The OG Fidelity 2% card is removing its 2,500 points ($25) minimum redemption value by the end of August. This is great news for avoiding orphaned points and for taking advantage of various spend offers when the card is not your main driver.
Hat tip to reader Daniel
Wow, so exciting to be able to access that $24.99 slightly ahead of schedule. With the interest on that, you may be able to retire early
This is great for people with low spend. Not everyone will rack up 25$ in rewards regularly
I am happy when there is any positive changes these days. Normally they screw us and make it seem like it is for the users benefit.
I have a Fidelity CMA and brokerage accounts and am considering this CC. The $150 SUB, $100 TSA credit and 2% on everything without a higher reward is the reason I’m considering this. For my cashback cards I am getting a great return with the PayPal debit card. Getting 5% on a $1,000 monthly spend on groceries (there are 4 or 5 other categories to choose alternatively) that you need to activate monthly. I add $1000 monthly til it’s used, and btw Costco, Target, Walmart and BJs code as grocery stores so its easy to get that spend in for max value.
Do you have a public offer for the $150? I am a customer but seemingly not targeted
No, I was trying yesterday, called fidelity too but got nowhere. There’s a link in doc, under credit card bonuses but I couldn’t verify it so I’m not going to take that chance opening a new cc account. Keeping my eye on it though.
How can Fidelity offer a 2% card for years on end when Schwab cancelled theirs after two years and now only offers a 1.5% card?
I’m not privy to Fidelity’s decision making, but I imagine it’s because it attracts people to their business. Fidelity is a wealth management company first and foremost. People hear that the Fidelity card is a good card, so they open up a brokerage account and move their assets to Fidelity to go with the card.
Clearly it works for them, or they wouldn’t have continued to make the card better and better over the years.
And, the Visa Signature average interchange fee is about 2.10% + swipe charge. Close enough for a loss leader.
The business strategy makes sense, but Schwab is also a wealth manager and direct Fidelity competitor, so the original question remains. How come the 2% cb card works for Fidelity but not for Schwab…
Now if they’d only credit the offers quicker instead of waiting 3 statement cycles, then it would be perfect.
Yes!!! This is my primary complaint with the card. I would give them a pass on the time to credit if they had a tracker, or otherwise confirm you met the offer terms. Instead we wait 8-10 weeks after the end of the promotion (not when you met the terms), and then they credit properly maybe 75% of the time
This would be great news for me if I didn’t stop using this card (besides the monthly waiver) years ago because it’s inferior to my UCR. 😉
Eric, how does your 1.5% cash back UCR beat them? Because you’re in Platinum Honors Preferred Awards too? Thanks
Eric 🔗
#1. Yes, I am.
#2. I noticed that you wrote “too”. Are you implying that you have Preferred status also?
Congrats Eric. I’m working towards there. If not for helpful readers like you and others, I’d be living paycheck to paycheck….
Eric 🔗 so thank you!
OG?
I know what OG stands for but what does that have to do with this announcement?
Literally nothing. OG Fidelity card was issued by BofA and was AMEX card. Then it was acquired by Elan and anything after that can no longer be OG by definition.
It’s rare for someone to agree with me on here. I’m more used to people making snide (or worse) replies to my comments, like what’s their name did earlier today in this post. 😉
Don’t worry Eric you’re my favorite character in Doc’s comment sections
Eric, these kind of people stand no chance here!!! I’m with you
Eric 🔗
I appreciate the support! 😀
The $25 minimum was the main reason I stopped using this card as my primary. Now I might go back to it. A few weeks ago they sent me a survey and I mentioned the $25 problem. They listened.
About time. I’ve started using this card more for overseas travel for day-to-day stuff like supermarkets.. probably the best cashback for overseas supermarkets at 2%?
Navy Federal More Rewards earns 3% on groceries with no FTF
It’s the best no-hassle, no AF cash back card for overseas use.
BofA Premium Rewards card gets 2.62% everywhere no FTF, but need $100k assets.
Citi Premier gets 3x points on groceries, no FTF, but comes with $95 AF.
Capital One Savor (or USBAR if tap to pay is available)
The futurecard (debit) is also nice to have when traveling since it gives 5% on public transportation (subways, trains, ferries, buses) which many travel cards exclude as travel. Plus it’s currently giving 5% on groceries through September I believe
It’s interesting that Futurecard does not have FTF, but as a debit card it may not have the same protections as a CC, which could be helpful overseas.
This will probably get me ridiculed but I actually use the zero fee Verizon card for overseas supermarkets. Clearly pointless to non Verizon users but otherwise it’s an effortless 4% with no FTFs on foreign supermarkets and restaurants. Have the Fidelity card as well but this change is meaningless to me as the $25 minimum was never really an issue.
Getting 4% CB on grocery is not bad at all.
There are spend offers on this card? Where do you see them?
They’re usually announced by email.
https://www.fidelity.com/go/visa-signature-rewards-1502
$150 for 1k, not much but I’d get the card for the actual features
Nice to see a positive change to a product. While the points/travel cards can provide value (in select situations).