Question
How do the upgrades work with this card?hotel? airline? read the catalog but really couldnt figure it out.anyone know?
Answer
A truly horrible card. Where to start. Redemption is average. The Starwood card is better for FLights due to the 5k bonus. Other airline affinty cards earn just as many points for redemption. ( Dont even think of using points for other than airline purchases) #2 They take the money for purchases out of the 4th Wed of the month. So a purchase made on Tues is paid for on Wed. No float and the max float is 30 days. Some credit cards are 50-60 from purchase date.
Save yourself the effort and dont get MERRILL LYNCHED run from the card. There are lots of better offers avail.
Answer
Hi Ken, is the way the Fidelity Investments American Express card works too?
Answer
quoting from the AmEx site:
"Together, American Express and Fidelity Investments® have created an exceptional Card—the Fidelity American Express Gold Card. When you maintain a Fidelity Account, your Gold Card charges are automatically paid from your Fidelity Account at the end of each billing cycle. You'll also enjoy the convenience of managing your expenses with the monthly and year-end Fidelity Account statement, and you can qualify for free ATM transactions. The Card’s annual fee of $75 is waived, compliments of Fidelity Investments. And because the Fidelity Gold Card is a charge card, not a credit card, your bill is paid in full each month, so there is no pre-set spending limit. When you maintain a Fidelity Account, additional Cards are fee-free, so you can share virtually all the benefits and services with your friends or family members."
so it sounds like it works the same way as the Merrill Lynch card in that the AmEx Gold card is also paid for at the end of a billing cycle. If the end of the billing cycle is say the 20th and you made a purchase on the 18th, then you would only have 2 days of float.
Answer
one more comment . . . perhaps Fidelity is making out on the float and thus offers the Gold card without an annual fee.
Generally speaking, is it better to give up the float and not have to pay the annual fee, or is it better to pay the annual fee of $75 and get the float? Opinions?
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I understand that there is an elite program.Does anyone know?
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Magna, Sorry I was so slow to respond. Back when INterest % were 5-6% for Money Markets, it would make sense to value having a float. However with 1/2% -1% MMF rates, float is a non event unless you have 100k or more. I would defintely go for the fidelity card, but there are still better options, albiet they are not attached to your investment account.
K