Fidelity dumps AmEx and switches to Visa


NEW YORK — Fidelity is switching partners for its cash back credit card, dumping American Express and Bank of America for Visa and U.S. Bank.

The move is another loss for American Express Co., coming nearly a year after warehouse store operator Costco said it would end its exclusive partnership with the credit card company.

Fidelity says the Visa card will be accepted at more places than the AmEx version and can be used with new payment services Apple Pay, Samsung Pay and Android Pay.

The new card will continue to earn cardholders 2 percent in cash on every US$1 spent, which can be deposit into Fidelity checking or retirement accounts.

Current cardholders don’t have to do anything. A new Visa card will automatically be shipped by July to replace the AmEx card.