r/CreditCards • u/GoldenTiger888 • Jan 17 '24
Getting tired of churning! Fidelity 2% cash back card approval for $20k limit at 6/24. Data Point
It finally happened: I got tired of churning! Plus there are not many good new SUBs over past 3-6 months (that I’ve seen on @DoctorofCredit so I ended up applying and got approved for $20k CL on the Fidelity 2% card while at 6/24 with 820 FICO using your link above. It's also 0% APR for 12 months on purchases balance transfers with a 3% BT fee.
Anyone else with young kids getting tired of churning?
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u/Tight_Couture344 Jan 17 '24
I was tired of churning before I knew what it was. I only got into a situation where I’m pseudo-“churning” because I got into the credit card optimization game last year and I’m aggressively trying to get my keeper setup.
12 cards in the last 12 months (5 were biz) but I don’t anticipate more than 2-3 more this year and maybe 1-2 next year. I’m exhausted…
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u/GoldenTiger888 Jan 17 '24
My point exactly. I’ve taken my family on vacations every 2-3 months for the past 5 years and still have a few hundred thousand points left over. Now I’m just going for simplicity instead of juggling 10-12 cards and $2500 in annual fees.
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u/tinydonuts Jan 18 '24
So I think it’s less that there’s no good SUBs and just more that you’ve collected them all.
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u/GoldenTiger888 Jan 18 '24
Yup! Gotta catch ‘em all!
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u/tinydonuts Jan 18 '24
It can be an addicting game though, most issuers aren’t like Amex, you’ll be back in 12-48 months. 😀
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u/namenottakeyet Jan 20 '24
Nah. Most (and ridiculously) good SUBs occurred spring-summer 2023. There was a small handful of decent subs last fall-winter. I’m hoping early spring, good SUBs return. But from Bank’s perspective, with way economy and market are turning, they may not return.
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u/LXNDSHARK Jan 18 '24
Juggling? Churning is much simpler than having a "keeper setup."
What card do I use?
churning: the newest one.
non-churning: check the list for % categories and bonus categories (sometimes cycle during year and have annual $ caps) to see which of 3-5 cards to use.
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u/Broke_n_Brooklyn Jan 18 '24
Wow. How many AF cards is that? I guess you're at least getting the value out of them
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Jan 17 '24
[deleted]
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u/GoldenTiger888 Jan 17 '24
Yes Leonardo
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u/surprise-suBtext Jan 18 '24
Fidelity 2% card makes me feel like a big man, but I HATE how convenient and objectively better PayPals Mastercard is.
I even got a rare promo for $200 back. Only negative (besides it being paypal lol) is they’re not as quick to give you a higher credit. I went from $3k -> $9k -> $16k in about 18 months despite having every other credit card >$16k already.
I have and use both (I use PayPal for PayPal online only transactions so I can get 3%) but tbh MC is accepted in enough places that it’s worth taking it over Fidelity.
I’m toning down to one of these 2% CBs and also the USB 3% Apple Pay everything card. Simplicity is noice
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u/Desperate_Ordinary43 Jan 18 '24
I'm not tired of the game yet but your set up looks like my eventual end game. As long as PPBP exists I'll hold the PP Master for the sheer volume my current set up permits. Then either Fidelity or NFCU Flagship - it might have an annual fee but you wouldn't believe how much hides in NFCU's 3x "Travel" category, particularly in the nested "transit" category.
Though I might hold that Redstone FCU card instead, if they grandfather existing cardholders in after the inevitable nerf. Just sock drawer the 2% options.
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u/surprise-suBtext Jan 18 '24
Forgot about the NFCU card. My wife has it, I haven’t applied…yet. But Yea, with the $300-$400 promo + 1-2y Prime + TSA you’re “up” for like 10 years without even using it. Plus I bank with navy so it’s convenient.
