Fidelity 2% AMEX card going away?

[Chuckanut]

According to Bloomberg Fidelity is looking to replace AMEX for its cash back credit card.

Fidelity Said to Weigh Dropping AmEx, BofA as Card Partners - Bloomberg Business

Nothing in the article indicates what may or may not happen to the 2% cash back from the AMEX card. But, it certainly has been good for its card holders generating almost One Billion Dollars in cashback.

Since Fidelity unveiled its first card in 2003, investors using the products have received a total of $975 million in cash rewards through the end of June, according to a company spokesman.

 

[calmloki]

NOoooo! Every autopay I can is on either the 2% AMEX or the Fidelity Visa - and just about any other substantial bill.

On a tangential note, I did get a note from AMEX this morning offering a $300 statement credit to swap our Costco card that is going away for a SimplyCash Business card, also offering 3% cash back on category of choice up to a $750 mark.

 

[Cobra9777]

Same here. Love this card. No fees and full 2% cash back hits my CMA automatically every month. I hope if there's a replacement, the terms are similar for Fidelity customers.

 

[mickeyd]

Anyone else making a comparison of jumping to a new CD/saving account from your old standby savings account and this idea of jumping from one CC to another chasing a better kickback? Not unlike market timing huh?

Pick one and stay with it.

 

[travelover]

Anyone else making a comparison of jumping to a new CD/saving account from your old standby savings account and this idea of jumping from one CC to another chasing a better kickback? Not unlike market timing huh?

Pick one and stay with it.

Huh? I have no loyalty to any one credit card. If the Fido card is dropped, give me another 2% back, no fee card and I'm gone.

 

[audreyh1]

Anyone else making a comparison of jumping to a new CD/saving account from your old standby savings account and this idea of jumping from one CC to another chasing a better kickback? Not unlike market timing huh?

Pick one and stay with it.

What about when your CC quits giving the cash back. Would you consider still using it? Or try to find another card with equivalent rewards?

Oh, and if your old standby savings account only pays 0.05% interest. You should ignore your option to move your savings to one that is paying 1%?

I don't get it.

 

[Chuckanut]

FWIW, the article did not say that the 2% cashback is threatened, just the card provider. There is at least one other card that provides 2% cashback, and some that provide 1.5% cashback.

 

[audreyh1]

Yes, I think by the article it's clear the Fidelity is looking for a better deal, and if that don't find it they will stay with the current partners.

So I'm no longer worried about losing a 2% Fidelity card.

 

[Chuckanut]

According to an article in the 12/31/2015 WSJ, Fidelity is going to announce changes to the 2% card plan on January 4. No details were provided.

 

[audreyh1]

Oh no!

You can see I expect the worst.

 

[Dave J]

I used the Fidelity AE for about 1 to 1 1/2 years and got tired of the AE not being accepted at maybe 10-15% of places I charge. I got the 2% CITI Double Cash Master card and have had good luck with it the last 6 months. Accepted at 100% of where I charge.So if it (Fidelity 2%) goes away look at the CITI card.

 

[MBSC]

According to an article in the 12/31/2015 WSJ, Fidelity is going to announce changes to the 2% card plan on January 4. No details were provided.

Reference: http://www.nytimes.com/2016/01/04/y...witches-to-visa-for-credit-card-branding.html

Fidelity’s cardholders need not fear: The generous rewards system will remain intact. Instead, Fidelity is ending a 12-year partnership with American Express, and will offer Visa-branded cards through U.S. Bank.

The company said it believed that the new Fidelity Rewards Visa Signature card would be attractive to a wider group of people, including the coveted millennial generation, generally viewed as people born from about 1980 through the ’90s. Visa cards are more broadly accepted by merchants than American Express cards, which was one of the big drivers behind the change.

They will be issued new Fidelity Rewards Visa Signature cards by July. Until then, consumers can continue using the American Express cards.

This Fidelity FAQ says points will transfer.
Fidelity FAQ: https://www.fidelity.com/cash-management/cardmember-faqs

 

[Cobra9777]

That's good news. Same no-fee, 2% reward program, but with VISA, which is more widely accepted. This will allow us to drop our other 1.5% VISA card, which we only use at merchants that don't accept AMEX. We'll continue to use our AMEX Blue Cash for 5% on gas, groceries, and drug stores. The new Fidelity 2% VISA will get used for everything else, including several recurring bills which were previously paid with the 1.5% VISA.

 

[Chuckanut]

Fidelity Investments®, Visa® And U.S. Bank Launch New 2% Cash Back Fidelity® Rewards Visa Signature® Card - TheStreet

Fidelity Investments®, Visa® And U.S. Bank Launch New 2% Cash Back Fidelity® Rewards Visa Signature® Card

By Business Wire Follow | 01/04/16 - 08:00 AM EST

" Under the new card program, U.S. Bank will issue the Fidelity ® Rewards Visa Signature ® Card and the Fidelity Investments 529 College Rewards ® Visa Signature ® Card 4, where cardmembers can earn unlimited 2% cash back with no annual fees, caps or categories when directing rewards into eligible Fidelity accounts 5. The new cards in the program will be issued with chip technology for security and give access to the payment industry's leading digital wallets, including Apple Pay, Samsung Pay and Android Pay.

• Will I receive a new card issued by Elan Financial Services? Yes, Elan Financial Services will issue you a new Fidelity® Visa Signature® card. Information will be sent to you in mid-2016. For now, you can continue to use your card as you normally would.
  
• When will I receive my new card issued by Elan? Information will be sent to you in mid-2016 regarding your new Fidelity® Visa Signature® card. For now, you can continue to use your card as you normally would.