Fidelity drops credit card partners Amex, BOA

Boston

FIDELITY Investments said on Monday that it is dropping long-time credit card partners American Express Co and Bank of America Corp, ending a 12-year partnership that has generated billions of dollars in fees.

Boston-based Fidelity, which has 24 million customers, said that its new partners will be US Bancorp and Visa, effective Monday. The exclusive alliance will provide Visa branded credit-card products to US consumers, including Fidelity customers.