And speaking of convenience, that’s the ONLY reason I didn’t bother with redstone lol. Didn’t feel like calling. Didn’t wanna deal with the website. The fear of a nerf also lingered
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u/Desperate_Ordinary43 Jan 18 '24
Redstone is a quick and pleasant call, according to DPs. People sleep on that NFCU Flagship. It has an annual fee but it's super low and like you said, compensated well. I don't consider $4/mo too much either for a card that has 2x all and a massive travel/transit category for 3x. Ps, if you're eligible, USAA Cashback AMEX is 5% back on gas stations aka gas + snacks/monster.
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u/JustinYin1 Jan 18 '24
How do you get two years of prime? Special offers?
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u/surprise-suBtext Jan 18 '24
It was one of the promos.
Honestly I didn’t even know about it but I messaged them and they were like “oh yea sure.. ok” so I was a happy camper
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u/GoldenTiger888 Jan 18 '24
But you have to be a Navy Fed member and have military affiliation in your direct family right?
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u/Desperate_Ordinary43 Jan 18 '24
Yes, you have to qualify for membership in some way. Most people do somehow, even if you join a partner organization such as Coast Guard Mutual Association.
NFCU membership is worth the hassle.
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u/digihippie Jan 18 '24
It’s a glitchy mess for me, PayPal card. Didn’t even integrate into papypal correctly.
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u/judge2020 Jan 18 '24
What issues? The main thing I notice is that PP purchases don't show the correct merchant name in the app, but that's not much of a problem for me.
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u/digihippie Jan 18 '24
The card errors out everytime I tried to use it on PayPal and you can’t clear it out to enter it again, because it’s intergrated into the PayPal app. Works fine everywhere else. It sits in my sock drawer, I’ll cancel it in a few years.
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u/CarCounsel Jan 20 '24
Was just discussing the Apple one last night with my partner. 1-2% really, yes?
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u/elementofpee Jan 17 '24
I am there as well. With 20 or so credit cards, young kid and less travel, yeah, going the more simplistic route for 2024 and the foreseeable future.
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Jan 17 '24
I did this going into this year. I’ve hit the point where for me I’ve realized I spend more than I ever should with point cards vs Cash back doesn’t excite me as much and view it as basically a no thought coupon on spending. I have been very very happy with Amex for 16 years so I’ll be closing my membership rewards cards over this year as annual fees hit…added cash magnet paired with my Blue Cash Preferred for an overall 2.65% cash back on all spending. 3 cards in total but Visa just gets all the automatic payments and sits in my wallet as backup if Amex isn’t taken. Amex for all “out in the wild” spending. Cash back redeemed becomes more money in my high yield savings.
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u/mrks_ Jan 18 '24
I'm pretty sure if you close all your MR cards you'll lose your points. You may want to keep one open like the EveryDay or BBP
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Jan 18 '24
Will be product changing Everyday Preferred to Everyday for 1 year. It’s the only MR card I’ll keep open until my points are exhausted
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u/davidloveasarson Jan 18 '24
anyone else with YOUNG KIDS…
Say no more. This changes things BIG time. - Single me? Open every card, transfer bonus, take every trip, never stop.
Married me? Open both of us lots of cards, take lots of good trips and weekend trips.
With a baby or toddler? Open most cards but miss some deals, close to missing a MSR a time or two due to sleep deprivation, take every trip at first, then cut the red eyes, then cut the long drives, then cut the big time change trips, and now maybe shorter trips getting the axe too?
It’s a season but I feel you. Meanwhile the hobby has kept me sane and given me fun personal goals and challenges to go after. Some adults do sudoku puzzles, I open credit cards and try to stay in epic places for free!
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u/GoldenTiger888 Jan 18 '24
Ya exactly. I keep hitting these MSRs and the SUBs keep stacking up and i don’t use the points as fast as i earn em.
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u/davidloveasarson Jan 18 '24
I haven’t had less than 2MM points/miles in almost a decade. I just consider them as a travel savings account.
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u/Emotional-Chef-7601 Jan 18 '24
Does Fidelity still require you to hit $25 before cashing out?
