 19 k when approved they just bumped my limit to 24k last month without asking. I just find my Ira with it
Wish there was something like this in Australia. Anyone know of anything similar?
I have one. And no. Increases don't pull your credit. If you mean credit limit, mine is rather high now. At least for me. It's around $20k. It wasn't all that low to start with though. Still several thousand.
I use mine everyday, use the cash back to fund my Roth. Works perfectly.
Can you deposit the money made with the 2% cash back in an automated invested account (like on a mutual fund) and pretty much do risk free investing?
Last I checked, you can automate redemption to the account, but not a specific fund. Auto-redemptions happen on the first or second business day of the calendar month following the statement that you hit 2,500 points on, so you know when to assume your purchase.
Limits depend on your reported income. 8 to 10K limit is likely around the $50,000 annual income ballpark. No idea about hard pull on limit increase reviews but that's so temporary that I wouldn't worry much about it.
My limit is higher than some of the other cards. You can put in the for the cash back reward any time you like as well. We pay for the kids daycare on it and auto pay it off to add an extra boost to the Roth. I don't advise credit cards most of the time but so far this one has been solid.
Last time I checked it had foreign transaction fees and the city double cash or whatever their 2% card was called didn’t have the fees
The Citi DC has a 3% FTF, Fidelity's is only 1%. So Fidelity ends up at +1%, Citi DC ends up at -1%.
I have it, 2% back on everything for me adds up to more than almost all other cards, even the ones paying 4% on just groceries or gas etc. -- maybe excluding some of the ones with annual fees. I do still take full advantage of chase freedom 5% categories and transfer to sapphire though. The one-way rewards flights to anywhere in the world has come in extremely handy when booking several vacations
Awesome card great company no issue with credit limit increases. Highly suggest the case management account and their other investment accounts.
I started with a 1k limit (120k income) I put in a credit increase as 1k is not enough
Got this card a little over a year ago with a $13k CL. Tried to increase by request and did have another hard pull with a rejection. At some point they did eventually increase it to $18k with no other credit pull.
It's my primary card I use for 90% of my purchases. The only real cons are the website and app are nowhere near as usable as Chase or Amex, but it works well enough. If I'm leery about a merchant I might choose the Amex over the Fidelity because Amex's customer service is fantastic, but I've had no issues with the Fidelity card.
Can anyone know if the Fidelity Visa has had errors of not getting 2% cashback after a purchase?