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While not quite as much of a public blow as last year’s dropped partnership with Costco, American Express is surely hurting following this news from Fidelity. The financial services company has announced a new partnership with Visa (including a new 2% cash-back credit card) — as of today, Fidelity will no longer be issuing Amex cards, following what Reuters describes as a 12-year partnership which has generated billions of dollars in fees. Additionally, the cards will now be issued by U.S. Bank, rather than Bank of America.
Fidelity’s new no-annual-fee card offers unlimited 2% cash back on all purchases, which can be deposited into a Fidelity investment account. The card also includes EMV chip technology and Visa Signature benefits. Unfortunately, there is a 1% foreign transaction fee, so this card isn’t a great pick if you plan to charge purchases abroad. If you travel internationally, consider a card that doesn’t charge foreign transaction fees, instead, though Fidelity’s new offering sounds like a decent option for domestic use.