Reply
Frequent Contributor
Posts: 364
Registered: ‎09-17-2012
0

FIA vs BOA vs AMEX

[ Edited ]

I recently opened the Fidelity Amex card. It looks like the card is issued by a company called FIA which I assumed was associated to Fidelity but turns out to be some subsidiary of BOA. I'm a little confused and would appreciate anyone who can clearly explain.

 

I thought there were two entities involved in each credit card.

 

The lender who are lending you the money (usually banks or CUs such as Chase, Citi, BOA, and PenFed)

Card issuers through whose network payments are processed (VISA, Mastercard)

In this case, Discover and Amex are both the lender and the card issuer for their own cards.

 

So what's with Fidelity Amex and other BOA cards. I've read threads here of people successfully calling FIA to recon a BOA card and vice versa.

 

1. Is it correct to think FIA and BOA are really the same company? Can I call BOA to request CLI for my Fidelity Amex? Is BOA lending me the money each month?

 

2. Can I access my Fidelity Amex card from BOA website? (FIA card services website sucks..)

 

3. I've read somewhere that it is similar to how Amex Centurion bank and Amex savings bank(?) are somehow different. What does that mean?

 

4. Since Amex is only the card issuer and not the lender, does none of the Amex perks or purchase protection, etc. apply to Fidelity Amex? Amex has as little do with the card as Visa has to do with Chase Freedom visa card?

 

5. Somewhat unrelated question. On Visa signature cards, who is the provider of all the perks like 24 hr concierge service, etc.? Visa or the lender?

[10%+] Internet, Cable, Cell phone
[5%] Gas, Grocery, Amazon, Airline tickets, Drug Stores, Dept. Stores, Target, MyHabit
[3%] Restaurants
[2%] Everything Else
Valued Contributor
Posts: 8,100
Registered: ‎10-21-2012
0

Re: FIA vs BOA vs AMEX


kkapdolee wrote:

I recently opened the Fidelity Amex card. It looks like the card is issued by a company called FIA which I assumed was associated to Fidelity but turns out to be some subsidiary of BOA. I'm a little confused and would appreciate anyone who can clearly explain.

 

I thought there were two entities involved in each credit card.

 

The lender who are lending you the money (usually banks or CUs such as Chase, Citi, BOA, and PenFed)

Card issuers through whose network payments are processed (VISA, Mastercard)

In this case, Discover and Amex are both the lender and the card issuer for their own cards.

 

So what's with Fidelity Amex and other BOA cards. I've read threads here of people successfully calling FIA to recon a BOA card and vice versa.

 

1. Is it correct to think FIA and BOA are really the same company? BOA is the parent entity which absorbed/acquired the MBNA/FIA (US) lending & CC portfolio.  FIA Card Services is the wholly-owned subsidirary of BOA.  Can I call BOA to request CLI for my Fidelity Amex?  You can.  Is BOA lending me the money each month?  BOA is the parent lending entity though its subsidiary.

 

2. Can I access my Fidelity Amex card from BOA website? No. (FIA card services website sucks..) 

 

3. I've read somewhere that it is similar to how Amex Centurion bank and Amex savings bank(?) are somehow different. What does that mean?  No, totally different structures.  Regulatory oversight detemines the appropriate bank charters.

 

4. Since Amex is only the card issuer and not the lender, does none of the Amex perks or purchase protection, etc. apply to Fidelity Amex? AMEX Centurion Bank is not the card issuer, FIA Card Services is.  AMEX is simply the payment network and the Fidelity brand/product is issued by FIA, not AMEX Centurion Bank.  Amex has as little do with the card as Visa has to do with Chase Freedom visa card?  Only from a payment network perspective.

 

5. Somewhat unrelated question. On Visa signature cards, who is the provider of all the perks like 24 hr concierge service, etc.? Visa or the lender? Both.  Each issuer has their own specific agreements with Visa for the Signature level of benefits and each can offer additional perks (inclduing their own in-house concierge staff) based on its loyalty/program base.


 

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: FIA vs BOA vs AMEX

+1 to what finstar said. It can be a little confusing with FIA backed products sometimes. Some FIA products, such as Merrill+, can be accessed via Bank of America online and one can also call Bank of America if there's any issues.

However, fidelity Amex card however doesn't work that way. My guess is that this has to do with bank of America's contractual obligations with each of these companies and how their agreements are set up.

Its a little like certain JPmorgan backed products. They are the same company as chase, but some products are handled differently by different departments. The only less confusing and nice thing about that is that JPMorgan and chase backed products can both be accessed via one unified online interface.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Epic Contributor
Posts: 24,407
Registered: ‎10-23-2007
0

Re: FIA vs BOA vs AMEX

Yes, so far have found the online for fidelity Amex terrible!
Fico Scores: EQ- 670., TU 705 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
83 Cards and Counting :smileytongue:
Super Contributor
Posts: 10,105
Registered: ‎04-22-2013
0

Re: FIA vs BOA vs AMEX


Creditaddict wrote:
Yes, so far have found the online for fidelity Amex terrible!

Oh, it looks very old-fashioned and probably too many clicks to get to information (have to click to go to account details etc) but it seems to have the information I need.   Much better than Penfed and US Bank (I still only get the old interface for that) which don't show any pending charges or payments.

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: FIA vs BOA vs AMEX

The US bank online interface is just atrocious.... Their app version seems to be pretty polished however.

Barclays online interface is also a little clunky / troublesome, but in a way it's still tolerable.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.