Fidelity Investments Cobrand Card Program: Lessons Learned in Program Integration

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1 Fidelity Investments Cobrand Card Program: Lessons Learned in Program Integration April

2 Session Headlines Fidelity credit cards are an integral component of Fidelity s overall cash management strategy Fidelity wants to be the preferred cash management provider for affluent households Fidelity credit cards best-in-market value proposition enhances customer loyalty and value Know Your Customer Customer relationships should drive credit card product development To be successful, a credit card must be valued, unique, and part of customers personal economy 2

3 Fidelity vs. Your Bank Card Forum.wmv 3

4 Regulatory Impacts Industry Disruptions Dodd-Frank Durbin Amendment BASEL III Consumer Finance Protection Bureau Banking Market Implications Regulatory changes are disrupting the traditional banking proposition: Replacing lost income with new fees, lower rewards, and lower customer earn rates Creating new segmented customer strategies targeting relationship and household assets Need to lower cost of delivery while rebuilding highcost aging infrastructure Need to repair customer image and experience, and attempt to rebuild brand trust Loan Defaults Litigation This market disruption presents a unique opportunity for Fidelity to deliver a new Cash Management experience to clients with trusted guidance and capabilities. 4

5 5 Fidelity Integrated Cash Management Services

6 Fidelity Integrated Cash Management Services Fidelity Cash Management Account Reviews from Fidelity Customers Free ATM access, all fees reimbursed 4 Free Checkwriting Free Fidelity BillPay FDIC insurance up to $750K 3 Fidelity Rewards American Express Cards 2% Cash Back on all purchases when redeemed into an eligible Fidelity account 5 Building Awareness with Customers No Annual Fee 1 Can be automatically redeemed into just about any Fidelity account 7 Fidelity Mobile Remote Check Deposit Mobile Fidelity BillPay Trade, Move Money, Research and more 6

7 Fidelity Credit Card Development Context Prior to the program relaunch, Fidelity worked with Partner Advisors to identify how the card program could work harder to deliver on its overall retail strategy. Fidelity focused on leveraging the credit card program to deepen customer relationships and grow assets. In partnership with FIA Card Services and FIA s relationships with American Express and Visa, the newly developed products were designed to meet those objectives and customer needs. The program s new account acquisition success has been a function of the contextually relevant manner in which automated savings has been marketed across channels. Fidelity s evolving cash management strategy has increased the importance of offering the credit card as a key component of the cash management ecosystem. Response to acquisition marketing as well as portfolio performance indicates that customers see the value in the Fidelity credit cards and tend to use them as their top-ofwallet form of payment. 7

8 Partnership Program Stakeholders Fidelity Customer Valuable, flexible rewards Automated savings across accounts Cash management tools Issuer Loyal use Positive credit selection Access to high quality households Expanded marketing opportunity Value Proposition Fidelity Customer loyalty Brand reinforcement Increased assets Long term growth Payment Networks Spend volume Global acceptance Brand reinforcement 8

9 Fidelity Credit Cards Fidelity American Express Fidelity Visa Signature Card Types Investment Rewards 529 College Savings Rewards Retirement Rewards Annual Fee None None Core Rewards Earn 2 points for each $1 spent No cap on rewards Redemption Every 5,000 points can be converted into a $50 deposit into an eligible Fidelity account 1 Redeem for Travel, Merchandise, Gift Cards Investment Rewards Earn 1.5 points for each $1 spent up to $15,000 Earn 2 points for each $1 spent for $15,000+ No cap on rewards Every 5,000 points can be converted into a $50 deposit into an eligible Fidelity account 1 Redeem for Travel, Merchandise, Gift Cards APR 13.99% (variable) 13.99% (variable) Promotional APR 0% BT rate for 7 months 0% BT rate for 7 months Notes 1) Eligible accounts include: Cash Management, Brokerage, 529, and IRA 9

