Am/Ex Fidelity Card Update!

Discussion in 'Credit Talk' started by Cadillac408, Jan 5, 2001.

  1. Cadillac408

    Cadillac408 Well-Known Member

    O.k. so here's what I managed to dig up:

    Talked to the nicest rep ever. He stated that once you open your bokerage account (min. to open is $2500) and have at least $5k in there, they will issue an Am/Ex Gold card NO PROBLEM! No credit checks or any of that b.s. The reason behind that is because this card is the equivalant of a Visa Check card so to speak meaning instead of using the visa card that they offer to make purchases, you can choose to have an Am/Ex card instead and the money will be deducted from your account (you can't have both though). They will pay all of the fees for the Gold card (including an additional card) and $75 of the fees for the Platinum card (not including an addition card fee of $150). Drawback: This card IS NOT reported to any Bureaus. I also inquired about upgrading to Platinum. Once you have the gold card, you can upgrad to Platinum NO PROBLEM. You just have to pay the annual fees (minus $75) for the card. You get to enjoy ALL of the benifits of a regular Gold/Platinum card holder except for:

    Separate American Express statement with Card member offers

    Flexible payment date

    Extended payment options, such as Sign & Travel® and Special Purchase AccountSM

    Privileged Assets

    I should of asked if you could just go straight to Platinum and skip the gold. I don't see why you couldn't???

    So bottom line: If you don't care about improving your credit rating and want an Am/Ex Gold or Platinum to *SHOW OFF*, then go this route. The interest rate isn't that bad either. For the Ca Municipal Money account, the interest rate currently is 5.26%. This is better than most interest bearing checking accounts. They do offer checks to use with your account but I didn't inquire if they run Chexsystems.

    I think I'm going to go ahead and do this and see what happens. I need to invest my money anyway and they also are carrying my 401k so my brokerage account will have certain fees waved!
  2. Killer

    Killer Guest

    RE: Am/Ex Fidelity Card Update

    Thanks MP$40!

    This sounds great! With the secured Optima there is no reporting either. So what's the difference! Big Difference! This one is gold and they pay the annual fee! Wonderful! And like you, I need to start investing anyway! Let us know how you turn out. It's going to take me a little while to put 5k together. Maybe by then you will have recieved your card. Oh Boy I could be flashing an AMEX Gold! Man I wish I had 5k right now! Anyone care to loan it to me...I have excellent credit....LOL.
  3. Cadillac408

    Cadillac408 Well-Known Member

    Uh Oh...

    I downloaded an application and printed it out and after reading all of the fine print it states that the minimum you need in your account to obtain the Am/Ex card is $30k! But I remember the rep stating that they've changed that to $5k and that they just didn't update that on some stuff. BUT now I'm reading that "By checking this box you authorize Fidelity to release certain account information to Am/Ex in order for Am/Ex to evaluate your request for the card. Evaluation of your request may involve a review of your credit, including requesting reports from consumer reporting agencies and you hereby authorize Am/Ex to request such information."

    DAMN! Oh I have doubts. I guess it doesn't matter. I'll just try it and see. I still need to invest my money anyway and if I'm not approved for the card, then I'll just get the visa card (which they supposedly lowerd the minimum for that card to $5k from $30k). I'm under the impression that all account features that require a $30k minimum have been dropped to $5k. I could be wrong??

    Reading further, checkwritting is offered but you have to fill out a separate form for that. Now I'm really wondering if they use Chexsystems??
  4. Saar

    Saar Banned

    RE: Am/Ex Fidelity Card Update

    The right figure is $5K, not $30K (see

    The $5K is only for initial deposit, you don't have to maintain all of it.

    Borrow from your existing cards using one of the cash advance-bypass techniques. Fund your Fidelity account, then write a Fidelity check to your card company to pay back what you had borrowed.

    It only requires moving some money around, that's all. Of course you pay Fidelity maintenance fees if you don't keep your minimum balance there, but they don't seem to be particularly high.

    In short, it can be done quite easily, the only question being, why would you want to do it if it doesn't help build your credit. I don't underestimate prestige, but don't do it strictly for that. Do it if it serves other purposes.

    Good luck!

  5. Killer

    Killer Guest

    RE: Am/Ex Fidelity Card Update


    I need one card with prestige. I use credit cards for job expenses (my employer later gives me an expense check). I am very tired of flashing the sub-primes! I get questions like...what kind of card is this? does this card really charge high fees like I've heard?
    As Dogman has stated, it's something about AMEX that draws favorable attention. I have accounts for credit building. So an AMEX secured card or Fidelity wouldn't be for that.
  6. TY

    TY Guest

    RE: Uh Oh...

    I opened a Fidelity brokerage account two yrs ago and they checked my credit .Fidelity pulled equifax for me.E-trade and Ameritrade don't check credit.
  7. Mike

    Mike Well-Known Member

    RE: Uh Oh...

    I would not worry about the credit check. I am almost certain you will get the card. Also don't worry about the reporting, build and maintain a reasonable balance in your brokerage account and you will get any card Amex offers. Clients that have large liquid assets are the most sought after and very expensive to acquire. You will be the kind of client Amex wants and needs. I am sure glad more people in this forum have started to view these accounts as valid alternatives. I posted this several times in the past :)
  8. dogman

    dogman Well-Known Member

    I love my Am,ex

    Hi Killer. Yup, I still agree. My situation was exactly like yours - I do not like "flashing" ANY subprime - have none in the wallet now - just AMEX Green Card - FINE - and Visa GoldCheck. Also gas card,
    and then my corporate cards which I cannot use for my own stuff.

    I pull the AMEX - no matter what version, and people look and you do see the reaction to AMEX. People think ... hmmm...successful.
    Hey, when I see somebody pay with AMEX
    anything, I think ....hmmmm...successful!

    Killer - you'll get yours this year.
    CYA Dogman
  9. Michael

    Michael Guest

    RE: Uh Oh...

    I agree with Mike, if one has the Fidelity Amex Card I can see offers coming for Blue, and other Amex Products in the mail, not to mention other institutions.

    Also remember most Amex Apps. ask if your an existing card member and ask for the account Number so obviously experiance counts with them!
  10. Killer

    Killer Guest

    RE: I love my Am,ex

    I'm patiently waiting!

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