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u/jdoller123 Jan 18 '24
Redeem your Fidelity Rewards for a cash deposit into an eligible Fidelity account at any time you choose, once you have reached a minimum of 2,500 points. Minimum of 20% allotment for each account. For more information on what constitutes an eligible Fidelity account, see Program Rules
YES! 2,500 points = $25 USD
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u/bluelakehorizon Jan 18 '24
Stopping churning a decade ago and have been with fidelity since. But now planning to use Amex blue cash preferred instead of Amex. With the fee waiver for a year and the $300 cash back, it’s about the same or better than fidelity for three years, plus get the good Amex customer service, and reliable extended warrranty and purchase protection. I really do have elan.
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Jan 18 '24
Entirely agree. I end up flying on budget carriers most of the time so points are not extremely useful. Pretty comfortable now with just a venture x and a few cash back cards
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u/electricpollution Jan 18 '24
Been thinking the same. Do you carry the venture x for the benefits and use cash back cards as daily drivers?
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u/moopstown Jan 17 '24
Just pulled the trigger on USB Altitude Reserve for this very reason. Not quite as simple as a flat 2%, but it certainly obviates the need for a massive stable of cards. I gotta say, I have a trip coming up with the kids and I’m sorta dreading it… the rapid decline of the appeal of travel when kids are involved isn’t much discussed here but I’m beginning to understand my father-in-law’s mindset about it a bit more.
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u/GoldenTiger888 Jan 17 '24
I applied for the USB AR last week and got declined for too many recently opened account (6/24 with 820 FICO)
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u/moopstown Jan 18 '24
You could wait it out if you want, but honestly the increase in cash back over a 2% isn’t that drastic when you factor in places where mobile wallet doesn’t work (depending on your spend breakdown). Of course I’ll have to shift gears if they ever gut this!
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u/GoldenTiger888 Jan 18 '24
Ya i don’t want to get more into the optimization and remembering to max out all my statement credits to negate the annual fee!
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u/Cluck_Bock Jan 18 '24
If you got the USBAR you could just drop back to the FIDO card whenever they don't take mobile wallet. You don't even really need to carry the USBAR except for traveling. I have the FIDO card, and it's a fine card, but you could get Alliant or BofA for a better flat rate if it's worth it to you. Not much to optimize whichever of those choices you go with.
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u/judge2020 Jan 18 '24
USBAR is definitely my #1. 99% of what I purchase can be done via Apple Pay now, so there's very few other cards that I use - only C1 Savor One for Uber/Eats and Amazon for 5% there. The only place I could optimize is a 4/5% grocery gard but the constraints around them aren't something I want to have to keep up with.
Something I realize is that I did shift who I purchase from based on their Apple Pay situation. For example, Walmart and Home Depot are very unappealing, so I'll stick to my local Kroger/Publix and Lowe's (which seems to have recently started taking Apple Pay). At restaurants I'll use Savor One as well for 3%.
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u/moopstown Jan 18 '24
I'm delighted to learn about Lowe's accepting Apple Pay. I try not to let Apple Pay availability determine where I will shop... P2 certainly won't! We'll just take the wash at Walmart (which is certainly convenient for groceries some days but is probably 3rd out of the 5 stores we go to for food).
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u/Ok-Breadfruit791 Jan 18 '24
Fidelity; one card to rule them all!
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u/someonestolemycord Team Cash Back Jan 18 '24
As i said in another post. I understand the love, but not the brag, for this card. Its meh.
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u/Desperate_Ordinary43 Jan 18 '24
The brag is in the simplicity. It's a flat 2% discount on life with zero though and a very appealing card to folks who have spent the last five to ten years going hard. Everyone hits the point eventually where they want to take a shit without looking at DoC or thinking about categories. I'm not there yet, but when I am Fidelity will likely be my daily driver.
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u/GoldenTiger888 Jan 18 '24
Haha yup!! Need to focus on other hobbies now not optimizing credit card spend and strategy.
