You’ve probably seen the news by now: Fidelity has dropped Amex. Fidelity’s Amex card used to be the only no annual fee 2% cash back card on the market. Then, Citibank introduced their Double Cashback card, which is essentially a no-annual-fee 2% cash back MasterCard. Now Fidelity is dropping Amex in favor of Visa.
You can read the details in this New York Times article: Fidelity Switches to Visa for Credit Card Branding.
According to that article, existing cardholders will be switched to Visa accounts by July 2016.
Fidelity Visa Signature Available Now
After Googling around a bit, I found that the new card is now available online: www.fidelity.com/cash-management/visa-signature-card.
There doesn’t appear to be a signup bonus at the moment. In the past, Fidelity has frequently offered 5,000 points (worth $50) for new applications. So, if you’re not in a hurry to get a Visa 2% cash back card, you might want to hold off on applying until we see a new signup bonus.
Many people currently use the Fidelity Amex to load their prepaid Serve card online, for free, up to $1000 per month (or $1500 per month for those who signed up with Softcard Serve when it was available). If you do not have the Softcard version of Serve, then you are limited to Amex-only loads. So, this switch to Visa may be a problem for you. I think that the next best option for Serve online loads is the U.S. Bank FlexPerks Travel Rewards American Express card. For more details, see: Best options for Serve online loads.