New card is now available, 2% on all purchases and runs exclusively on the Visa payment network.
Fidelity has an Amex credit card that earns 2% cashback on all purchases, and a Visa credit card that earns a tiered cashback rate – 1.5% initially and 2% after making $15k in purchases annually.
Both cards are no longer available for signup. (Link)
Fidelity promises a new card on January 4th, 2016. They refer to it as the “Fidelity 2% Cash-Back Card”, but they also say, “earn up to 2% cash-back”, indicating that it may not be a flat 2% card. It’s possible that the new card will mirror the current Fidelity Visa card and earn a tiered cashback rate of 1.5% on initial purchases, and 2% after a certain threshold.
Back in March 2014, a Fidelity representative stated that the 2% cash back rate would remain for at least 18 months, which leaves us ripe for changes now. They also indicated then that the 2% card is a loss leader of sorts.
Remember, as well, what was reported back in August that Fidelity is considering parting ways with Amex and Bank of America. I have no particular love for BofA, but having a 2% Amex card is lucrative as a means of earning $240 per year loading Serve online. It also gives us access to Amex Offer deals with the Fidelity card. We’ll have to wait and find out if the new card is Amex to see if these things will continue.
Still unknown is how all this will affect existing cardholders; we likely won’t see any changes immediately, but will get switched over some time in the future. A while back, the NYTimes heard from Fidelity that the 2% rate will remain until November 2016, at the least.
HT: pdxuser on Flyertalk
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The official announceme t was yesterday. It will be a VISA card and will continue the same 2% as Amex was giving.
So, U.S. Bank won the Fidelity business and purchased the book of business from BofA, including both of the AMEX and Visa credit card programs?
Thank you phantom707 & Miguel!
How do you sign up for amex offers on the fidelity card?
Unfortunately only Facebook and Twitter offers work. The ones offered on the AmericanExpress.com Account Dashboard are not available for the Fidelity card. You cannot access AmEx.com with just a Fidelity card.
Use the Facebook or Twitter link tools to do so. http://www.amexoffers.com/
There are other 2% cash back cards available:
Citi® Double Cash Card
Capital One Spark Cash for Business.
Links on my website in the Credit Cards > Free Cards > Cash Back Cards section
Chuck, any rumblings about Schwab + AmEx partnership talked about in early 2015?
I haven't heard anything recently. We'll probably hear soon...
Sorry for being little of topic.
Can the same thing happen to the BBVA NBA AMEX card ? If so, what do you think are the chances ?
I don't see any reason to think this will happen there.
Fidelity guaranteed to me early last year that it would not change the 2 percent rebate for at least 18 months. This week, it reset that clock, so anyone who starts using that card now will be safe until November 2016, at least.
http://www.nytimes.com/2015/05/09/your-money/credit-and-debit-cards/credit-cards-with-2-rebates-while-or-if-they-last.html?_r=0
Good point, let me add that.
I'm already at the limit of what BoA will extend to me in terms of CL (based on the fact that my most recent app caused an auto-reduction of the CL on another credit card). Wonder then, if they do do a changeover, how they would handle that...
I guess I should have read more closely - they might be parting ways with BoA, not going to it. D'oh