Fidelity: Amex 2% card to remain for “at least 18 months”

An encouraging tidbit buried in a New York Times piece about l’affaire Delta:

Fidelity is able to afford this in part because the card runs on American Express’s network, which means merchants pay a premium to accept it. Fidelity has given out $700 million in rebates through its cards since 2003.

Fidelity also pays for a portion of these rewards, and for good reason. Customers who use its cards keep three and a half times as much money with the company as those who don’t. Sam McLimans, senior vice president for cash management at Fidelity, promised in an interview this week that the 2 percent rate would not fall for at least 18 months.

Good news indeed!

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