Bloomberg: Fidelity Investments Considers Dropping AmEx, BofA As Card Partners

(RTTNews) - Fidelity Investments is considering dropping American Express Co. (AXP) and Bank of America Corp. (BAC) to find new partners and better terms for cash-back credit cards in the U.S., the Bloomberg reported, citing people with knowledge of the matter.

Visa Inc. (V) and MasterCard Inc. (MA) are in talks with Fidelity, vying to replace AmEx, the report stated.

AmEx is parting with Costco Wholesale Corp. (COST) and JetBlue Airways Corp., (JBLU) and losing the Fidelity deal would affect a key area of growth: facilitating transactions in which another bank is the lender.

The discussions, which may replace Bank of America with another issuer as well, are fluid and may fall apart, leaving Fidelity's current partners in place, the report added.