Posted by William Charles on January 22, 2016
Credit Card Review

Published on January 22nd, 2016 | by William Charles

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Fidelity Visa Credit Card From Elan Services (U.S Bank) Review

Update: Card currently comes with a $100 sign up bonus, making it more attractive.

Fidelity recently decided to switch their credit card from FIA card services (Bank of America) to Elan Services (U.S Bank). I haven’t done a thorough review of this card and how it compares to the previous card offered in the past yet, so here goes.

Card Basics

  • Card earns 2x points for all purchases, no limit on the amount of points you can earn and no expiry
  • No annual fee
  • No sign up bonus
  • 14.24% APR
  • 1% foreign transaction fee
  • EMV chip with signature
  • Runs on the Visa payment network

How Much Are Points Worth?

We know that if you deposit these points into any of the following accounts you’ll receive 1¢ per point. You need a minimum of 5,000 points ($50) to redeem.

  • Brokerage account
  • Fidelity® Cash Management Account
  • Fidelity-managed 529 College Savings plan
  • Retirement account

One of the advantages of the old American Express Fidelity card is that it earned WorldPoints, which are worth up to a maximum of 1.76¢ a piece. U.S Bank offers the FlexPerks program, with points being worth up to 2¢ per point, unfortunately this card does not earn these points directly.  It’s still possible that you might be able to transfer these points into an account that earns FlexPerks, but that doesn’t make a lot of sense to me so I doubt that it’s possible.

Existing Cardholders

If you’re an existing cardholder with the American Express card, chances are your question can be answered by reading the linked F.A.Q’s. I think the transition is a net loss for existing cardholders, before we were able to take advantage of AmEx sync offers (and Serve online loads when that was working for most people) and also had access to the WorldPoints program. On the bright side, we will be able use this card at Costco when they move from American Express to Visa on April 1st, 2016.

Our Verdict

More and more card issuers are coming out with 2% cash back cards these days, this is probably one of the better cards – although I’d love it if they dropped the foreign transaction fee to 0%. It’ll be interesting to see if they ever offer a sign up bonus on this card and what type of credit criteria they have for this card and what credit limits they have extended. If you’ve applied for this card since the switch, let us know more of this information in the comments and we’ll add it to the post.



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George
George

What happens if an existing Fidelity AmEx cardholder some but less than the minimum 5,000 WorldPoints in their account needed to redeem to a Fidelity Cash Management account when the switch-over happens? Anyway to still get $50 out of them?

Tyler
Tyler

It’s in the linked Q&A. Your points will be transferred over into the new points, so you can still get full value out of them when redeeming them into a Fidelity account.

Tommy
Tommy

I was rejected when I applied for this card. When I called the back door number, I was told due to I have two new accounts less than six months, they need to see more payment history. Failed to reconsideration. A few days later, I called the back door number again to re recon, this time I was told they need two business day to review my application. Today morning I call the number and get the congratulayions.

V
V

mind sharing the back door number? is it the us bank recon line?

Bill
Bill

My wife applied online for this card on Jan 8th. She was approved immediately.
Her credit score is about 710, and we have a Fidelity Brokerage/Checking account (if that matters).
Credit Limit / APR : $14K / 14.24%
She has several other credit cards including US Bank FlexPerks, carrying a mtg, car loan, and a personal loan.
She has gotten the “welcome” letter and online set-up, but no card yet.
She had one big issue after approval:
During application, just after approval she said there was a “Balance Transfer Offer” 0% for 12 months. She submitted a transfer for a Citicard. Transfer was being processed days later according to her online portal and speaking with CS. However the “welcome” letter / disclosures did not show this offer.
CS said the transfer being processed is at 14.24% and she should sent copy of the offer she saw.
She did not copy/print the webpage so she can’t.
Then she asked them to cancel the transfer, they confirmed that it was cancelled. Next day the transfer payment showed up on the Citicard. She doesn’t want a transfer @ 14.24%
Elan Services said they can’t fix this – said the deal and fees were done on their side.
Citi said (after she explained the issue and requested the funds returned) that they will review and if approved a refund would be sent back to my wife.
Now she has to try to get Elan to take the payment back from her (if Citi sends it to her ) and remove the fees.

