Unlimited 2% Cash Back1 and No
Annual Fee2 Helps Cardmembers Turn Everyday Spending
Into Investment Opportunities
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.
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“Customers using Fidelity’s 2% cash back credit cards have
earned more than $1 billion in cash rewards since 20033,
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® Card4, where cardmembers can earn
unlimited 2% cash back with no annual fees, caps or categories when
directing rewards into eligible Fidelity accounts5. 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.
Earn and Be Rewarded
With competitive APRs and no annual fee, cardmembers earn two
points for every net dollar spent to build towards future
investment goals. For example, with every $5,000 spent, cardmembers
will earn 10,000 points, equivalent to $100 cash back6 when
directed into an eligible Fidelity account. Cardmembers can opt to
receive a one-time or automatic monthly cash deposit into most
non-retirement accounts such as a Fidelity brokerage account or
Fidelity Cash Management Account, as well as a Traditional IRA,
Roth IRA, Rollover IRA, SEP IRA or Fidelity-managed 529 College
Savings Plan accounts7. Cardmembers may also exchange points to
receive:
- Travel benefits: use points when
booking flights, hotel stays or car rentals
- Merchandise: choose from a wide
selection of electronics, apparel, sporting goods and more
- Gift cards: select a gift card from
leading retailers and restaurants
- Statement credits: opt to redeem points
for a statement credit
Cardmembers can also enjoy Visa Signature benefits, including
acceptance at millions of merchant locations globally,
complimentary concierge services, and enhanced travel/lifestyle
premium benefits like lost luggage reimbursement up to $3,0008.
Consumers can apply for a card and see a complete list of Visa
benefits at www.fidelity.com/creditcards.
For Fidelity’s Valued Current Cardholders
Cardholders of the current co-branded products between Fidelity
and FIA Card Services may continue to use their card as usual and
enjoy all the associated benefits. FIA Card Services will continue
to support the program and may be contacted for any credit card
support, including questions on transactions, statements, rewards
redemption and payments, just as they do today. Cardholders will
begin to receive information from Elan Financial Services – a
division of U.S. Bank that will manage the program – in mid-2016.
For more information now, visit
www.fidelity.com/cardmember-faqs.
About Fidelity InvestmentsFidelity’s goal is to make
financial expertise broadly accessible and effective in helping
people live the lives they want. With assets under administration
of $5.2 trillion, including managed assets of $2.1 trillion as of
Nov. 30, 2015, we focus on meeting the unique needs of a diverse
set of customers: helping more than 24 million people invest their
own life savings, nearly 20,000 businesses manage employee benefit
programs, as well as providing nearly 10,000 advisory firms with
technology solutions to invest their own clients’ money. Privately
held for nearly 70 years, Fidelity employs 42,000 associates who
are focused on the long-term success of our customers. For more
information about Fidelity Investments, visit
https://www.fidelity.com/about.
About U.S. BankMinneapolis-based U.S. Bancorp (NYSE:
USB), with $416 billion in assets as of September 30, 2015, is the
parent company of U.S. Bank National Association, the fifth largest
commercial bank in the United States. The Company operates 3,151
banking offices in 25 states and 5,001 ATMs and provides a
comprehensive line of financial services to consumers, businesses
and institutions. Visit U.S. Bancorp on the web at
www.usbank.com.
About Visa Inc.Visa Inc. (NYSE:V) is a global payments
technology company that connects consumers, businesses, financial
institutions, and governments in more than 200 countries and
territories to fast, secure and reliable electronic payments. We
operate one of the world’s most advanced processing networks —
VisaNet — that is capable of handling more than 65,000 transaction
messages a second, with fraud protection for consumers and assured
payment for merchants. Visa is not a bank and does not issue cards,
extend credit or set rates and fees for consumers. Visa’s
innovations, however, enable its financial institution customers to
offer consumers more choices: pay now with debit, ahead of time
with prepaid or later with credit products. For more information,
visit usa.visa.com/about-visa, visacorporate.tumblr.com and
@VisaNews.
Investing involves risk including the risk
of loss.
Fidelity, Fidelity Investments, Fidelity
Investments 529 College Rewards and the Fidelity Investments and
Pyramid Design logo are registered service marks of FMR LLC.
