Fidelity Said to Weigh Dropping AmEx, BofA as Card Partners
- Visa and MasterCard are said to woo Fidelity to supplant AmEx
- Fidelity AmEx card rates high in U.S. by offering 2% cash back
American Express Co. corporate credit cards are arranged for a photograph.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Fidelity Investments is considering dropping American Express Co. and Bank of America Corp. to find new partners and better terms for one of the top-rated cash-back credit cards in the U.S., according to people with knowledge of the matter.
Visa Inc. and MasterCard Inc. are in talks with Fidelity, vying to replace AmEx on a card that’s been amassing customers for more than six years, according to the people, who asked not to be identified because negotiations are private. AmEx is parting with Costco Wholesale Corp. and JetBlue Airways Corp., and losing the Fidelity deal would affect a key area of growth: facilitating transactions in which another bank is the lender.