10 10 Credit Card Ratings & Reviews

11 Fidelity Rewards Credit Cards -- Accolades Editor's Choice Awards for Best cash back credit cards, December 17, 2012 Specialty cards build college savings, retirement funds, January 17, 2013 Consumer Reports The best credit for you, November, 2012 Top Pick in the Cash Rewards Category TIME The 7 Best Cash-Back Credit Cards, February 17, 2012 Fidelity Rewards Cards secured three of the seven top spots CBS moneywatch.com Survey: Best cash-back cards, February 14, 2012 Bankrate.com Make investments with credit card rewards?, November 8, 2012 ABC News Boost Your Investments With Credit Card Rewards, November 8, 2012 Clark Howard Best Cash-Back Reward Credit Cards, October 4, 2012 Just about the best card out there. CreditCardWatcher Best Cash Back Credit Cards, February 27, 2012 The Fidelity Amex continues to deliver among the best untiered, upcapped rate of cash back on purchases available on the market today. MoneyTalksNews Today s 5 Best Credit Cards, March 1, 2012 Best Cash Back Card The New York Times Cash Back Credit Card Rewards Offers Going Strong, February 15, 2012 Huffington Post Editor s Choice Award 2012, December 21, 2012 The country s most curious hybrid card stays at the top of the list for yet another year. 11

12 Increases in Key Metrics As with all Fidelity cash management features, credit card households have substantially greater assets, longer tenures with Fidelity, and are more engaged. On average Fidelity credit cardholders have almost 2.5x the total average assets than the average retail base population Credit cardholders attrite from Fidelity at a lower rate than users of any other Fidelity Cash Management feature Credit cardholders have a significantly higher usage rate of account features such as bill pay, direct deposit, check writing, Fidelity Cash Management Account, etc. Fidelity credit cardholders have generated over $540M in cash back redemptions since

13 Credit Card Competitive Context Annual Fee $0 $0 $75 $0 Rewards Value Proposition 2% cash back on all spend 3% cash back on quarterly bonus categories (up to $1,500 each quarter), 1% on all other spend 6% cash back on groceries (up to $6,000), 3% on gas & dept. stores, 1% on all other spend 3% cash back on gas, 2% on groceries (up to $1,500 each quarter), 1% on all other spend Rewards Redemption Deposit into Fidelity account Travel, merchandise, gift cards Cash back Redeem for statement credit, gift cards, or merchandise Deposit into Bank of America account, statement credit, or check APR 13.99% (variable) 12.99%-22.99% (riskbased, variable) 12.99%-21.99% (riskbased, variable) 12.99%-22.99% (riskbased, variable) Acquisition Offer 0% BT APR for 7 months $100 cash back after $500 in spend during the first 3 months 0% APR for 15 months $150 cash back after $1,000 in spend during the first 3 months 0% APR for 12 months $100 cash back after $500 in spend during the first 3 months 0% APR for 12 months 13

14 Credit Card Competitive Context To show the competitive strength of the Fidelity 2% American Express Cards, we developed two representative spend profiles. High Spender ($25k per Year) Average Spender ($10k per Year) $ % $ % General Spend $14,700 59% $5,440 54% Gas $3,000 12% $1,200 12% Supermarket $3,500 14% $1,500 15% Drugstore $800 3% $360 4% Travel $3,000 12% $1,500 15% Total $25,000 $10,000 14

15 Credit Card Competitive Context Rewards Earn Rate $ Cash Back High Spender ($25k/yr) Average Spender ($10k/yr) High Spender ($25k/yr) Average Spender ($10k/yr) 2.00% 1.21% 1.94% 1.38% 2.00% 1.23% 1.99% 1.39% $500 $302 $485 $345 $200 $123 $199 $139 The average active Fidelity cardholder earns approximately $50 per month. Note: Cash back earn rates calculated based on card value propositions as of March 1,

16 16 Creative Review Fidelity.com

17 Creative Review TV & Out-of-Home Airport lounge posters Branch kiosk posters Airport Wall-wrap units 17

18 Key Takeaways Fidelity s credit card program is differentiated from many partnership programs by virtue of the degree of integration with its overall cash management strategy. Non-bank financial institutions can use payments to compete with traditional banks for affluent customers. The credit card products were designed to address specific customer needs (e.g. automated savings) and the portfolio results have demonstrated the success of this approach. The 15+ year partnership between Fidelity and FIA Card Services has enabled customer-centric evolution of the credit card product line. The current Fidelity Amex and Visa cards offer customers value that is competitive with any other credit card on the market. 18

