Fidelity announced this week that they have dropped credit card partners American Express and Bank of America. It was a 12 year partnership that was ended. Fidelity announced that their new partners would be US Bancorp and Visa. The alliance will allow Fidelity to provide Visa branded credit card products to U.S. consumers, including Fidelity customers. U.S. Bank has also agreed to acquire Fidelity’s existing co-brand credit card portfolio with about $1.6 billion in associated balances.
The new alliance will feature cards with chip security technology. Also, users will have access to digital wallets including Apple Pay, Samsung Pay, and Android Pay.
The new card program will issue the Fidelity Rewards Visa Signature Card and the Fidelity Investments 529 College Rewards Visa Signature Card. Card members can earn 2 percent cash back with no annual fees, caps or categories when directing rewards into eligible Fidelity accounts.
Cardholders of the current co-branded products between Fidelity and FIA Card Services may continue to use their card as usual.
For the full press release on the new partnership for the Fidelity Rewards Visa Signature Card click here.