➡I want to offer one clarification on this video. As many of you have correctly pointed out, canceling a no annual fee credit card, especially one with an account history this long is not the best move for your credit score. I originally titled the video "Canceled" the 2% Fidelity for a more "clickable" video but I more accurately just stopped using the Fidelity card and "sock drawer-ed" it. In the future, I'll make sure my video titles and thumbnails accurately reflect the content inside! Thanks for watching and commenting to correct this 👍🏼
If you use the 2% cashback and dollar cost average it into the S&P 500, the returns will be far greater than any value you might get from credit card "rewards" over the long term.
I used to love this approach as well, but decided I'd rather have the sign up bonus, and take the extra margin that I'm saving on travel each year and invest that instead.
Hey @mr-prez, you're exactly right. I posted a pinned comment to clarify this as I wrote "canceling" in the title, but instead have just stopped spending on it. I've now changed the title to better reflect what actions I actually took with the Fidelity card. It's still a useful card for some purchases where I can get a better return with the 2% cash back where the Chase card falls short.
Fidelity visa is my go to card, I set up a separate account for reward deposits which get invested in $SCHD For me it’s set it and forget it. I personally don’t have the time or patience to nickel and dime better rewards and keep track of where I do my spending to maximize rewards. To each their own. Good channel 👍👍👍
It is infrequent but Fidelity does have a sign up bonus. It also now has no foreign transaction fees. I also think this video is more geared to someone that is looking for a good travel rewards card. Personally I’m not.
I’ll echo what others have said. You’re making the argument against signing up for the Fidelity Visa, not canceling. If you already have the Fidelity Visa you can just sock drawer it instead of throwing away the credit history and there aren’t many cards offering 2% AND no foreign transaction fees so in that way it’s superior to the CSP for spending abroad.
It's an okay card but the flexibility for rewards is awful which was my last straw. I ended up switching over to the Venture X despite the annual fee because you get more than what you pay for.
The sign-up bonus for Fidelity is 18mo 0% APR on balance transfers and purchases. With $25k earning elsewhere, that is equivalent to well over $1k sign-up bonus.
Agreed with where you're coming from. Just keep 1 thing in mind - Fidelity Visa offers simplicity. Some people don't want to deal with categories, transferring to partners, etc.. Just 1 card for all my expenses and leave me alone. Having said that, i am a Sapphire addict. All my living expenses go on it and the points transfer to United each month. But i also have a stock portfolio + IRA's with Fidelity, so I get where they're coming from
100% agree. The Fidelity card does an incredible job at the simple things you ask it to do well. I flew United last week and loved it. I've heard the lounges are also pretty awesome if you have a chance to stop by one on a long layover. Nice setup yourself!
Another alternative motive video without transparency. Clicking the Sapphire card link provides 10K bonus points to the OP if you're approved for the card. I'm willing to bet this card is not at all used and rather just hoping for the referral bonus points. Smart strategy- I just wish there was more transparency in the video...
First of all, thanks for watching! I do, however, consistently use my Chase Sapphire Preferred for every day spending. I even have a video coming out soon that highlights how I've used the card over the 1st year having it. And of course, the links I provide help support the channel financially. If you watch my videos consistently, I let viewers know that there is never any pressure but using those links are the #1 way to support the channel and allow me to continue to make educational credit card content.
This was the card that I started with in one of my last years of undergrad so it's not bad at all. It wasn't the card that was the best part, but it was connected to an investment account which got me into investing which has been a great habit since then. Since I've started reviewing cards, the hands down best card I recommend for starters and cash back is Discover It. You get a cash back match for your entire first year of spending and good rotating categories. Here's a link that will give you a $100 cash bonus too ⤵ rdguarantee.link/Discover
Churning sign up bonuses is the best way to make money from credit cards! How often you be opening new cards? Hope to see you do more hands-on review of credit cards.
Thanks! I'm not a CC game veteran yet so my biggest goal is to open cards as they make sense for my needs and not to force it just to earn random SUB. I'm targeting the Venture X in early 2024 to boost my travel experiences. In all my research that is the number 1 travel card. I'll make videos that cover the process of getting the Venture X!
But.. you don't get 5x points if you transfer points to southwest and buy a ticket through their site (as opposed to the Chase travel portal). Southwest is not in the Chase Travel portal.
The 5x is only if you're spending money (not points) to buy the flight in the portal. If you're spending points to buy the flight, then it works out to be about the same. If you're only spending points, then in his example it would be the difference between 1.6c and 1.25c per point (Southwest vs Chase respectively). You also get the benefit of booking directly with the airline, which is generally a better experience if you need to make changes to the booking, compared to Chase's portal.
This was the same reasoning I had that made me stay with cashback than apply for rewards. Points/miles cards would just push me to spend more for point chasing. Id rather stick with my cheap flights when flying domestic. But I get the use of travel cards for other people.
I wish I had a little more information on this one. I got the Fidelity visa with a lower credit limit ($5k - $7k) and never asked for (or needed) an increase as I was finishing grad school and starting my first job. Sorry!
➡I want to offer one clarification on this video. As many of you have correctly pointed out, canceling a no annual fee credit card, especially one with an account history this long is not the best move for your credit score.
I originally titled the video "Canceled" the 2% Fidelity for a more "clickable" video but I more accurately just stopped using the Fidelity card and "sock drawer-ed" it.
In the future, I'll make sure my video titles and thumbnails accurately reflect the content inside! Thanks for watching and commenting to correct this 👍🏼
If you use the 2% cashback and dollar cost average it into the S&P 500, the returns will be far greater than any value you might get from credit card "rewards" over the long term.
