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If you need further assistance, call Cardmember Service at 88. If you do not want your Points automatically deposited into your Fidelity account(s), you can choose to accrue Points and redeem them at a time you choose once you have reached the 2,500 Point minimum. If you need further assistance, call Cardmember Services at 88.Īt the end of each month, if you have reached the 2,500 Point minimum, your Points will automatically be converted to the equivalent dollar amount and that amount will be deposited into your designated eligible Fidelity account. You can set up your Fidelity Rewards for automatic redemption by adding your eligible Fidelity account(s) to receive cash deposits. You can choose to have your Points automatically redeemed for a cash deposit into your eligible Fidelity account(s) on a monthly basis, or you can choose to accrue Points and redeem them at any time: How does the Fidelity Rewards Credit Card work if I elect to donate my rewards to my Fidelity Charitable ® Giving Account ®? If you are also making contributions to another company's IRA, Fidelity is unable to monitor whether you have maximized your total annual IRA contributions, and we will not be able to stop the reward contribution from going to your Fidelity IRA. IRS rules also prohibit IRA contributions from being made to Traditional and Rollover IRAs for the year an IRA owner reaches age 70½ and beyond. Under IRS rules, individuals who do not have earned income are generally not eligible to make IRA contributions. Customers can continue to let Points accrue until the next year, or they can redeem these Points for other rewards, such as travel, merchandise, gift cards, or statement credit. If we determine that you have fully contributed to your Fidelity IRA accounts for that year or reached the maximum contribution limit on your Fidelity-managed 529 plan account, Fidelity will not accept the Points transfer, and your Points will continue to accrue at Elan Financial Services.
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Prior to accepting the transfer of Points from Elan Financial Services, Fidelity will verify whether you have reached your maximum contribution amount with Fidelity for that year.
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Consult your tax advisor concerning tax consequences. It is your responsibility to ensure that any deposits to your Fidelity account are eligible contributions and do not violate the terms of your Fidelity accounts, applicable IRS contribution rules, or limitations or other applicable laws or regulations. To the extent that you are not eligible to make an IRA or 529 plan contribution or have already made your maximum IRA or 529 plan contribution for the year, any additional contributions can subject you to IRS excise taxes. The ability to contribute to an IRA or 529 college savings plan account is subject to IRS rules and specific program policies, including those on eligibility and annual and maximum contribution limits. Here are some things to keep in mind if you want to deposit your Fidelity Rewards into these accounts:Īll IRA and 529 plan contributions resulting from the card will be considered current-year contributions.