Fidelity Adding Visa as a Partner, Dropping American Express
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.
[card card-name='Chase Sapphire Preferred® Card' card-id='22125056' type='javascript' bullet-id='1']
TPG featured card
at Bilt's secure site
Terms & restrictions apply. See rates & fees.
| 1X | Choose to earn up to 1X points on rent and mortgage payments with no transaction fee |
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Pros
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- $400 Bilt Travel Portal hotel credit per year (up to $200 biannually)
- $200 Bilt Cash annually
- Priority Pass membership
- No foreign transaction fees
Cons
- Moderate annual fee
- Designed primarily for members seeking a premium, all-in-one card
- Earn points on housing with no transaction fee
- Choose to earn 4% back in Bilt Cash on everyday spend. Use Bilt Cash to unlock point earnings on rent and mortgage payments with no transaction fee, up to 1X.
- 2X points on everyday spend
- $400 Bilt Travel Hotel credit. Applied twice a year, as $200 statement credits, for qualifying Bilt Travel Portal hotel bookings.
- $200 Bilt Cash (awarded annually). At the end of each calendar year, any Bilt Cash balance over $100 will expire.
- Welcome bonus (subject to approval): 50,000 Bilt Points + Gold Status after spending $4,000 on everyday purchases in the first 90 days + $300 of Bilt Cash.
- Priority Pass ($469/year value). See Guide to Benefits.
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