Published on January 3rd, 2016 | by Chuck24
Fidelity to Drop Amex, BofA and Transition to Visa, US Bank
Update: The new card is now available, our review of the new card can be found by clicking here.
Boston Globe is reporting that Fidelity is dropping American Express and Fia Card Services, a subsidiary of Bank or America, and transitioning all cards to Visa with US Bank backing the cards. All cards will be transitioned over by July 1. This is based on information heard from Ram Subramaniam, president of Fidelity’s retail brokerage business.
We reported that Fidelity is no longer accepting new applicants on any of their cards for the past week and promises a new card launch tomorrow. It wasn’t clear if the card would still be backed by BofA and if it would be Amex or Visa or both (currently, there is one Visa and one Amex). This report confirms that it will be Visa only, backed by US Bank.
This is terrible news for the pajama money of earning $240 per year by loading Serve with the Fidelity Amex. We had been expecting that to last a while longer at the least, but the report indicates that it will be switching over to Visa only by July 1. Other options for loading Serve include BBVA or Wells Fargo Amex cards for the $12 per month, among a bunch of others, see List Of Third Party American Express Credit Cards.
The good news is that the card will continue to earn 2% on all purchases and have no annual fee. This will give us another straightforward no-annual-fee 2% credit card, along with Citi Double Cash.
We should find out more tomorrow.
HT: TWAforever on Flyertalk