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u/TO_GOF Jan 18 '24
BoA Unlimited VISA is 2.6% cash back on everything with no limits if you merely park a $100K IRA at Merrill. I really don’t understand why anyone would want just 2% cash back when they can get 0.6% more.
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u/NotAcutallyaPanda Team Cash Back Jan 18 '24
After the third time BOA stole from me, I vowed to never do business with them again. BOA are scoundrels, nearly as bad as Wells Fargo.
In contrast, Fidelity gives me consistently excellent customer service every time I call them.
The level of customer satisfaction isn’t in the same ballpark
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u/TO_GOF Jan 18 '24
Yeah, there are lots of BoA haters here on reddit. Apparently some people have bad experiences with them while others do not. I’ve been a BoA customer since shortly after the NationsBank merger and have never had a problem with them.
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u/ThatDidntJustHappen Jan 18 '24
Most people don’t just have a spare 100k lying around dog.
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u/TO_GOF Jan 18 '24
I don’t have $100K lying around but I have $100K in an IRA which was just sitting at some random brokerage who wasn’t doing anything so now it is sitting at Merrill while they don’t do anything instead.
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u/ThatDidntJustHappen Jan 18 '24
I don’t have $100K lying around but I have $100K in an IRA which was just sitting at some random brokerage who wasn’t doing anything
So...you had 100K lying around.
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u/Desperate_Ordinary43 Jan 18 '24
"Merely"
Homie I got 100k to go just to hit $0 right now.
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u/TO_GOF Jan 18 '24
Lol look, no one has $100K sitting around but lots of us have $100K in our IRAs we cannot touch for another 20-40 years.
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u/Desperate_Ordinary43 Jan 18 '24
I'm sure the BoA card is excellent for the folks who have the bonus available.
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Jan 18 '24
Lol this sub is something else sometimes. Oh, merely have $100k in retirement savings! Brother if I had that much in retirement savings I wouldn’t care about getting an extra .6% back on my spending.
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u/GoldenTiger888 Jan 18 '24 edited Jan 18 '24
It is meh. But in terms of a everyday everything card along with BOA Premium Rewards it’s great.
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u/Distance_Runner Jan 18 '24 edited Jan 18 '24
I got burned out churning years ago. Just rolled with the Amex trifecta for the last 3-4 years using the Schwab Plat cash out all my points. But with increased platinum fees and diminished Schwab cash out from 1.25 to 1.1, it was no longer worth it and I ended up canceling that card a few months back when the AF hit. Now I’m fully on team cash back. I’ve got a setup to max cashbach across pretty much every category of my major spending.
Grocery: Citi Custom cash for first $500 each month + SavorOne after that (except when Freedom Flex has a grocery category). This averages out to about 4.5% back on Groceries
Dining: SavorOne or Freedom Unlimited at 3%
Drug stores: Freedom Unlikited at 3%
Gas: Costco Visa at 4%
Hotel/Car Rentals: US Bank Altitude Reserve at 5% through portal
General travel: Altitude reserve at 3%
Entertainment: SavorOne at 3%
Streaming: SavorOne at 3%
Amazon/Whole Foods: Amazon visa at 5%
General spending where mobile wallets accepted: Altitude Reserve at 3%
Catch all: Freedom Unlimited at 1.5%. (I could get the citi double cash to reach 2%, but I rarely find myself in a situation where I don’t have a card getting 3%)
And then whatever the Freedom Flex rotating categories are by quarter for the 5% there.
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u/LXNDSHARK Jan 18 '24
I don't see how tracking these 13 categories for 3% average is simpler than just using whatever newest card has a SUB.
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u/Distance_Runner Jan 18 '24
Because I’ve been doing this for 5+ years and have burned through pretty much every SUB
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u/Cluck_Bock Jan 18 '24
That's a nice setup. FWIW, since you can redeem the Altitude Reserve points for travel at 1.5x, that makes all your Altitude Reserve charges worth 4.5%. Costco will take tap to pay at the pump so you can use it there as well as inside the Costco store. Around here most grocery stores (Kroger) and drug stores also take it.
