• filter:

Fidelity / FIA 2% Amex to Become Fidelity / US Bancorp/Elan 2% Visa

  • Text Only
  • Search this Topic »
Voting History
rated:
Lots of folks on FWF have loved the Fidelity Amex card for years, which offers 2% Cash Back.  A FIA rep just informed me that Fidelity American Express cards will soon be moved to another company (U.S. Bancorp).  Bank of America will no longer issue the cards.  This is likely very good news, as the Bank of America/FIA website is lousy, with no ability to do basic things like send email/chat or setup alerts.  The time frame is end of first quarter to the second quarter 2016.

Fidelity says that the new cards will also receive 2% Cash Back and will be on the Visa network as a Visa Signature cad.  This makes them similar (in theory) to the retired Schwab 2% card (which was issued by FIA). 
 
With Costco leaving Amex for Visa, and Fidelity following suit,  this is interesting news. 
Some unknown questions at this point:

  • What happens to accrued Cash Back that cannot yet be cashed out, because there is not yet enough earned to meet the cash out threshold? 
  • Will the account age be preserved with the transfer to another institution? 
  • What extra benefits will be offered with the card? 
  • Will there be other cash out options besides Fidelity?  (FIA allows cashing out elsewhere or gift cards, but at a rate less than 2% unless it is a large amount).



Schwab plans to release its own new 2% card in 2016.

Member Summary

Elan Logo (3.80kB)
Thanks JW10
Disclaimer

Fidelity Amex (14.07kB)
Thanks JW10
Disclaimer
Most Recent Posts
I might actually have a shot at this.  We bought two bikes over the past few weeks. 

polaris (Jul. 25, 2017 @ 5:02p) |

Anyone have issues with rewards not getting deposited? I noticed I haven't gotten a deposit in my cash management accoun... (more)

MrSamsung (Jul. 26, 2017 @ 1:08p) |

My July statement for my Fidelity VISA just posted my April/May bonus with the 2000 points. That bonus has been in limbo... (more)

JW10 (Jul. 26, 2017 @ 9:07p) |

New signup link -- $100.00 sign up bonus / $1000.00 Required Spend - See T&C 
Seems a variety of sign up offers out there with varying bonus/required spend combinations
New signup link $100.00 sign up bonus / $1000 spend required ... see T&C 

Learn about the new Fidelity Credit Cards 

Application Link: New Fidelity® 2% Rewards Visa Signature® Card 

Fidelity Cash Management linked page said:Unlimited 2% cash-back1
Every net $1 spent equals 2 rewards points
No limits on reward points and no restrictive categories
Points will not expire
~~1% Foreign Transaction Fee

    ---> will be a BIG change compared to current FIA cards which do have points expiration dates.
FW member ~~bholdenpirate (posted: Jun. 7, 2016 @ 6:54p) noticed new Terms and Conditions reflect a 5 year time limit for points expiration.

Web Site-- Web site to access the card is www.fidelityrewards.com/login.  You can also log into the main ELAN web site (www.myaccountaccess.com, so it will work with current aggregators like Yodlee/Mint when you register it as an ELAN card  (Thanks AverageGuy09!)



Send a Payment
Cardmember Service
P.O. Box 790408
St. Louis, MO 63179-0408
 
Staff Summary
Thanks for visiting FatWallet.com. Join for free to remove this ad.

rated:
Siiick, I would love a visa issued card.

Did they mention when.. And will 2% be uncapped?

rated:
https://www.bostonglobe.com/business/2016/01/03/fidelity-switches-credit-card-partners/6MsRJSEgFQwh9UTECPqpoK/story.html 
Globe said:

Fidelity Investments, one of the nation’s largest mutual fund companies, is taking its $1.7 billion credit card business to a new bank.

On Monday, Fidelity’s customers will start receiving new credit cards issued by US Bancorp and Visa Inc. Fidelity, based in Boston, expects all of its credit card customers to have the new cards by July 1.

