BOSTON, SAN FRANCISCO, and MINNEAPOLIS – Fidelity Investments®, a leading retail brokerage and retirement savings provider, today announced with U.S. Bank
(NYSE: USB) and Visa Inc. (NYSE: V) a new long-term card-issuing program that will offer Visa branded credit-card products to U.S. consumers, including Fidelity’s 24 million customers.
“Customers using Fidelity’s 2% cash back credit cards have earned more than $1 billion in cash rewards since 2003,3 demonstrating that the opportunity to use everyday spending to help bolster contributions for longer-term savings and investment goals is too good to ignore,” said Ram Subramaniam, president of Fidelity’s retail brokerage business. “We are excited to be working with leaders Visa and U.S. Bank—together we offer the Fidelity Rewards Visa Signature Card—now one of the most valuable cash-back cards in the industry.”
Under the new card program, U.S. Bank will issue the Fidelity® Rewards Visa Signature® Card and the Fidelity Investments 529 College Rewards® Visa Signature® Card,4where cardmembers can earn unlimited 2% cash back with no annual fees, caps or categories when directing rewards into eligible Fidelity accounts.5 The new cards in the program will be issued with chip technology for security and give access to the payment industry’s leading digital wallets, including Apple Pay, Samsung Pay and Android Pay.
“We are excited about Visa’s expanded agreement with Fidelity Investments and U.S. Bank, and how together we will bring cardmembers convenient, innovative and secure ways to pay while helping them earn rewards to help fund life’s most important milestones,” said Ryan McInerney, President Visa Inc.
“Fidelity Investments and U.S. Bank are two of the most respected brands for helping Americans achieve financial security,” said Shailesh Kotwal, vice chairman of payment services for U.S. Bank. “Together, we are able to offer a new card program that builds on our reputations, making it even easier for customers to plan and build for their financial futures.”
U.S. Bank has also agreed to acquire Fidelity’s existing co-brand credit card portfolio with approximately $1.6 billion in associated balances.