Free (no yearly fee) AmEx Gold Card (has BVG) with Fidelity account

[thetoad]

If one has a Fidelity account with over $5000 in it, one is elligable for a paid for (by fidelity, as well as the additional card fee if you have a spouse, child....) AmEx Gold card. For people that have some "spare" money or invest anyways, this seems to be a good way to get an AmEx card that is elligable for the BVG program. I'm opening a Roth IRA anyways (never to early to start saving for retirement, even at my ripe old age of 22) and with the AmEx (and a bunch of other things fidelity offers) this seems like a decently hot deal for people who want to pricematch with BVG.

what do people think?

 

[Cooky]

Do I contact Fedility or AMEX for this deal??

 

[thetoad]

I dont know exactly, haven't gotten mine yet. (just opened the account, need to transfer the appropriate funds into it) I assume its all done through fidelity.

 

[Optical]

How does this work? I already have a 401K account with fidelity and it's over $5k. Where's the link and how do I get started. Thanks.

 

[iloveanji]

i have an AmEx gold that i pay the fee on. i was curious about what a BVG is? pardon my ignorance.

 

[fr]

BVG = Best Value Guarantee

It's AMEX's built-in price protection. You can get an adjustment in the form of a check if you purchase an item with your AMEX card and see it advertised later at a lower price. Not all cards have BVG.

You can call AMEX for more details or someone less sleepier than me will provide them in this thread.

 

[JJordan]

You have to sign up for a Fidelity brokerage account at Fidelity, put $5000 into the account and sign up for all electronic transmission of informaiton to avoid maintenance fees. The $5000 is a requirement to get the Gold Card, not open an account (less to open account only). I received my Gold Card yesterday. Free cash advances (becuase the remove them from your Fidelity Account, not charged as credit -- sorta like an ATM< -- $1.50 ATM fees apply). Your balance is paid each month out of your Fidelity account. I think there is another thread about this somewhere.

 

[thetoad]

sign up for all electronic transmission of informaiton to avoid maintenance fees.

what do you mean by that? Fidelity's MoneyLine? the Electronic Statements?.....

thanks

 

[shutrbug]

Here's a link to a comparison of the Fidelity Gold Card vs. regular Amex Gold Card. Looks like a great deal. Thanks!

 

[thetoad]

ok, just talked to an online CSR, here's the gist about fees (at least for IRA and stock plan, as thats what I was interested in)

ME: Also I was wondering what fees there are on my account. someone told me that if I "should sign up for all electronic transmission of informaiton to avoid maintenance fees"

CSR: We'll for example, if you have Fidelity funds only in your IRA, you will not be charged an annual maintenance fee as long as the balance is over $2,000.

ME: and if I have stocks?

CSR: It depends. ...... Give me a few minutes. Let me summarize it for you.

ME: And a different question (so I don't forget to ask it, answer it after this question is done). How exactly does the Fidelity AmEx gold work.

CSR: On a stock account, the annual fee is $50. The fee is deducted from your cash account in December. However, it is waived if your account is less than 1year.

And also.....

CSR: The fee is waived if..
you have over $30,000 in total assets
Two commissionable trades in the last 12 months
enroll to receive confirms and statements on-line
if you have an 401K account that is managed by Fidelity

ME: so its basically if you buy once and then hold it.

ME: if you buy twice, then your trading fees "cover" the maintance fee

CSR: Yes, that's it.

 

[wahoomcdaniel]

Best Value Guarantee (fine print)

Fidelity American Express Gold Card Info.old Card

6. You?re assured the lowest price available on a covered item purchased entirely with an eligible American Express Card in the U.S. If, within 60 days of your purchase, you see the identical item in a printed, dated advertisement at a lower price than you originally paid, American Express will refund the price difference to you, up to $250 per item. Refunds are limited to $1,000 annually per Card account. For more details or to file a request for a refund, call 1-800-557-8317.

Am I correct in the intrepretation that a lower advertised price at a web site will not be honored when you try to claim the BVG?

 

[JJordan]

Sorry for the Vauge Info. You have to elect to receive all statements confirmations etc. by e-mail (see below) to avoid the $50 annual fee.

Certain accounts will be subject to an annual fee of $50.00 normally assessed in November. This fee will not be assessed if any of the following conditions are met:

? The household qualifies for Silver or Gold commission schedule
? The household has $30,000 or more in assets in eligible Fidelity retail accounts
? The household has generated two or more stock, option, fixed-income or FundsNetwork transaction fee fund trades in the 12 months prior to the valuation date
? The only positions in the account are Fidelity funds2
? All eligible accounts in the household have suppressed delivery of paper statements and trade confirmations

1 The Annual Account Maintenance Fees apply to brokerage accounts including the Fidelity Account, IRA, SEP-IRA, non-prototype brokerage, Roth IRA and Keogh accounts that have been open for more than one year as of the valuation date. The fee will be deducted from your core account. The fees do not apply to Fidelity SIMPLE IRA Accounts, CHIT Accounts, Portfolio Advisory Services Accounts, Employee Stock Plans, Employee Investment Services Accounts, or BrokerageLink Accounts. Fees are waived for customers in Premium Services and Private Access.

2 Fidelity Accounts that have only held positions in the Fidelity Family of mutual funds in the 12 months prior to valuation are not subject to the annual account maintenance fee. However, "each fund" or "each position" may be subject to the Fidelity mutual fund small balance fee.

 

[RossMAN]

Correct me if I'm wrong. In order to get the Amex Gold BVG for free and a no fee Roth IRA I need to have a Roth IRA balance of at least $5,000 and elect to receive all my statements electronically, right?