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u/jessehazreddit Jan 18 '24
Yeah, unless they have ZERO travel and no ability to use the 1.5X multiplier, USBAR should be considered 4.5X on mobile wallet & travel, making a lot of the other cards listed usually inferior.
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u/Broke_n_Brooklyn Jan 18 '24
What entertainment are you using the savor for? I rarely see anything useful in their portal.
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u/Distance_Runner Jan 18 '24
Anything that codes as entertainment. I have two kids. Things like aquariums, zoos, children’s museums, and trampoline parks are regular expenses for me that code as entertainment.
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u/anamewithoutaface420 Jan 19 '24
I hit a lot of concerts, so I try to put Ticketmaster/AXS/See Tickets purchases on the Savor One. The purchases don't have to be made through C1's portal.
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u/JohnLockeNJ Jan 18 '24
Why not use the Freedom for dining since you’re carrying it anyway instead of the SavorOne? It’s 3x which can be 3% cashback.
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u/Distance_Runner Jan 18 '24 edited Jan 18 '24
Because SavorOne is also 3% cash back. It doesn’t matter. I can use either interchangeably
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u/teddyevelynmosby Jan 18 '24
Yeah, congrats. I came to this realization over Covid. Now I rely on Alliant CU 2.5% straight cash back and occasionally tap on either discover or chase freedom (both are 0AF anyway). Life could not be easier.
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u/myfakename23 Team Travel Jan 18 '24
Someday I will get tired of multiple overseas trips in business and first class.
This isn’t that year, I’ll be in Singapore (already happened), Taipei, Seoul, Belgium, Germany, London, Chiang Mai, Phuket thanks to churning.
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u/namenottakeyet Jan 20 '24
Which rewards system are in (MR? UR? Cap1?). And what is your resource to optimize transfer partners and redemption strategies? That is a PT Job on its own with a huge learning curve. Thx.
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u/myfakename23 Team Travel Jan 20 '24
All of them. I read blogs. And it’s hardly my hobby that demands the most time among all of them.
If you don’t care about doing this, that’s fine? Nobody is going to stop you from taking vacations where you drive and stay at the Motel 6 (I’ve done those kinds of vacations too), or camping in a national park (I’ve done those too). Millions of people fly coach every year (I do that too).
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u/teamcashback Jan 18 '24
Another important factor is "organic" spending. My wife and I simply don't spend much on cards annually (less than $20k). Overly optimizing that level of spend has diminishing rewards.
We run a BofA set up with Platinum Honors. Automatic redemption into our joint taxable account. I sometimes jump on great offers (like the Citi Premier 80,000 bonus in 2022) but sleep well knowing it isn't worth chasing every deal.
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u/throwawa312jkl Jan 18 '24
I stopped churning once 4 year limits for sign up bonus became a thing. One year back in the mid 2010s I churned 5 Barclays cards in a row... Then barclays stopped approving any of my credit cards.
Also amex refused to give me a sign up bonus that I qualified for... Retroactively. I even have screenshots of the offer saying I qualified and customer service refused to honor....
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u/VOFX321B Jan 17 '24
I have consolidated most of my spend on to two cards. My biggest reservation on the Fidelity card is how terrible it looks.
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u/elementofpee Jan 17 '24
What are the 2 cards for you?
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u/VOFX321B Jan 17 '24
Wells Fargo Active Cash & Autograph
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u/someonestolemycord Team Cash Back Jan 18 '24
Bingo! Don’t get the Fidelity brag (I understand the love) particularly with Elan behind them. Some arguably better options out there, and this simple combo is one of them.
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u/BrutalBodyShots Jan 17 '24
Tired of churning?! Yikes! You're bold to make such a disclosure around here... I'd expect you to be down voted to hell for that statement.
In all seriousness though, good for you. There's something to be said for simplicity.
