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My answer Ted - I had a Capital One credit card previously but felt that their customer service was lousy. It's been awhile so maybe that's changed but you know once you go elsewhere you loathe to start elsewhere anew.
" I expect that any unused rewards will be switched over to the new card. "
I called Fidelity a couple of months ago; they verified this is what will happen. Otherwise, I would have built up enough points to redeem, cashed out, and stopped using until the conversion.
(Actually, I may drop the card once it converts; no need for yet another VISA card in my wallet.)
Right now I'm trying to figure out VISAs to clear out of my wallet. I try to maximize cash (or cash equivalent) rewards and minimize foreign transaction fees.
One card that I have (but may dump) is what started as the Schwab 2% VISA. When it went to BofA, it was converted to a 1%/2% (groceries)/3% (gas) card. It also kept one feature from the Schwab card - no foreign transaction fee. In contrast, the "real" BofA Cash Rewards card charges a 3% fee.
My plan was to convert this to a BofA Travel Rewards (1.5%, but only as a credit against travel expenses), and boost that to over 2% with a "bonus" for money in a Merrill Edge account. The BofA rep that I dealt with couldn't figure out how to handle some details of card owners and converting cards, so I wound up with both cards for now.
I've been waiting for time to pass before cancelling one card - as you observed, one treads carefully in rearranging one's cards. Meanwhile, the original card (with the Merrill bonus) now gives me 3% on groceries and gas rebates near 5% (for those quarterly fill ups of mine). And it gives me cold hard cash instead of credits against my travel charges.
But the BofA Travel Card counts lots of stuff as travel, including monthly commuter transit fares. So it's easy enough to redeem as travel credits. This card also has no foreign transaction fee.
The last thing I need is another VISA card that pays less than the travel card (albeit in cash rather than credits) and has a 1% foreign transaction fee.
Another factor for me is credit line, not that I have ever used such a thing or anticipate doing so. I too have too many confusing BoA Visas, but for a long time only one had a $30k line (though now all of them do), same as Fido Amex. Meanwhile I cannot get my Discover above like $750. Again, it doesn't matter ultimately, just another thing to take into account maybe.
So long as the BofAs are all serviced by BofA (and not their FIA subsidiary), it should be possible to transfer some of the credit line from one card to another. Though I don't know what I'd do with a $60K credit limit.
I can't remember a bank increasing our credit limit any time in the past decade or more, except for the one time we asked. That was for the Schwab VISA (a 2% card w/o foreign transaction fee) where we had been given just the basic $5K limit. That is more than enough for our travel since much of it is prepaid, but still a low limit for foreign travel.
We're now using it as a grocery card, and I don't think we eat that much
I cared more when the kids were younger and had a copy of the family card and I wanted to be sure if they ever needed large cash quickly the card could be used. If/when you retired, it is interesting to see what happens when you ask for an increase.
Anyone know what the new Fidelity card charges for foreign transactions? Can't find that mentioned in the Fidelity info/advertisement for it, so I'd guess it's not insignificant, or they would be advertising it.
The card charges 1% foreign transaction fee. That's somewhat insignificant in the sense that you still net a 1% reward (2% reward less 1% fee), but that net is less than Quicksilver, with 1.5% cash back and no foreign transaction fee.
I believe that VISA/MC networks charge a 1% fee; if your card charges less, the bank issuer is eating the cost. From the bank's perspective, this fee (like any fee) is "extra revenue", though here it may be for the purpose of covering its network costs.
Comments
REgards,
Ted
I called Fidelity a couple of months ago; they verified this is what will happen. Otherwise, I would have built up enough points to redeem, cashed out, and stopped using until the conversion.
(Actually, I may drop the card once it converts; no need for yet another VISA card in my wallet.)
One card that I have (but may dump) is what started as the Schwab 2% VISA. When it went to BofA, it was converted to a 1%/2% (groceries)/3% (gas) card. It also kept one feature from the Schwab card - no foreign transaction fee. In contrast, the "real" BofA Cash Rewards card charges a 3% fee.
My plan was to convert this to a BofA Travel Rewards (1.5%, but only as a credit against travel expenses), and boost that to over 2% with a "bonus" for money in a Merrill Edge account. The BofA rep that I dealt with couldn't figure out how to handle some details of card owners and converting cards, so I wound up with both cards for now.
I've been waiting for time to pass before cancelling one card - as you observed, one treads carefully in rearranging one's cards. Meanwhile, the original card (with the Merrill bonus) now gives me 3% on groceries and gas rebates near 5% (for those quarterly fill ups of mine). And it gives me cold hard cash instead of credits against my travel charges.
But the BofA Travel Card counts lots of stuff as travel, including monthly commuter transit fares. So it's easy enough to redeem as travel credits. This card also has no foreign transaction fee.
The last thing I need is another VISA card that pays less than the travel card (albeit in cash rather than credits) and has a 1% foreign transaction fee.
Again, it doesn't matter ultimately, just another thing to take into account maybe.
I can't remember a bank increasing our credit limit any time in the past decade or more, except for the one time we asked. That was for the Schwab VISA (a 2% card w/o foreign transaction fee) where we had been given just the basic $5K limit. That is more than enough for our travel since much of it is prepaid, but still a low limit for foreign travel.
We're now using it as a grocery card, and I don't think we eat that much
If/when you retired, it is interesting to see what happens when you ask for an increase.
Here are the Fidelity card Terms and Conditions.
See, e.g. http://www.creditcards.com/credit-card-news/foreign-transaction-conversion-fees-1276.php
More recent (2014) data:
http://www.creditcards.com/credit-card-news/credit-card-foreign-transaction-fees-disappearing-1280.php