Calling the Change “Exciting,” FIA to Terminate Fidelity 529 College Rewards MasterCard
When MBNA and Bank of America merged their online access last month, my MBNA AAA credit card has been moved to BoA and I can access the credit card using the same login as my BoA bank account. But my Fidelity 529 College Rewards card, which was also issued by MBNA was left out. What used to be MBNA NetAccess now becomes FIA NetAccess and that’s fine as long as I can continue to use the card.
Last night, I got a letter from FIA card service regarding the “exciting” changes on the Fidelity 529 card. However, as I read on, what I felt was everything but excited. The letter says that the “Fidelity Investments 529 College Rewards MaterCard will no longer be offered to new customer.” In stead, it is replaced by the new Fidelity Investments 529 College Rewards American Express Card. One significant change made on the AMEX card, which I assume to be “exciting” point, is that the 2% rewards I currently earn with the MasterCard will be cut to 1.5% with the new card. Other benefits include offers through American Express Selects and getting help at American Express Travel Services. But do I really care these services? The only reason I got this card was the 2% rewards. Without it, the card is no difference any other reward cards. When I went to Fidelity’s website, I found that they already started offering the new AMEX card with a 0% balance transfer for 12 months offer with no less than $10 but up to 3% balance transfer fee!
Fortunately, the letter also says
Your existing account will not be automatically converted to the new 529 College Rewards American Express Card and you will not receive the new Card unless you choose to apply for one.
And that’s exactly what I am going to do.
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It’s exciting to them because they’re making more money.
I really like my Fidelity 529 Mastercard. I hope they keep the 2% going until my daughter goes to college in 7 years.
John: Though the change seems to be quite bad (they want to keep more money in their own pockets instead of rewarding their loyal card members), your existing card should be fine at least according to the letter unless you opt in the new card. How long the rewards will remain at 2% for existing card is everybody’s guess. I do wish they won’t for me to switch as I have more than 15 years before my daughter goes to college.