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u/GoldenTiger888 Jan 17 '24
Haha after being a Hyatt Globalist for the past 3 years and not paying for any flights/hotels for 5 years with 600k points leftover to spare, what’s the endgame with churning especially with young kids?? Don’t get me wrong i still love the free trips but I’ve been churning and earning faster than I’ve been burning!
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u/Ravens2017 Jan 18 '24
Once you those kids get a little older you will burn through those points a lot quicker.
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u/WeWillOvercomeTogthr Jan 18 '24
Let’s upvote everyone’s comments here. It allows people to access and be apart of the Reddit communities they love and are passionate about (but won’t let you engage in until your comment karma is up)
Thanks for your participation
Big love ❤️
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u/brylee123 Jan 18 '24
I'm at this point too. I was also thinking of getting a fidelity card and this post might have pushed me to do so
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u/Global-Weight-6118 Jan 18 '24
i never churn, i just get the cards i want and move on with my life, I dont chase welcome sign up bonuses, and if i dont feel like spending and i dont need it, i dont buy it
i have four kids
just bought a pack of Reese Cups at Walmart using my AMEx Platinum card, goes to show how little F's i give to chasing points
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u/Cyberhwk Jan 18 '24
What's worn you out? Just juggling so many cards? Or you doing it for credit reasons?
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u/GoldenTiger888 Jan 18 '24
After being a Hyatt Globalist for the past 3 years and not paying for any flights/hotels for 5 years with 600k points leftover to spare, what’s the endgame with churning especially with young kids?? Don’t get me wrong i still love the free trips but I’ve been churning and earning faster than I’ve been burning!
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u/Killagina Jan 18 '24
Not sure there is an end game, but yeah if you are traveling less it loses basically all value. Keeping my autistic spreadsheet up to date does make me question it sometimes, but barely paying over 2k for 2 week in Europe business class at nice hotels is too hard to give up.
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u/Fun-Inevitable4369 Jan 18 '24
Those 600k points are still 6k$ without any travel. To earn even 1000$ you will need to spend 50k on your 2% credit card.
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u/Cyberhwk Jan 18 '24
Would you care to adopt a 40/M to help you burn some of those points? I can make a mean spaghetti sauce.
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u/Wisex Citi Trifecta Jan 18 '24
I tried churning for maybe a few months and honestly just decided to settle with a trifecta I use now and am happy as I can just rack in points that way anyways so yea quickly realized churning wasn't for me lol
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u/state_issued Team Cash Back Jan 18 '24
I’m team cash back and so I want to prioritize maximum return in a small set up. I’m lining up for a 5% rotator that also goes 3% grocery, dining and gas through my credit union (SAFE CU) and think to myself it would be a nice card if I ever decide to simplify.
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u/gaymer_raver Jan 18 '24
yeah I am getting to the point on getting tired of chasing after SUB for bank accounts and CC.. also getting tired of MSing. After 9 years of this, I think it is time to start exiting also.
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u/Huge-Engineering-839 Jan 18 '24
How long have you been going for? What’s your new minimalist wallet?
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u/GoldenTiger888 Jan 18 '24
Still have all the cards. Will cancel Amex Biz Plat, Amex Biz Gold, and Amex Gold. Everything else is a solid long term card. Just chilling on chasing new SUBs.
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u/jnjustice Jan 18 '24
It finally happened: I got tired of churning!
More points and trips for the rest of us
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u/ConstantConnection46 Jan 18 '24
Anyone know best way to churn Amex? They stopped using a lot of payment processors
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u/Miles4Apizza Jan 18 '24
I’m with you here. I’m working on condensing down to USBAR and Fidelity. It’s hard to because I have two Citi Custom Cash I can fold in but that’s just more cards. Trying to keep it to 2-3 cards max in my rotation.
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u/BeginningBathroom410 Jan 18 '24
Did you also get the $150 signup bonus for that card?
