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Fidelity Rewards Visa (Elan) unlimited 3% card (Fidelity Rewards+)

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Posted (edited)

If you have funds with Fidelity and the visa card be sure to see if you are eligible to bump your 2% cashback rate to 3% via the Fidelity Rewards+ program. Even though it says only managed accounts count toward the rewards tiers, a strategic phone call can get around this (at least for now and if you are naturally a sweet person on the phone like Hegemony).

 

https://www.fidelity.com/cash-management/visa-signature-card

 

If you do qualify based on the named account types, be sure to sign up early for the $75 amzn gift card bonus.

 

Only problem for me is Elan is a sucky bank and my limit is only 25k although I haven't asked for a CLI in a few years.

Edited by hegemony

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This is really intriguing. I'd love to get this card bumped up to 3%. However, I have a personal philosophy of steering clear of using professionally managed financial services, especially ones that take a commission that is percentage-based rather than having a flat fee structure. I feel that the fees involved are usually a rip-off when the rate of return you get is often worse than putting your money in an index fund.

 

Any hints on what kind of verbiage you used to pass as a sweet person on the phone, so I can ask DW to duplicate it? Also, I assume this call was to Fidelity regarding enrolling in the Rewards+ program and not with Elan?

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Just to be clear, it takes $2 mil of managed assets to qualify for the bump to a full 3%, right?  (smaller bump for lesser investments)

 

FWIW, nothing to sneeze at.  But not enough incentive to switch brokerages (not that this was suggested).  $50k annual spend = $500 add'l cb / $2 mil = 0.025%

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Posted (edited)
On 5/30/2020 at 2:08 AM, hdporter said:

Just to be clear, it takes $2 mil of managed assets to qualify for the bump to a full 3%, right?  (smaller bump for lesser investments)

 

FWIW, nothing to sneeze at.  But not enough incentive to switch brokerages (not that this was suggested).  $50k annual spend = $500 add'l cb / $2 mil = 0.025%

 

https://rewards.fidelity.com/offers/rewards/rewards-wealth?ofr=1311

 

Yes, it appears to be that way.

 

Looks like you also get a $75 Amazon credit if you are one of the first 20,000 to sign up. I wonder how much it would cost me per year to let them manage $2M? I use Fidelity and have the bulk of my non real estate assets there, but contemplating the vig on $2M they'd take, just to push annuities on me, makes me ill.

Edited by policebox

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Posted (edited)

I saw a $250,000 account minimum. Even if it's that, I feel it's really a lot of money to tie-up for a 1% reward bump. Also, if there are extra management fees for an account you wouldn't otherwise need, what would be the point? You could be spending more for the account than on your reward bonus.

Edited by Burgerwars

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6 hours ago, swimmingwithsharks said:

Is Elan still owned by US Bank, or was or spun off? I remember reading it was going to be a separate company, but I've neve found confirmation that actually happened

Both.

 

They sold part of it and kept part of it.

 

https://www.usbank.com/newsroom/news/us-bancorp-announces-plans-to-sell-third-party-atm-and-debit-servicing-business.html 

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5 hours ago, cv91915 said:

I see. So US Bank still owns Elan credit card services.

 

In that case, I will add that my US Bank USeless Platinum card, that started out 20+ years ago as  "issued by Elan," and eventually became simply US Bank, has been stuck at $24,500 CL for at least 10 years now. Just to "second" Hegemony's DP above.

 

(Tbh, I have never asked for a CLI on this card - it did grow from $3.5k to the present through automated CLIs, but that was a different era. Now, I use it every 6 months to buy something i want that's around $10-15. You know, just active for AAoA sake) 

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33 minutes ago, swimmingwithsharks said:

I see. So US Bank still owns Elan credit card services.

 

In that case, I will add that my US Bank USeless Platinum card, that started out 20+ years ago as  "issued by Elan," and eventually became simply US Bank, has been stuck at $24,500 CL for at least 10 years now. Just to "second" Hegemony's DP above.

 

(Tbh, I have never asked for a CLI on this card - it did grow from $3.5k to the present through automated CLIs, but that was a different era. Now, I use it every 6 months to buy something i want that's around $10-15. You know, just active for AAoA sake) 

Watch your mailbox.  US Bank recently upgraded my vanilla platinum to a cash+.  The odd part is they didn't ask.  I thought it might be because they are phasing out their platinum card, but it is still listed on the website.

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Posted (edited)
On ‎6‎/‎4‎/‎2020 at 8:22 PM, swimmingwithsharks said:

Is Elan still owned by US Bank, or was or spun off? I remember reading it was going to be a separate company, but I've neve found confirmation that actually happened

Yes Elan is still owned by U.S. Bank...

 

However U.S. Bank did sell certain Elan assets that were NOT related to their credit card portfolio:

 

U.S. Bancorp announced today that it has agreed to sell its third-party ATM and Debit Servicing business, which is part of the company’s Elan Financial Services unit, to Fiserv, Inc., for approximately $690 million.

Edited by Rogue

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I haven't used the card for over a year so I'm going to run some $$$ thought it for a few months and then ask for a CLI. Last time it was a TU hard for 5k CLI IIRC.

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