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Keep or get rid of the Fidelity Signature VISA?
Posted by: Robert M
Date: March 20, 2017 02:09PM
Keep or get rid of the Fidelity Signature VISA?

Hi everyone,

I’ve got a dilemma…. My primary credit card for purchases is the Fidelity Signature VISA, managed for them by Elan Financial Services. The card provides 2% cash back on any purchases. No special categories. No need for me to pull the bucks out of the card. Each month, the cash back is automatically shunted into my family Fidelity account. Easy as pie. Sounds solid, right? In that regards, yes, but that’s about it.

Unfortunately, the card is managed by Elan Financial Services for Fidelity. While the Elan offers more features than the previous company that managed Fidelity’s American Express car, it lags behind companies like Chase, Bank of America, Discover, and American Express. For example… I don’t get alerts when I make purchases and payments. I can’t directly download transactions into my personal finance apps (Moneydance, Quicken, etc). I rarely get special savings deals as an incentive to use the card. My other cards offer these features and then some.

I’ve been very tempted to apply for a Citibank Double Cash card because it offers the same cash back bonus as the Fidelity Signature VISA _and_ has the features I like in the web site and off-line such as direct download of transactions and text alerts. I pay my bill in full each month, so getting the cash back in two parts rather than once per statement is a non-issue. Same goes for letting the bonus build up and manually tapping it for use as a credit or cash into a bank account.

The credit score necessary to get the card is a non-issue. I’ve got excellent credit. I just don’t know if it is worth the hassle of applying for another credit card and getting rid of the Fidelity card.

What do you think?

Robert
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Re: Keep or get rid of the Fidelity Signature VISA?
Posted by: Speedy
Date: March 20, 2017 02:24PM
Sounds like you have already made your decision. I'm still using a no-annual fee card that gives me but 1%.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: Keep or get rid of the Fidelity Signature VISA?
Posted by: raz
Date: March 20, 2017 02:28PM
Quote
Robert M
I can’t directly download transactions into my personal finance apps (Moneydance, Quicken, etc).

I import directly into Moneydance. There's a download button on the Fidelity web site. The credit card info is right there next to your other account(s). Click on that 'account' and you can get to transactions and statements.

Over the past 15 years or so, Fidelity (well MBNA and Elan) have put quite a chunk of change into the kids' 529 plans. That said, these days we use Amex for groceries (6%) and Costco for gas and travel (3%) and Fidelity for the rest. YMMV.



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Embarassing myself on the Internet since 1978.
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Re: Keep or get rid of the Fidelity Signature VISA?
Posted by: Robert M
Date: March 20, 2017 02:36PM
Raz,

I use Moneydance and I have to download the transactions into a file and then import them. I want to be within Moneydance, have it contact the bank directly and slurp down the transactions like I do with Chase, American Express, Discover, etc. Elan Financial Services doesn't allow this. It's been confirmed multiple times. 'course, it didn't work with the Fidelity Amex either, even after Bank of American managed it for Fidelity. Grrrr!

Robert
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Re: Keep or get rid of the Fidelity Signature VISA?
Posted by: raz
Date: March 20, 2017 03:17PM
oh. I've never had a bank or a card that supported Quicken directly, so I didn't even try with Moneydance.



--------------

Embarassing myself on the Internet since 1978.



Edited 1 time(s). Last edit at 03/20/2017 03:17PM by raz.
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Re: Keep or get rid of the Fidelity Signature VISA?
Posted by: testcase
Date: March 20, 2017 03:34PM
I absolutely HATE Citi and Chase banks. In my experience, TERRIBLE customer service. For 30+ years, I've been VERY happy with Discover Card. Anytime I've called, I get to speak with a U.S. based, knowledgeable rep who speaks fluent English. I have my "cash back" added to my Amazon account and, am able to use said cash to pay for Amazon purchases. Easy peasy.
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Re: Keep or get rid of the Fidelity Signature VISA?
Posted by: Ken Sp.
Date: March 20, 2017 04:27PM
If it makes a difference I think the Fidelity card offers, no fee for foreign transactions.
Also, if you rent cars, here are some cards that offer Primary insurance coverage. If you get in an accident-you do not need to involve your auto insurance company, avoiding possible rate increase. [thepointsguy.com]

Bonus-Amazon offers a card that gets $70 for signing up and 5% back on all Amazon purchases if you have Prime-3% if not a Prime member.
[www.amazon.com]

Canceling a card may negatively affect your credit score.
[www.clark.com]
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Re: Keep or get rid of the Fidelity Signature VISA?
Posted by: tenders
Date: March 20, 2017 08:34PM
The Amazon Prime card is a pretty good deal. It's run by Chase. 5% back on Amazon, and 1-3% back on the rest, no fee.
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Re: Keep or get rid of the Fidelity Signature VISA?
Posted by: graylocks
Date: March 20, 2017 11:01PM
i have the Fidelity Rewards Visa and it's Elan also. you're right, Robert M, it's a pain in the butt compared to other institutions. i like that the rewards roll into my Roth but if not for that i'd give their user-unfriendly process a push to the curb. i also use MoneyDance and I think it's my only account that not only doesn't play nice but when you go to download transactions you always have to choose the dates rather than being able to more quickly download by statement months. very annoying.



"Success isn't about how much money you make. It is about the difference you make in people's lives."--Michelle Obama



Edited 2 time(s). Last edit at 03/20/2017 11:02PM by graylocks.
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Re: Keep or get rid of the Fidelity Signature VISA?
Posted by: Robert M
Date: March 21, 2017 08:41AM
Hi everyone,

Just a quick followup... I found one reason to keep the Fidelity Signature VISA card. Unlike other financial institutions who change their cards and rewards systems regularly, Fidelity tends to keep their card in place for a long time. This is one reasons to keep the card.

And, Ken is correct. Dumping the card would have a negative impact on my credit score. I've had it for a very long time. Always paid it off in full. Never an issue. That's a good thing when it comes to credit scores.

So, instead of dumping the card, we may make my wife's Citibank Double Cash card our primary card for purchases. I'll just set up the notifications accordingly. Citibank is Moneydance and Quicken friendly, so, downloading transactions will be a non-issue.

As an FYI, people who are getting the Fidelity Signature VISA directly rather than have an existing card rolled into it only get 1.5% cash back on purchases. People who had the Fidelity American Express 2% cash back card - like me - got to retain the 2% cash back bonus when our American Express cards changed over to the VISA card.

Robert
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