19 The Fidelity Cash Management Account is a brokerage account designed for spending and cash management. It is not intended to serve as your main account for securities trading. Customers interested in securities trading should consider a Fidelity Account. 1 For information about the rates, fees, other costs and benefits associated with the use of the Fidelity Rewards American Express cards, go to Apply Now and refer to the disclosures accompanying the online credit card application, or call FIA Card Services toll-free at The ability to contribute to an IRA or 529 college savings plan account is subject to IRS rules and specific program policies, including those on eligibility and annual and maximum contribution limits. Full details appear in the Program Guidelines new card customers receive with their card. This credit card program is issued and administered by FIA Card Services, N.A., which is not an affiliate of Fidelity Investments. 2 Forbes.com, The Best Cash-Back Card Ever, August The Fidelity Cash Management Account's uninvested cash balance is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. At a minimum, there are three banks available to accept these deposits, making customers eligible for nearly $750,000 of FDIC insurance. If the number of available banks changes, or you elect not to use, and/or have existing assets at, one or more of the available banks, the actual amount could be higher or lower. For more information on FDIC insurance coverage, please visit Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. Refer to the FDIC-Insured Cash (Core) Disclosure Statement and list of eligible Program Banks for details. The deposits at Program Banks are not covered by SIPC. 4 All Fidelity ATM withdrawal fees will be waived for your Fidelity Cash Management Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using a Fidelity Visa Gold Check Card linked to your account at any ATM displaying the Visa, Plus, or Star logos. The reimbursement will be credited to the account the same day the ATM fee is debited from the account. Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account. The Fidelity Visa Gold Check Card is issued by PNC Bank, N.A. and the check card program is administered by BNY Mellon Investment Servicing Trust Company. Those entities are not affiliated with each other or with Fidelity Investments. Visa is a registered trademark of Visa International Service Association, and is used by PNC Bank pursuant to license from Visa U.S.A. Inc. 5 You will earn 2 points per dollar in net retail purchases charged to the card. Credits, returns, adjustments, and certain transactions do not earn points. The 2% rewards value applies only to points redeemed for a deposit into an eligible Fidelity account. The redemption value is different if you choose to redeem your points for other rewards. Other restrictions apply. Full details appear in the Program Guidelines new card customers receive with their card. Establishment or ownership of a Fidelity account or other relationship with Fidelity Investments is not required to obtain a card or to be eligible to use points to obtain any rewards offered under the program other than Fidelity Rewards. This credit card program is issued and administered by FIA Card Services, N.A., which is not an affiliate of Fidelity Investments. 6 The experience of this customer may not be representative of the experiences of all customers and is not indicative of future success. 7Eligible registrations include all nonretirement registrations. Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA, and all Fidelity-managed 529 plans are also eligible. The ability to contribute to an IRA or 529 college savings plan account is subject to IRS rules and specific program policies, including those on eligibility and annual and maximum contribution limits. Full details appear in the Program Guidelines new card customers receive with their card. The third party trademarks appearing herein are the property of their respective owners. The Fidelity Investments and Pyramid design logo, Turn here and the Navigational Line and Directional design are service marks of FMR LLC FMR LLC. All rights reserved. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI

20 20 Appendix

21 Competitive Cash Back Earn Rate Details Competitive Cash Back Credit Card Earn Rates 1 Amex Blue Cash BankAmerica Cash Rewards Fidelity Amex Preferred Chase Freedom 2 Visa High Spender % Cash Back % Cash Back % Cash Back % Cash Back Annual Spend $25,000 General $14, % $ % $ % $ % $147 Gas Station $3, % $ % $ % $45 3% on a 3.00% $90 Supermarket $3, % $ % $ % $53 quarterly 2.00% $70 Drugstore $ % $ % $8 1.50% $12 basis; 1.00% $8 Travel $3, % $ % $ % $45 otherwise 1% 1.00% $ % $ % $ % $ % $345 Amex Blue Cash Preferred Fidelity Amex Chase Freedom 2 Average Spender % Cash Back % Cash Back % Cash Back % Cash Back Annual Spend $10,000 General $5, % $ % $ % $ % $54 Gas Station $1, % $ % $ % $18 3% on a 3.00% $36 Supermarket $1, % $ % $ % $23 quarterly 2.00% $30 Drugstore $ % $7 1.00% $4 1.50% $5 basis; 1.00% $4 Travel $1, % $ % $ % $23 otherwise 1% 1.00% $ % $ % $ % $ % $139 Notes 1) Cash back earn rates do not include introductory accelerator rates (e.g. 5% for the first 6 months) nor do they include merchant-funded accelerators 2) Assumes gas, grocery and drugstores are accelerator categories for one quarter. BankAmerica Cash Rewards Visa 21

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