Great start …… she’ not really fond of these guys right now 🙂

Russ
Russ

Does this FAQ mean that they are not automatically converting Amex to Visa, so we can keep the Amex, and if we want a Visa, we have to apply for it:

What if I already have a Fidelity Rewards Credit Card issued by FIA Card Services®?
If you have a Fidelity Rewards Credit Card, you can continue to enjoy the features and benefits associated with that card. If you would like information about rates, fees, other costs and benefits, please call an FIA Card Services® representative at 877-811-7088.

That’s the last question on the FAQ page you linked.

Dave
Dave

Discover IT, CapOne Quicksilver: any amount
Chase Freedom, Chase AARP: $20
Amex BCE, BoA Cash Rewards: $25

Fidelity: $50 …Good luck Fidelity.

Dave
Dave

I’m referring to redemption requirements above..

Wyle
Wyle

Once you get past the targeted spending categories, Fid Amex is good for all that misc stuff like car insurance, furniture, gift cards, etc. $2500 spent on that stuff will let you redeem your $25 CB reward with most cards you mention. OR get $50 Fid Amex CB in the same time for the same purchases. Quicksilver gets you $37.50, but I’ll still wait an extra month if needed for 33% more cash.

Winston
Winston

Just a quick question: how to transfer points into a FlexPerks account? I do have a FlexPerks card with me, and I buy air ticket with the points.

Sam
Sam

you cant

Chucks
Chucks

There is a Flexpoints transfer screen in the Fidelity login, why isn’t it possible?

chao
chao

I have Elan Service basic credit card, could I transfer to the Fidelity card without the hard pull since this is my oldest card?

Mary J
Mary J

I called to ask about transfer/converting my CU Elan card to a Fidelity card (I almost never use it, but would if 2% rewards). They said they’d submit my question to somebody else at Elan (wouldn’t say who), they will respond to my question in writing, I should receive a letter within 10-15 business days. Wouldn’t tell me how to do, or if it’s even possible. Like I said in Comment below, they’re unbelievably difficult to deal with. My card is 15 years old with $18K credit line, never any problems with it (other than the balance transfer, below, which they screwed up).

Towelieban2k
Towelieban2k

Will we be able to pay this card at a US Bank branch with a check or cash?

Tyler
Tyler

There seem to be a few questions around what will happen to existing Fidelity AmEx accounts. Fidelity has an FAQ here: https://www.fidelity.com/cash-management/cardmember-faqs. Should answer most of these questions!

LV
LV

Any insights on whether you can pay this card in branch at a US bank with cash or check?

Mike
Mike

Has anyone have any success lowering the cash advance limit to $0 and can this card be used to fund new checking accounts?

James Carson
James Carson

I tried two different customer service people, and they both said that they couldn’t change the cash advance limit at all.

Chucks
Chucks

“It’s still possible that you might be able to transfer these points into an account that earns FlexPerks, but that doesn’t make a lot of sense to me so I doubt that it’s possible.”

Wait, why doesn’t it make sense? It was possible to transfer World points between basically unrelated cards, why not Flexperks? I’ve seen screenshots of an option to transfer Flexperks to another account. It may not be possible, but I don’t think we can rule it out.

HF
HF

I have both FIA AmEx and FIA Visa cards. What will happen to the FIA Visa?

boj
boj

I have been using this card for years now abroad and have never been struck with foreign transaction fees or ATM fees. I have no idea why they state there is a fee associated with foreign transactions.

Jeepers
Jeepers

Boj….The Fidelity visa from Elan Financial Services only came out January of 2016, so the card you’ve been using for years with no transaction fees 4 overseas must be something else? You stated you been using it for years, what car do you have?

GA
GA

I applied for this card last week. I was instantly approved with a limit of $17,000. I already have my 401k and a cash management account with Fidelity. They pulled Experian and I had a FICO score of 738.

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