I read the recent posts sounds really good. Was wondering who is going to be first to go out there and see if this is the real thing. I am going to give it a try I think but not to the first week of Feb and see what happens.
RE: AMEX Fidelity - whose goi Michael stated that one of his clients has already got the ball rolling. He open and funded his account and his Am/Ex Gold was issued 5 day later. I'm going to open an account sometime in early Feb. also. Hope it's legit!
RE: AMEX Fidelity - whose goi I can only state that it is legit. But please keep in mind my client was in a position that he had NOTHING reporting to the Credit Bureau's! I can not say anything regarding those with serious credit problems. I however don't think small problems would be an issue!
RE: AMEX Fidelity - whose goi I guess you answered the question that I was just about to ask. Someone posted a while back that Fidelity ran a credit check on them but that was several years ago. I guess there's only 2 ways to find out...either call or just apply. Michael, are you able to find out if his credit was checked by Fidelity via worthknowing.com or someone else? I would like to know if possible.
Also... FYI.. I opened a brokerage account with Merrill Lynch back in September. I opened it up on-line and all I had to do was send them the money to fund my account (they gave me an account number and everything). I backed out of it because I decided to use the money to put down on a car. I guess I could of just sent them the money and then used a check on that account for the down on my car but I guess I wasn't thinking at the time. But the bottom line is that they didn't run a credit check.
RE: AMEX Fidelity - whose goi To each his own. Opening a brokerage account for an Amex Debit card (even it they take it out at the end of the month, it's still a debit card). It's not credit and since they don't do a credit check and don't report how are you building creidt or relationships? Amex has a deal with Fidelity to provide Fidelity customers with Amex debit cards against their account instead of ATM or Visa debit cards, not to help people establish credit. Investment Firms: This is an investment Firm, not a bank. People need to think of it as such. You get a different kind statement for the end of the year for Tax purposes Etc. This is not for everyone. I like the idea of an Amex Platinum card, but this seems like a pretty big hassel to get one.
RE: AMEX Fidelity - whose goi Eboni I respect that maybe this isn't for you, but I disagree that this will not help you build a relationship W/ Amex. Look the secured card says it will how by your payments. Do you really think Amex would take the secured card payments on a $200.00 line of credit and forget the payments of someone with a Gold Card, probably charging 500.00 a month or more???
RE: AMEX Fidelity - Not just Eboni, The Fidelity is not just a debit card. It is credit as purchases are not cleared till end of month and the account is set up with Margin. Margin is a revolving line of credit that is backed by the securities in your account. It is the same principal as your home is collateral for your mortgage loan. You are developing a relationship with Amex and Fidelity. Building assets like this that are liquid and substantial are what most banks look for. These are the types of customers that spend hundreds if not thousands a month. They travel, buy large homes, and utilize the add on services that banks and credit cards make a lot of money on. The account is not a hassle as it is designed to be an asset management account with check writing, bill paying, credit, and all packaged nicely with a year end summary. For those that have the necessary dollars to fund this account, they can't go wrong. The account is a tool and it reinforces good behavior. Building good credit is good but building assets is better. I would rather be the lender than the borrower any day! So many in this forum were excited when Citibank issued them high limit cards...I just hope that these people are using them as a tool and are not just burying themselves deeper. I hope they only charge and pay whatever they charge off at the end of the month. Paying 18% or more to someone is rediculous. As a rule of thumb, one should not finance depreciating assets. For most people this means the only loan they should have is a mortgage. If you have a business then it is different as you are trying to build and you are investing in the business. I know this may sound harsh and un-realistic but if you want to achieve true financial independence then you have to develop sound patterns, set goals, and even make sacrafices, but in the end you will be the one who wins.
RE: AMEX Fidelity - Not just Mike, I agree 100%. The people who agree with you probably are the ones who have something in the bank, while those living payday to payday probably won't want to hear these words. Besides that with a debit card to spend $200.00 you must have $200.00 in the account. With Fidelity's amex Card you don't have to have the money in the account, just have past payment history to show you will pay at months end.
RE: AMEX Fidelity - Not just I still disagree. I will probably open an account to see how it works and if I like it. I have the money to play with, while most people don't. The average American does not see 5K cash a month (in their hands post tax), or ever 2 months or every 3 months. The average person on this board has a modest income and this is not for everyone. That was my main point.
Point Well Made! Point taken. I must admit, this is a great post with a debate from both sides. Great discussion guys! :-D
It's amazing ...eboni ...that people here are acting like you can't afford the card or open the account. When quite the opposite is true. You and I are mostly opposed to the card initially. It's ironic how You and I see that $5K/mo or a lot more, but are more just selective with where we put our money. That also includes our friend MP of course. That my view on things. roni