Fidelity is ending its cobranding partnership with American Express and FIA Card Services, a subsidiary of Bank of America Corp., said Ram Subramaniam, president of Fidelity’s retail brokerage business. He would not comment on how much Minneapolis-based US Bancorp and Visa are paying Fidelity to get access to its credit card customers. Fidelity chose the new partners to improve technology options and customer service, he said.

Bank of America said the decision to part ways with Fidelity was mutual. The bank has been withdrawing from cobranding relationships with other financial institutions, since it offers limited opportunities for Bank of America to sell other products to those customers and expand its business, a spokeswoman for the Charlotte-based bank said.

The new cards, available to Fidelity’s 24 million customers, will retain many of the same elements that made the old ones popular. Customers will be able to earn 2 percent Cash Back, which they can deposit into college savings and retirement accounts. The card has no annual fee. Fidelity customers will also be able to purchase select merchandise with the card, an option that they did not have before.

The new cards will be chip-enabled and customers will have access to digital wallets, such as Apple Pay, Samsung Pay, and Android Pay. As part of increased security on the new cards, customers can get text messages on their mobile phones if they are traveling abroad to verify that they, and not some fraudster, have made certain purchases.

“We feel this [card] can have a tremendous adoption rate,” (Fidelity's) Subramaniam said.
 


 

rated:
(This Reuters story was embargoed until midnight EST, January 4.)

http://www.reuters.com/article/fidelity-banks-creditcards-idUSL1... 

Since 2003, Fidelity has offered 2 percent Cash Back credit cards with American Express and Bank of America's FIA Card Services. During that time Fidelity customers have earned $1.1 billion cash rewards.

The new alliance will feature cards with chip security technology, with access to digital wallets that include Apple Pay, Samsung Pay and Android pay.

The new card program will issue the Fidelity Rewards Visa Signature Card and the Fidelity Investments 529 College Rewards Visa Signature Card, where card members can earn unlimited 2 percent Cash Back with no annual fees, caps or categories when directing rewards into eligible Fidelity accounts.

U.S. Bank also has agreed to acquire Fidelity's existing co-brand credit card portfolio with about $1.7 billion in associated balances

rated:
There have been leaks about this for weeks.
My worry is what happens to those of us that have both Fidelity AMEX and Fidelity Visa ranging from 1.5 to 2.0% rebates?
I currently have 0% BTs recently activated on each of them with very reasonable APRs after the 0% BT period as part of the terms when set up.
Meanwhile keep an eye on this page:
https://www.fidelity.com/cash-management/overview

rated:
this is good news because I won't have to apply for the citi double cash credit card though I could use a mastercard as my wallet is mostly Visa and Amex cards.

rated:
lillazyfats81 said:   Siiick, I would love a visa issued card.
Did they mention when.. And will 2% be uncapped?

Starting sometime Monday January 4, 2016, check out fidelity cash management webpage: https://www.fidelity.com/cash-management/oveoverview jnj
It is expected to be uncapped so far; http://www.nytimes.com/2016/01/04/your-money/credit-and-debit-cards/fidelity-switches-to-visa-for-credit-card-branding.html

rated:
This is another blow to AMEX. I have the Fido AMEX 2% but sock drawer'd it and switched to the Priceline 2% Visa (now 2.2%!) for the main reason that it was a Visa.

rated:
I hope I will only get 1 card in the future instead of getting a new one every time theres an unauthorized/fraud charge

rated:
What about foreign transaction fees? Will it be 0%?

Regarding EMV, will it be a Chip-and-PIN? or, just US standard Chip-and-Signature?

rated:
BoA already offered a Visa version of the card. Granted, it was 1.5% for first 15k, then 2%. Still, I don't see any progress with the change.

rated:
I really hope that it stays 2% and uncapped. 0% Foreign transaction fees would also be great, but I doubt they will reduce fees there.

Would be nice if the design of the card was updated, although that isn't a major concern by any means.

