A banal walks accomplished a banal ticker at a Fidelity Investments appointment in Boston Thomson Reuters By Tim McLaughlin
BOSTON (Reuters) – Fidelity Investments said on Monday it is bottomward adept acclaim agenda ally American Express Co and Bank of America Corp , catastrophe a 12-year affiliation that has generated billions of dollars in fees.
Boston-based Fidelity, which has 24 actor customers, said its new ally will be U.S. Bancorp and Visa Inc , able Monday. The absolute accord will accommodate Visa branded credit-card articles to U.S. consumers, including Fidelity customers.
The about-face is addition setback for American Express, which already is addled from its absent accord with barn club banker Costco Wholesale Corp . AmEx said beforehand this year the accident of the Costco arrangement would aching accumulation for two years. AmEx shares are off 25 percent over the accomplished year.
Ram Subramaniam, admiral of Fidelity’s retail allowance business, did not accord any specific acumen for catastrophe the affiliation with American Express and Bank of America.
“It’s been a long, acceptable partnership,” he said.
Since 2003, Fidelity has offered 2 percent banknote aback acclaim cards with American Express and Bank of America’s FIA Agenda Services. During that time Fidelity barter accept becoming $1.1 billion banknote rewards.
The new accord will affection cards with dent aegis technology, with admission to agenda wallets that accommodate Apple Pay, Samsung Pay and Android pay.
The new agenda affairs will affair the Fidelity Rewards Visa Signature Agenda and the Fidelity Investments 529 College Rewards Visa Signature Card, area agenda associates can access absolute 2 percent banknote aback with no anniversary fees, caps or categories back administering rewards into acceptable Fidelity accounts.
U.S. Bank additionally has agreed to access Fidelity’s absolute co-brand acclaim agenda portfolio with about $1.7 billion in associated balances.
(Reporting By Tim McLaughlin; Editing by Alan Crosby)
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