Fidelity used to offer both an American Express card (earning 2% cash back on all purchases) and a Visa card (earning 1.5% cash back on all purchases for the first $15,000 in spend and then 2% thereafter) when the card was issued by FIA card services (Bank of America). When Elan services (U.S. Bank) announced that they would be taking over this card portfolio they also announced that only a Visa card would be issued and this card would earn 2% cash back on all purchases.
Unfortunately it seems they have decided that if you had/have the Visa card when it was issued by FIA card services, then you’ll still need to spend $15,000 before you receive the 2% cash back rate. Even though new applicants won’t have this requirement and the old American Express cardholders will be transitioned to this new Visa card that earns 2% from the get go as well.
[Read: Fidelity Visa Credit Card From Elan Services (U.S Bank) Review]
This strikes me as very odd by Elan services/U.S. Bank, I don’t see why they wouldn’t just upgrade existing Visa cardholders to the same Visa card others will be issued. You can find the downgrade rules for U.S Bank here, obviously this is from Elan services so the same rules might not apply. You can see the letter that they sent out below.
Hat tip to reader Jeff H