Also, great to hear that Schwab is issuing another 2% card this year. It will hopefully keep Fidelity competitive with their 2% card.

rated:
Good news?
Very bad news for anyone doing 2.6% CashBack with BoA Travel Rewards card.

rated:
bandyopa said:   What about foreign transaction fees? Will it be 0%?

Regarding EMV, will it be a Chip-and-PIN? or, just US standard Chip-and-Signature?
Yeah, keep dreaming

rated:

rated:
Also a blow to those using the FIA AMEX card to fund AMEX Serve.

rated:
1% Foreign Transaction Fee

rated:
Guess i won't be using this card at Sam's Club anymore... Will have to go back to my Citi DC

rated:
Mixed thoughts for me. I just paid off a 0& BT on my Elan card. The incentive at the time was a significant CL increase if I would do a BT. My current American National Bank Elan card is one of my higher CL Visas. Does anyone know if Elan allows multiple card accounts as Chase or DiscoverCard does?
I have both the current Fidelity AMEX and Visa with favorable BT terms.
I expect without knowledge Elan to be more receptive to CL increases than FIA was. My current FIA cards are among my lower CL cards in each case.

Separately I am not surprised by the 2% rewards based on the recent 2% rewards Visa offering by First National Bank of Omaha. I now perceive they had a clue and was trying to get ahead of this announcement.

rated:
Great News!!!!!! I'll start using the new VISA card at COSTCO in the Spring........

rated:
well, at least we'll finally get Apple Pay this way.

I do wish they'd drop the foreign transcation fee.  Most of my other cards have already done this, but this is my "main".

rated:
Just chatted with Fidelity Customer Service.  Here's what they told me.

  • The FIA cards will remain active as Fidelity co-banded until at least middle of 2016.  Fidelity will send out details to card holders before they discontinue the program with FIA
  • Your current FIA cards will not be automatically converted to ELAN ones, if you want an ELAN one you need to apply via the online application

It's very likely that once Fidelity discontinues the program with FIA, FIA will convert existing cards to generic 1% like they did with former Schwab cards.  I plan to apply for the ELAN card today, this will give me plenty of time to make sure all my points from FIA get used before they stop the program.

rated:
New York Times reporting said: .... customers. They will be issued new Fidelity Rewards Visa Signature cards by July. Until then, consumers can continue using the American Express cards. U.S. Bank will acquire the existing $1.7 billion portfolio of outstanding balances.
 


My read if just the opposite of what the Fidelity telephone rep told you.

rated:
AverageGuy09 said:   Just chatted with Fidelity Customer Service.  Here's what they told me.

  • The FIA cards will remain active as Fidelity co-banded until at least middle of 2016.  Fidelity will send out details to card holders before they discontinue the program with FIA
  • Your current FIA cards will not be automatically converted to ELAN ones, if you want an ELAN one you need to apply via the online application

It's very likely that once Fidelity discontinues the program with FIA, FIA will convert existing cards to generic 1% like they did with former Schwab cards.  I plan to apply for the ELAN card today, this will give me plenty of time to make sure all my points from FIA get used before they stop the program.

  Chatted with Fidelity Private Client Group.  Rep put me on hold for ten minutes and then said exactly what you were told.  The existing Fidelity card would be converted to a 1% card.  You must apply for a new Fidelity card.

rated:
AverageGuy09 said:   Just chatted with Fidelity Customer Service.  Here's what they told me.

  • The FIA cards will remain active as Fidelity co-banded until at least middle of 2016.  Fidelity will send out details to card holders before they discontinue the program with FIA
  • Your current FIA cards will not be automatically converted to ELAN ones, if you want an ELAN one you need to apply via the online application

It's very likely that once Fidelity discontinues the program with FIA, FIA will convert existing cards to generic 1% like they did with former Schwab cards.  I plan to apply for the ELAN card today, this will give me plenty of time to make sure all my points from FIA get used before they stop the program.

  you can apply for the 2% visa NOW?!

