Fidelity used to offer both an American Express card (earning 2% cash back on all purchases) and a Visa card (earning 1.5% cash back on all purchases for the first $15,000 in spend and then 2% thereafter) when the card was issued by FIA card services (Bank of America). When Elan services (U.S. Bank) announced that they would be taking over this card portfolio they also announced that only a Visa card would be issued and this card would earn 2% cash back on all purchases.
Unfortunately it seems they have decided that if you had/have the Visa card when it was issued by FIA card services, then you’ll still need to spend $15,000 before you receive the 2% cash back rate. Even though new applicants won’t have this requirement and the old American Express cardholders will be transitioned to this new Visa card that earns 2% from the get go as well.
[Read:Â Fidelity Visa Credit Card From Elan Services (U.S Bank) Review]
This strikes me as very odd by Elan services/U.S. Bank, I don’t see why they wouldn’t just upgrade existing Visa cardholders to the same Visa card others will be issued. You can find the downgrade rules for U.S Bank here, obviously this is from Elan services so the same rules might not apply. You can see the letter that they sent out below.
Hat tip to reader Jeff H
I stop using Fidelity VISA for that reason and use Citi Double Cash exclusively since.
FWIW, I called the customer service number on the back of the new card immediately after activating it and asked to be changed from the old 1.5 pts per dollar program to the new 2 pts per dollar program. They didn’t give me any flak and it only took about 2 mins. No new card will be issued, they just change the rewards setup on the back end.
I delayed, but based on postings here and FW, I called Elan about the Visa with the 1.5% reward rate. CSR indicated there was an “offer” available to upgrade to the 2% reward rate. She processed the “offer” and indicated a new card with the same number would be sent out. I did receive new T&C with the 2% reward language, but no new CC. It has been over a week now.
Also looks like cash back isn’t deposited into your Fidelity account until you accumulate 5,000 points (the equivalent of $3,334 in spend. I saw this when I set up my account for auto redemption, but I can’t get that screen to come back up. Did anybody else see this? That’s also a downgrade from their previous product.
Thanks for confirming.
Any new ideas on how to make Bank of America WorldPoints valuable with Fidelity resumption option will be available soon.
Under Elan services, will the reward points remains WorldPoints? Can we still transfer WorldPoints from Bank of America’s Travel Reward card to Fidelity Reward (WorldPoints) program?
No, they will not remain world points. The World Points program is part of Bank of America, not fidelity.
>This strikes me as very odd by Elan services/U.S. Bank, I don’t see why they wouldn’t just upgrade existing Visa cardholders to the same Visa card others will be issued.
It’s pretty obvious isn’t it? That 0.5% difference is all gravy for the bank/Fidelity and I’m willing to bet most previous cardholders don’t notice/care enough to do anything about it. 1.5% straight CB seems to be the norm for more recognizably-branded cards anyway (Quicksilver, FU).
Citi has been pushing the DC pretty hard, but less than half of people pay off their statements in full every month anyway right? I wonder what their average “effective” CB rate they pay on that card is.
Oh, I know it’s obvious why they are doing it. Just think that it builds a lot of ill will with new converted cardholders. I guess it doesn’t really matter if they let you easily product change to the other product.
I have the FIA visa.Contacted a rep by phone stated I wasn’t happy about new card being1.5%. Was told when I receive new card call back will be upgraded to 2%.
You’re better off calling Elan to confirm since it will be their product.
I’m gonna try the same thing after my card gets in. What specifically did you argue?
Didn’t get a chance to argue,simply stated I wasn’t happy my card was only going to receive 1.5% since Elan would only be offering a 2% card. Elan rep immediately tells me to call back after I receive new card and ask to be upgraded to 2%. Should point out I current only earn a max of 1.5% on my Visa and my letter doesn’t mention 2% after 15000.00, only 1.5% on all purchases.
I have the Fidelity 529 College Rewards card – both Visa and Amex. My letter for both cards states that the new Visa Signature card will be earning 2% for both cards as before.
Reread the card with last four numbers of your Fidelity Visa card. Separate letters were sent about each card. I also have the Fidelity Visa coded 529 college Rewards. That letter says the Fidelity Visa will be 1.5% Rewards to $15000.00 spend.
I am more concerned to see how they handle the current BT To Sept 2017.
I have 4 Fidelity 529 College Rewards Visa cards for myself and family members. I have 1 Fidelity 529 College Rewards Amex card. The 5 letters received for all 5 cards state: “earn 2 points for every dollar you spend, up to 150,000 points per year.” I have had the Visa cards for around 12 years and the Amex card for about a year.
Already mad enough that I’m getting two of these cards, but this is worse. Only thing stopping me from cancelling the 1.5% is that the old fid visa is one of my oldest accounts.
I currently have the AmEx card so I guess I’m brought in to the auto 2% rate but I’m worried that it’ll be changed eventually too.
No you’ll receive the new rate.
I’m sorry, William, but I am confused.
The post reads, “Even though new applicants won’t have this requirement and the old American Express cardholders will be transitioned to this new Visa card that earns 2% from the get go as well.”
I am:
An existing cardholder with anold American Express card issued by FIA
Why do I still receive the new ($15,000) rate? Is it because I have a card issued by FIA?
Am I missing something obvious in my reading? Thank you!
If you have the American Express card already, this doesn’t affect you.
Okay cool, thank you!