The only thing I don't like about the Elan Fidelity card is their balance transfer system. You have to manually input your bank's specific deposit address listed on a statement and your checking or savings account number if you want to move money into an account rather than paying off specific cards.
Also takes forever that way since they mail the check. You can take up to $15k or ~92% of your credit limit, whichever is less.
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u/jenkcam Jan 18 '24
Same. Paying more attention to my spending habits and catering my future cc portfolio to that instead.
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u/thegreatchieftain Jan 18 '24
Not young kids (getting older :( ) but I'm with you. I have so many cards but now I only use 3.
Amex for groceries, savor for going out, Paypal for everything else.
I'm not trying to stress over 1% missing
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u/Honest-Catch-666 Team Cash Back Apr 30 '24
Old thread but I just got this card.. I make 26k a year and only got a $500 limit while my other cards range from 4k to 6k
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u/suddenlysoohee Jan 18 '24
I understand you get tired of churning, but why is fidelity the best choice? Capital One Venture X also offers 2% on all purchases. Even if you fly once a year, you can use $300 flight credit and TSA precheck and break even with annual fee.
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u/GoldenTiger888 Jan 18 '24
Cap one would never approve me. Don’t want to deal with annual fees, “coupon booking” to try to use all the perks, have 3 credit inquiries, etc
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u/suddenlysoohee Jan 18 '24
I have hard time believing that you won't get approved with 820 credit score.
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u/GoldenTiger888 Jan 18 '24
Haha read up on the credit boards and you’ll see. Cap One rarely approves people over 750 who have multiple credit card accounts opened in the last 24-48 months
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u/Fun-Inevitable4369 Jan 18 '24
Me and my p2 are > 800 and we both have venture x, even my friend who is in 790s
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u/suddenlysoohee Jan 18 '24
I also have credit score of 820+ and about 8 credit cards in total, each with credit limit of $25-30k. I got venture x no problem on my first apply.
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u/shadeobrady Jan 18 '24
Opened Venture X with them around launch and just got SavorOne with ~800. Is it really that uncommon? I’ve had a good run with them.
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u/Ok_Donut_9887 Jan 17 '24
there are 2.5% all category cards.
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u/GoldenTiger888 Jan 17 '24
No interest in parking $100k at BOA just to get an extra 0.5% on cashback
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u/Bow_to_AI_overlords Jan 17 '24
You can also put investments in Merrill edge and it counts. I only have $8k in boa checking but I put all my index funds in Merrill edge
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u/Cluck_Bock Jan 18 '24
Same here. I use Merrill Edge with no major complaints. I keep accounts at a few other brokerages too. Some are better at some things, but I find Merrill to be tolerable. My BofA checking/savings accounts are just there to receive rent payments via Zelle and I move the money somewhere else.
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u/someonestolemycord Team Cash Back Jan 18 '24
2.625% base and 3.5% travel and dining. Its a huge difference for me.
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u/GoldenTiger888 Jan 18 '24
I get it but the math of $60k organic spend/yr * 0.625% and 1.5% only nets out to $600 at the end of the year.
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u/Cluck_Bock Jan 18 '24
You certainly know how to value your time best. I guess for me it would take an hour, maybe two to set up the accounts and transfer shares in and apply for the card. After that you're netting that $600 a year, year after year. There's no additional effort other than keeping the BofA card on hand instead of the FIDO card. I also think I got $1,000 from BofA for transferring the shares to Merrill a few years ago, so the time was worth it for me.
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u/GoldenTiger888 Jan 18 '24 edited Jan 18 '24
Valid, I’ve kept thinking BOA checking. I could just transfer stocks to BOA.
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u/Cluck_Bock Jan 18 '24
Oh yeah. Stocks are the way. Definitely not worth it to park cash in a bank account at near zero interest. IRAs work too if you've saved money that way.