THX!


edit:
NOPE

"~~At this time, we are unable to process your application based on the information you have provided.  You will receive additional information on your application request via U.S. Mail in 7-10 days."

rated:
Thanks. May be that was why the FIA CSR worked so hard to convince me to stay when I called yesterday to cancel my FIA Amex card.

rated:
AverageGuy09 said:   Just chatted with Fidelity Customer Service.  Here's what they told me.

  • The FIA cards will remain active as Fidelity co-banded until at least middle of 2016.  Fidelity will send out details to card holders before they discontinue the program with FIA
  • Your current FIA cards will not be automatically converted to ELAN ones, if you want an ELAN one you need to apply via the online application

It's very likely that once Fidelity discontinues the program with FIA, FIA will convert existing cards to generic 1% like they did with former Schwab cards.  I plan to apply for the ELAN card today, this will give me plenty of time to make sure all my points from FIA get used before they stop the program.

  So essentially, this card becomes useless at 1% then and would be better off closing the account. I guess the better question is if the Fidelity VISA is any better than any of the other 2% options out there.

rated:
Damn, there goes my AMEX 2% serve load milk that I have been paying my mortgage with.... 

rated:
There was a message in my Fidelity account this morning with a link to a FAQ for Existing Customers. Basically, the FAQ says all cards will convert over to the new Visa cards in mid-2016. It explicitly states that no new application is needed and that all rewards will be transferred over. In fact, it says there's no way to opt out of the change and that all cards will be re-issued as Visas through Elan. I'd trust the FAQ more than random representatives.

rated:
If they do not automatically change us to the new 2% visa, I hope they at least allow redemption without the minimum 5,000 points. I have about $15 on the card now, and not sure I can get to $50 by mid year. I may sacrifice it, and move over to my 2% Citi card.

BTW - I don't have any message in my Fidelity account regarding the new card yet.

rated:
dblevitan said:   There was a message in my Fidelity account this morning with a link to a FAQ for Existing Customers. Basically, the FAQ says all cards will convert over to the new Visa cards in mid-2016. It explicitly states that no new application is needed and that all rewards will be transferred over. In fact, it says there's no way to opt out of the change and that all cards will be re-issued as Visas through Elan. I'd trust the FAQ more than random representatives.
  
I agree I'd trust a message over a rep, but I didn't get such a message in my box.  I applied after talking with the rep via chat and was immediately approved for a $25,000 credit line, cards delivered in 7-10 business days.  Not sure what will happen in Mid 2016 if they do automatically try and convert me from my FIA cards, maybe I'll get a second Visa.

I've had both Fidelity FIA (AmEx and Visa) cards since 2009, in that time I think they've replaced them about 15 times for fraud reasons, 4 of those times for actual fraud events on my cards.  Good riddance to FIA as fas as I'm concerned.
 

rated:
AverageGuy09 said:   
dblevitan said:   There was a message in my Fidelity account this morning with a link to a FAQ for Existing Customers. Basically, the FAQ says all cards will convert over to the new Visa cards in mid-2016. It explicitly states that no new application is needed and that all rewards will be transferred over. In fact, it says there's no way to opt out of the change and that all cards will be re-issued as Visas through Elan. I'd trust the FAQ more than random representatives.
  
I agree I'd trust a message over a rep, but I didn't get such a message in my box.  I applied after talking with the rep via chat and was immediately approved for a $25,000 credit line, cards delivered in 7-10 business days.  Not sure what will happen in Mid 2016 if they do automatically try and convert me from my FIA cards, maybe I'll get a second Visa.

I've had both Fidelity FIA (AmEx and Visa) cards since 2009, in that time I think they've replaced them about 15 times for fraud reasons, 4 of those times for actual fraud events on my cards.  Good riddance to FIA as fas as I'm concerned.

  Interesting comments about the fraud, and maybe part of why Fidelity wanted to get away from FIA.

rated:
No msg in my Fidelity account yet, either.  Good news, though, about automatically getting the new card without an application.

