NEW YORK (AP) — Allegiance is switching ally for its banknote aback acclaim card, auctioning American Express and Bank of America for Visa and U.S. Bank.
The move is addition accident for American Express Co., advancing about a year afterwards barn abundance abettor Costco said it would end its absolute affiliation with the acclaim agenda company.
AmEx adumbrative Keri Buster said the Allegiance cards are a baby allotment of the company’s business, accounting for beneath than 1 percent of its billings. Bank of America said it agreed not to renew the affiliation because it has been affective abroad from accouterment casework for acclaim cards of banking institutions.
The new Allegiance agenda will abide to acquire cardholders 2 percent in banknote on every $1 spent, which can be drop into Fidelity’s blockage or retirement accounts. Allegiance is a above provider of retirement accounts and added banking services.
Fidelity said the new Visa Inc. agenda will be accustomed at added places than the AmEx adaptation and can be acclimated with new acquittal casework Apple Pay, Samsung Pay and Android Pay. The Allegiance AmEx agenda did not abutment those agenda acquittal services, but AmEx’s added acclaim cards do. U.S. Bank, endemic by U.S. Bancorp, will booty over the announcement action from Bank of America Corp.
Current cardholders don’t accept to do anything. A new Visa agenda will be automatically alien by July to alter the AmEx agenda and banknote becoming will be transferred over to the new card, Allegiance agent Robert Beauregard said. New barter will be issued the Visa agenda afore July, and accepted cardholders can get it afore July by contacting Fidelity, Beauregard said.
The accepted agenda has about 550,000 barter and has becoming users added than $1 billion aback the agenda was aboriginal issued in 2003, Beauregard said.
Fidelity banknote aback acclaim card: www.fidelity.com/creditcards
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