The third party trademarks appearing herein are
the property of their respective owners.
The creditor and issuer of the Fidelity-branded
cards in this program is Elan Financial Services, pursuant to a
license from Visa U.S.A. Inc.
Fidelity Brokerage Services LLC, Member NYSE,
SIPC, 900 Salem Street, Smithfield, RI 02917
747589.1.0
© 2016 FMR LLC. All rights reserved.
1 Cardmembers will earn 2 points per dollar in net purchases
(purchases minus credits and returns) that they charge. Account
must be open and in good standing to earn and redeem rewards and
benefits. The 2% rewards value applies only to points redeemed for
a deposit into an eligible Fidelity account. The redemption value
is different if cardmembers choose to redeem their points for other
rewards. Other restrictions apply.
2 The APR and fees may vary, and as of 1-4-16, the variable APR
for Purchases and Balance Transfers is 14.24%. The variable APR for
Cash Advances is 24.24%. Cash Advance fee: 3% of each advance
amount, $5 minimum. Convenience Check fee: 3% of each check amount,
$5 minimum, Cash Equivalent fee: 3% of each cash amount, $5
minimum. Balance Transfer fee: 3% of each transfer amount, $5
minimum. There is a $2 minimum interest charge where interest is
due. The annual fee is $0. Foreign Transaction fee: 1% of each
foreign purchase transaction or foreign ATM advance transaction in
U.S. Dollars. 1% of each foreign purchase transaction or foreign
ATM advance transaction in a Foreign Currency. Elan Financial
Services may change APRs, fees, and other Account terms in the
future based on your experience with Elan Financial Services and
its affiliates as provided under the Cardmember Agreement and
applicable law.
3 Data provided by FIA Card Services. Data reflects cardholder
activity through November 30, 2015.
4 The credit cards are issued by and administered by Elan
Financial Services, a division of U.S. Bank. U.S. Bank is not an
affiliate of Fidelity Investments.
5 Eligible accounts include most nonretirement registrations as
well as Traditional IRA, Roth IRA, Rollover IRA, SEP IRA,
Fidelity®-managed 529 College Savings Plan accounts and certain
advisor-sold Fidelity®-managed 529 College Savings Plan accounts.
The ability to contribute to an IRA or 529 college savings plan
account is subject to IRS rules and specific program policies,
including those on eligibility and annual and maximum contribution
limits. If a cardholder intends to deposit points in an eligible
account, it is their responsibility to ensure that the account is
one for which contributions on their behalf can be accepted and
that, under applicable tax law, they are eligible to make
contributions to that account for the year that the deposit is
made. The list of eligible registration types may change without
notice at Fidelity's sole discretion. For more information about
whether a particular registration is eligible, please call
800-FIDELITY (800-343-3548). Please contact your advisor to
determine whether your advisor-sold Fidelity®-managed 529 College
Savings Plan account is eligible for this program.
6 Minimum points to redeem a cash reward into an eligible
Fidelity account is 5,000, equivalent to $2,500 spent.
7 The ability to contribute to an IRA or 529 college savings
plan account is subject to IRS rules and specific program policies,
including those on eligibility and annual and maximum contribution
limits. If a cardholder intends to deposit points in an eligible
account, it is their responsibility to ensure that the account is
one for which contributions on their behalf can be accepted and
that, under applicable tax law, they are eligible to make
contributions to that account for the year that the deposit is
made. The list of eligible registration types may change without
notice at Fidelity's sole discretion. For more information about
whether a particular registration is eligible, please call
800-FIDELITY (800-343-3548).
8 Cardmembers are responsible for the cost of any goods or
services purchased by the Visa Signature Concierge on cardmembers'
behalf.
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version on businesswire.com: http://www.businesswire.com/news/home/20160104005768/en/
Fidelity:Robert Beauregard,
401-292-7440robert.beauregard@fmr.comorFidelity Corp. Comm.,
617-563-5800Follow us on Twitter @FidelityNewsorVisaNicole Kenyon,
650-432-7005nkenyon@visa.comorU.S.
BankDana Ripley, 612-303-3167Dana.ripley@usbank.com
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