Any info on what will happen to older Fidelity cards managed by FIA?  I have a Fidelity MC dating from 2003, originally issued by MBNA, that I only use once or twice a year to keep active.  (1.5% ca$hback, 1% FTF)  This card hasn't even been offered in years, but they never closed any of the old accounts.

rated:
Received this message from Fidelity directly, not at the FIA site.

"Fidelity recently launched a new credit card program with Elan Financial Services (Elan) and Visa® as the program's exclusive network. We selected Elan for their experience in financial services, their innovation, and their commitment to customer service. With Visa, members enjoy the strength, recognition, and acceptance of the Visa brand.

Next Step
What does this mean to you? For now, nothing is changing. You may continue to use your card as usual and enjoy all the associated benefits. Just like today, you can contact FIA Card Services using the number on the back of your card for any help with or questions on transactions, statements, rewards redemption, and payments.

Information will be sent to you in mid-2016 regarding your new Fidelity® Visa Signature® card issued by Elan."

rated:
AverageGuy09 said:   I agree I'd trust a message over a rep, but I didn't get such a message in my box.  I applied after talking with the rep via chat and was immediately approved for a $25,000 credit line, cards delivered in 7-10 business days.  Not sure what will happen in Mid 2016 if they do automatically try and convert me from my FIA cards, maybe I'll get a second Visa.
  
If you read the FAQ linked above, it says that you don't have to apply, that you will receive a new card automatically, but that if you don't want to wait you can apply now for the ELAN card.

rated:
"...Fidelity recently launched a new credit card program with Elan Financial Services (Elan) and Visa® as the program's exclusive network. We selected Elan for their experience in financial services, their innovation, and their commitment to customer service. With Visa, members enjoy the strength, recognition, and acceptance of the Visa brand.
Next Step
What does this mean to you? For now, nothing is changing. You may continue to use your card as usual and enjoy all the associated benefits. Just like today, you can contact FIA Card Services using the number on the back of your card for any help with or questions on transactions, statements, rewards redemption, and payments.

Information will be sent to you in mid-2016 regarding your new Fidelity® Visa Signature® card issued by Elan..."

rated:
I can't login to FIA to see transaction history now.  I got
"=12pxYou cannot login to FIA Card Services. You do not have any open accounts. If you believe this is an error, please contact customer service at 1.800.655.1491."

everyone on the same boat ?

rated:
UnixLab said:   I can't login to FIA to see transaction history now.  I got
"=12pxYou cannot login to FIA Card Services. You do not have any open accounts. If you believe this is an error, please contact customer service at 1.800.655.1491."

everyone on the same boat ?


Nope, can log in fine.

rated:
UncaMikey said:    
If you read the FAQ linked above, it says that you don't have to apply, that you will receive a new card automatically, but that if you don't want to wait you can apply now for the ELAN card.
 

  
Right, but it doesn't answer the question of what happens in Mid 2016 if someone applies for a new ELAN card now.  Will they convert my FIA card and give me a second Fidelity ELAN Visa, cancel my FIA card altogether or will I just get a generic FIA card with no co-branding.  Given what's happened in the last few months with FIA and fraud charges, I'll probably get 2 or 3 replacement AmEx cards between now and July anyway.

Their FAQ makes it sound like it might be good news for someone concerned about account ageing, if they carry over that information from FIA.  Personally, I'd rather just get the new 2% card now and get away from FIA as my daily spender.

Also, since Fidelity never had any say in who got approved and at what credit limit, there is no guarantee that someone that FIA approved for a card will get approved by ELAN or that they will keep their same credit line.  I'm sure ELAN will be doing at least a soft pull for every card they move and verifying it meets their credit standards.

Skipping 709 Messages...
rated:
citifan said:   Anyone receive the April/May bonus?
  My July statement for my Fidelity VISA just posted my April/May bonus with the 2000 points. That bonus has been in limbo on this account for about two weeks.

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2017