I used to love this approach as well, but decided I'd rather have the sign up bonus, and take the extra margin that I'm saving on travel each year and invest that instead.
I haven’t heard a justification for *cancelling* the 2% fidelity card. You just threw away a good credit line and payment history for no good reason.
Hey @mr-prez, you're exactly right. I posted a pinned comment to clarify this as I wrote "canceling" in the title, but instead have just stopped spending on it. I've now changed the title to better reflect what actions I actually took with the Fidelity card.
It's still a useful card for some purchases where I can get a better return with the 2% cash back where the Chase card falls short.
I agree
Fidelity visa is my go to card, I set up a separate account for reward deposits which get invested in $SCHD For me it’s set it and forget it. I personally don’t have the time or patience to nickel and dime better rewards and keep track of where I do my spending to maximize rewards. To each their own. Good channel 👍👍👍
There are tons of investing minded people who feel this way and for them I almost always recommend looking into the Fidelity Visa! Thanks for watching
It is infrequent but Fidelity does have a sign up bonus. It also now has no foreign transaction fees. I also think this video is more geared to someone that is looking for a good travel rewards card. Personally I’m not.
I’ll echo what others have said. You’re making the argument against signing up for the Fidelity Visa, not canceling. If you already have the Fidelity Visa you can just sock drawer it instead of throwing away the credit history and there aren’t many cards offering 2% AND no foreign transaction fees so in that way it’s superior to the CSP for spending abroad.
100% right. I pinned a comment and changed the video title to better reflect my decisions.
It's an okay card but the flexibility for rewards is awful which was my last straw. I ended up switching over to the Venture X despite the annual fee because you get more than what you pay for.
About to go get the Venture X myself! Super excited for this.
The sign-up bonus for Fidelity is 18mo 0% APR on balance transfers and purchases. With $25k earning elsewhere, that is equivalent to well over $1k sign-up bonus.
Agreed with where you're coming from. Just keep 1 thing in mind - Fidelity Visa offers simplicity. Some people don't want to deal with categories, transferring to partners, etc.. Just 1 card for all my expenses and leave me alone.
Having said that, i am a Sapphire addict. All my living expenses go on it and the points transfer to United each month. But i also have a stock portfolio + IRA's with Fidelity, so I get where they're coming from
100% agree. The Fidelity card does an incredible job at the simple things you ask it to do well.
I flew United last week and loved it. I've heard the lounges are also pretty awesome if you have a chance to stop by one on a long layover. Nice setup yourself!
Another alternative motive video without transparency. Clicking the Sapphire card link provides 10K bonus points to the OP if you're approved for the card. I'm willing to bet this card is not at all used and rather just hoping for the referral bonus points. Smart strategy- I just wish there was more transparency in the video...
First of all, thanks for watching! I do, however, consistently use my Chase Sapphire Preferred for every day spending. I even have a video coming out soon that highlights how I've used the card over the 1st year having it. And of course, the links I provide help support the channel financially. If you watch my videos consistently, I let viewers know that there is never any pressure but using those links are the #1 way to support the channel and allow me to continue to make educational credit card content.
Cancelled or sock drawer? With the lengthy history on it I hope you just SD'd it, since it's no AF.
**Sock Drawer for the Fidelity card. See above comments for clarifications.👍🏼
Would you recommend this card for a undergrad student?
This was the card that I started with in one of my last years of undergrad so it's not bad at all. It wasn't the card that was the best part, but it was connected to an investment account which got me into investing which has been a great habit since then.
Since I've started reviewing cards, the hands down best card I recommend for starters and cash back is Discover It. You get a cash back match for your entire first year of spending and good rotating categories. Here's a link that will give you a $100 cash bonus too ⤵
rdguarantee.link/Discover
Churning sign up bonuses is the best way to make money from credit cards! How often you be opening new cards? Hope to see you do more hands-on review of credit cards.
Thanks! I'm not a CC game veteran yet so my biggest goal is to open cards as they make sense for my needs and not to force it just to earn random SUB.
I'm targeting the Venture X in early 2024 to boost my travel experiences. In all my research that is the number 1 travel card. I'll make videos that cover the process of getting the Venture X!
But.. you don't get 5x points if you transfer points to southwest and buy a ticket through their site (as opposed to the Chase travel portal). Southwest is not in the Chase Travel portal.
The 5x is only if you're spending money (not points) to buy the flight in the portal. If you're spending points to buy the flight, then it works out to be about the same.
If you're only spending points, then in his example it would be the difference between 1.6c and 1.25c per point (Southwest vs Chase respectively). You also get the benefit of booking directly with the airline, which is generally a better experience if you need to make changes to the booking, compared to Chase's portal.
Why would you book travel at higher costs via Chase just to get rewards when you can book much cheaper other ways?
Sometimes the Chase travel portal has the exact same pricing as any other booking site. Just have to do your diligence and compare the options.
This was the same reasoning I had that made me stay with cashback than apply for rewards. Points/miles cards would just push me to spend more for point chasing. Id rather stick with my cheap flights when flying domestic. But I get the use of travel cards for other people.
How good is Fidelity with initial credit limit and then regular line increases? I just got another mailer telling me to apply.
I wish I had a little more information on this one. I got the Fidelity visa with a lower credit limit ($5k - $7k) and never asked for (or needed) an increase as I was finishing grad school and starting my first job. Sorry!