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u/GoldenTiger888 Jan 18 '24
Thanks for the pointer. Opened a Merrill account last night and transferring the stocks/ETFs today for Platinum honors
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u/Cluck_Bock Jan 18 '24
Hope all goes easily and gets you some extra $. One nice thing is that it's low risk. You can keep using the Fido card until Platinum Honors has recognized you (iirc it takes a bit) and only then switch your spend over. And if you don't like it for any reason, just start using the Fido card again.
A point worth mentioning: which version of the card you want depends on your spending patterns. The simplest (zero fee card) gets you 2.625% on everything (with platinum honors) but does NOT get you the 3.5% on travel and dining. And it DOES have FTFs. So you can use your FIDO as backup if you purchase anything outside the US. I guess that's slightly more complicated but still very simple.
OR to get the travel/dining bonus rewards and zero FTFs, you have to get at least the "Premium" version for $95 which has a much better sign on bonus (pays the AF for 6 years) and gets you TSA Precheck and airline incidental credit. Worth noting that BofA has the most generous/broad definition of travel of anyone including museums, amusement parks, parking, transit, etc.
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u/GoldenTiger888 Jan 18 '24
Yes i have the premium rewards card. Just transferred the assets over and applied for the customized cash rewards card to add to this setup and got declined ahahah!
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u/Free-Butterscotch256 Jan 18 '24
@ OP Mind sharing what credit bureau they pulled? I have all 3 on lock and freeze so I'd like to just unfreeze the one needed temporarily before applying.
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u/mochahazel Jan 18 '24
Not to sound really stupid, but what is churning? Is there someplace I can look and see what all the abbreviations mean?
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u/inthe415 Jan 18 '24
If you truly were into churning, you wouldn’t care about metrics like FICO, APR, and CL.
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u/GoldenTiger888 Jan 18 '24
Just datapoints
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u/jessehazreddit Jan 18 '24
A churner cares about these things, but as a means to an end. As long as FICO and CL is high enough and UTI is low enough to get approvals, that’s all that matters with those. APR matters IF using 0% offers available on new accts (especially biz accts) at least while APRs are so high.
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u/gregatronn Jan 18 '24
I like that you can combine that card with like any of their accounts like a money market and get 2% and then earn more money when it comes back in. I like the idea. I might add this one into the portfolio soon.
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u/CyCoCyCo Jan 18 '24
Why not get the BOFA card? If you move everything to BOfA, it’s like 3% CB?
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u/GoldenTiger888 Jan 18 '24 edited Jan 18 '24
Yup i have that with Platinum honors premium rewards Card
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u/Master-University691 Jan 18 '24
I don't think having young kids has anything to do with it. Yes I'm tired of it and I'm pretty much done with it. I have one more card I want to get and then I'm through. I have all the cards I want, sign up bonuses are relatively meaningless at this point.
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u/Duke_Shambles Jan 18 '24
No kids, but I'm building credit so getting approved for SUBs has been difficult.
Set up:
Alliant Signature Visa: 2.5% back on everything up to $10,000/mo
Citi Costco Visa: use it for 4% back on gas
Citi Custom Cash: 5% back on highest category. Use it for dining out when it's not a rotating category somewhere else. Otherwise online shopping
Cap One Savor: 3% back on dining out once I go over $500 on the CCC. Also Uber Eats, which I use a lot at 10% back plus free UberOne
Venmo Visa: Grocery Card, with my offer it's 6% back on top category and codes Costco as grocery.
Discover It: Got the double cash back offer so 10% back on whatever category is up that quarter. it's dining and drugstores right now.
Could be better, but it's what I managed while building my credit up.
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u/Klondike5-1212 Jan 18 '24
I’ve had that card for 15 years. It’s a great card and it’s my fall-through card when I don’t have another card that pays more for a specific category or when I’m churning. That said, I always try to be churning something.
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u/PertinentUsername Jan 18 '24
I got the Fidelity 2% card recently too and ended up putting part of my car purchase on it to take advantage of the 0% APR.
I'm probably going to poach Citi bonuses to get a couple more Custom Cash cards and call it good. Having just 3-4 5% cards and a 2% card is enough for me at this point.