 

[JJordan]

You do not / cannot get the Amex Card with a Roth IRA account. The Fidelity Amex Gold card is debited from your cash account at Fidelity each month, not paid by you directly to Amex. A Roth (or any retirement account) would not permit that.

The Fidelity American Express Gold Card is offered by American Express to Fidelity AccountSM customers with a minimum account balance of $5,000.

Exclusive features of the Card include:

? $75 annual membership fee and the $45 fee for each additional card paid by Fidelity for as long as you maintain your Fidelity Account
? Free ATM access for qualified customers including access to cash at over 450,000 ATMs worldwide*
? Purchases will be deducted monthly and cash withdrawals will be deducted daily from your Fidelity Account. All transactions are reported on your Fidelity account statement

How to Apply

If you are a Fidelity Account customer:

Apply for the Fidelity American Express Gold Card online. After you log in, the Cash Management Features page displays. Scroll to the Fidelity American Express Card item and click Update.

Cards can be issued to non-retirement individual and joint registrations only and cannot be issued to non-retirement corporate, trust or UGMA/UTMA registrations or any retirement accounts.

 

[AlanS]

I have the fidelity gold card. Just got a survey from Amex about the best value guarentee. Asked about my experience and such. Asked if I used the card more because of the BVG. Anyway, I slobbered all over them when filling out the survey. Hope it helps in keeping the program going.

 

[RossMAN]

Thanks for the clarification JJordan, damn damn damn!

 

[PsychoAndy]

Originally posted by: wahoomcdaniel
Best Value Guarantee (fine print)

<a class=ftalternatingbarlinklarge target=blank href="http://home1.americanexpress.com/apply/fidelity/card/docs/page1b0.asp?Entry=0#footnote_6">Fidelity American Express Gold Card Info.old Card </A>

6. You?re assured the lowest price available on a covered item purchased entirely with an eligible American Express Card in the U.S. If, within 60 days of your purchase, you see the identical item in a <STRONG>printed, dated advertisement</STRONG> at a lower price than you originally paid, American Express will refund the price difference to you, up to $250 per item. Refunds are limited to $1,000 annually per Card account. For more details or to file a request for a refund, call 1-800-557-8317.

Am I correct in the intrepretation that a lower advertised price at a web site will not be honored when you try to claim the BVG?

Nope. They will accept a printout of the webpage.

<---used all $1000 of BVG protection on one claim in january

 

[littlezipp]

Anyone here actually have Fidelity?
I will be opening a stock account at the end of this summer, and I don't know who to go with.
An American Express Gold card for BVG would be nice though!
I read most of the fine print at their site, and it looks like their accounts have a lot of hidden fees, if anyone knows anything about them, I would appreciate it.

 

[AlanS]

I have a fidelity account. Never had any problems and have never had any fees. It might depend on account type, amount of money and how many trades you make. Just read the fine print and see if you think you'll be able to avoid the fees that you're referring to. I haven't had any problems with their service. Check writing too if you meet the requirements.

I actually like the convenience of using their credit card (amex) because you don't have to worry about paying the bill at the end of the month. Just gets debited from the account. Yet it's a real credit card for reserving rental cars and stuff.

 

[NogginBoink]

I have Fidelity 401(K), Roth IRA, and brokerage account. Obviously I went with them because of my employer, but I will say that their web access is top-notch, and their CREPS are knowledgable and friendly.

I'm extremely pleased with the level of customer service Fidelity provides.

 

[stukincalifornia]

I've had accounts at Fidelity for almost a decade and I have always been very happy with them. It's a great place to keep your $$$.

Isn't AmEx a charge card and charges interest as soon as you charge something -- unlike a credit card?

 

[thetoad]

I'm now slightly annoyed with Fidelity's site. It seem to have problems when used with Linux and Mozilla/galeon (or netscape 6) they reccomend netscape 4.79 to me. aiyee.

anyone know about insurance aspects. i.e. can one buy insured CDs through fidelity (or other secure investments, in this market I would want want my IRA to be in something thats not a gamble, other investements I dont mind so much) what about the cash account, is it insured.....?

thanks

 

[PsychoAndy]

Originally posted by: stukincalifornia
I've had accounts at Fidelity for almost a decade and I have always been very happy with them. It's a great place to keep your $$$.

Isn't AmEx a charge card and charges interest as soon as you charge something -- unlike a credit card?

the difference between a charge card and a credit card is a charge card must be paid in full @ the end of the month. no flexible payment, no interest no finance charges. a credit card is flexible with finance charges.

if they charged interest as soon as you charged something, they wouldnt be in business. everyone would go to competitors

 

[JJordan]

This is from My Gold Card materials received this week:

When you use the Fidelity Express Gold Card, you won't have to worry - you'll have no finance charges added to your purchases because you pay your bill in full each month.

 

[Almighty1]

Actually guys, I have been a Fidelity Active Traders Gold client for 7+ years and I have both the Fidelity Gold Visa and Fidelity American Express Gold card as well as the American Express Investment Management Gold Card from American Express Brokerage. These cards really are just no different than Visa Check cards you get at the bank except you get the benefits that is offered as part of that credit card if you had the normal credit card. Fidelity seems to have lowered the requirements for it since the cards used to require $30,000 in assets to get it while American Express Brokerage required $25,000 before but now, it's $100,000 and the account is now known as American Express One Financial Gold Card. The only benefits is you'll save from the membership fees with these as they have your money on deposit.