To: Dogman/Michael re: Fidelit

Discussion in 'Credit Talk' started by Jim, Feb 9, 2001.

  1. Jim

    Jim Well-Known Member

    Hey guys could you clarify some things for me regarding the Fidelity account and credit. I have over $30K in a Fidelity IRA account. I also am restoring my credit after a Chap 7 BK discharged in Feb. '99.

    Is the AMEX card and Visa available to Fidelity members with "IRA" accounts rather than brokerage accounts?

    Is the AMEX card just a debit card?

    Are the AMEX and visa cards automatic for a Fidelity member like myself?

    When I contacted Fidelity with these ?'s a month ago, I was told that the AMEX card is strictly a non-reporting debit card. They offered to send me a visa application but said I have to qualify just like for any other card. Fidelity doesn't care if I have 3K or 300K in my IRA account.

    Based on the conversation, I dropped all discussion of credit cards with Fidelity.

    Please educate me. Thanks
  2. Cadillac408

    Cadillac408 Well-Known Member

    Not Dogman or Michael but...

    Just call (800) Fidelity. They will answer all of your questions. I've called several times and have talked to several reps and they have all answered my questions. Only one time did a rep give me incorrect info (stated that I needed $30k in my account to use cash management features). I also asked if my 401k account counted in qualifying to apply for the Am/Ex card and he said that it didn't. I don't know about IRAs. I don't think IRAs have cash management features (i.e. visa, am/ex card, check writting, etc.). Only brokerage accounts do.

    I was also told that the $5k to qualify for the Gold Am/Ex card is a *special* that might be ending soon? (rep stated that I should hurry up and apply because it might not be lasting too long). Who knows...

    The Am/Ex card is indeed a debit card and purchases are deducted monthly. ATM transactions are debited daily.

    I'm assuming that the credit requirements may be the same as for the secured Optima since it's just a debit card basically. Who knows....I guess I'll find out soon enough.

    If you want to find out if the Fidelity brokerage account is going to work for you, open up an account on-line and fund it w/ $5k and request (during your on-line account set up by checking the box) that you want the card. See what happens. If it works, then cool....if not then you can withdrawl your money and close the account???? It's not that much of a hassle...20 minutes to set up on line and 5 minutes to mail a check and fund your account (or you can band wire the funds).
  3. Cadillac408

    Cadillac408 Well-Known Member



    When I talked about my 401k counting in qualifying for the Am/Ex card I really ment:

    Does the funds in my 401k count towards the $5k needed to qualify for the Am/Ex card. And they don't. It's only assets in your acutally brokerage account that count. So I'm assuming that IRAs don't count either.....unless you transfer funds out of your IRA and open up a brokerage account.
  4. dogman

    dogman Well-Known Member

    HEY Ya'll

    Jim - from what I know from AMEX Rep Jason, you need to meet normal Gold Card credit qualifications - reason being that people could put in money - get the card - pull the money out and stiff AMEX. However- I am certain a larger $ amount makes it easier for a much broader audience.

    The AMEX GOLD Fidelity Card is a debit card - BUT - all charges for the month are delayed for a 30 day grace period - then the charges are debited. AND all AMEX benefits are
    immediately available. AND, you will be offered other pre-approved AMEX products
    with good history.

    IT IS A DYNAMITE CARD! If someone pulled out one of those v. AMEX Gold v. AMEX GOLD
    Rewards Plus - you would still think they were very successful.

    Hell - when I pay with my Green Card, there is a TOTAL DIFFERENCE in how you are treated
    whenever you pay for anything!

    cya dog
  5. the other

    the other Well-Known Member

    closure fee

    If you close the fidelity account, you are charged a $50 fee.

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