topic Re: FYI for all you Amazon Prime Visa card holders in Credit in the News

Amazon tire-kicking for Chase replacement of CC

coldfusion — Wed, 09 Jun 2021 03:06:12 GMT

Apparently Chase is finding that issuing the Amazon Visa isn't sufficiently profitable.

AMEX and Synchrony reportedly have expressed interest, we all know that Synchrony manages the store card, not as widely known that AMEX already issues the Amazon business card. Or, perhaps this exercise is a ploy to get a more favorable agreement negotiated.

https://finance.yahoo.com/news/amazon-explores-replacing-jpmorgan-credit-233713777.html

Re: Amazon tire-kicking for Chase replacement of CC

TheBoondocks — Wed, 09 Jun 2021 03:10:55 GMT

I hope AMEX pick up the business, that way they could have a Amazon card on the personal side. If it goes to Synch, I'm going to close the card...

Re: Amazon tire-kicking for Chase replacement of CC

babygirl1256 — Wed, 09 Jun 2021 04:33:20 GMT

I agree . . . an AmEx Amazon card would be great!!!

Re: Amazon tire-kicking for Chase replacement of CC

GatorGuy — Wed, 09 Jun 2021 04:50:37 GMT

Better be Amex..

Re: Amazon tire-kicking for Chase replacement of CC

FinStar — Wed, 09 Jun 2021 05:03:44 GMT

Hello Comenity 😜

Very interesting development for sure.

Re: Amazon tire-kicking for Chase replacement of CC

UncleB — Wed, 09 Jun 2021 05:34:50 GMT

I just read about this on Bloomberg as well (paywall): https://www.bloomberg.com/news/articles/2021-06-08/amazon-explores-replacing-jpmorgan-in-credit-card-partnership

I have mixed-feelings about this.🤔

I'm content with it being with Chase, although if it goes to another lender that would possibly free up some exposure with Chase for something else in the future (which I might or might not ever actually need).

Going to Amex would be nice, and while not disastrous going to Synchrony would be the worst option. To be fair my four Synch cards have always served me well, but we all know how Synch can be and I'd prefer to not add to my existing exposure.

(I realize this post is "me, me, me..." and others might have very different opinions.)

I suspect Amazon uses three different lenders for leverage in situations just like this, in which case there's also an excellent chance the status quo will continue.

Re: Amazon tire-kicking for Chase replacement of CC

Brian_Earl_Spilner — Wed, 09 Jun 2021 05:41:23 GMT

@FinStar wrote:
Hello Comenity 😜

Very interesting development for sure.

We can only hope

Re: Amazon tire-kicking for Chase replacement of CC

Andypanda — Wed, 09 Jun 2021 05:55:14 GMT

I know it won't happen, but I'd like it if itvwas amex, you could redeem for mr points.

Re: Amazon tire-kicking for Chase replacement of CC

FinStar — Wed, 09 Jun 2021 05:58:15 GMT

@UncleB wrote:
I just read about this on Bloomberg as well (paywall): https://www.bloomberg.com/news/articles/2021-06-08/amazon-explores-replacing-jpmorgan-in-credit-card-partnership

I have mixed-feelings about this.🤔

I'm content with it being with Chase, although if it goes to another lender that would possibly free up some exposure with Chase for something else in the future (which I might or might not ever actually need).

Going to Amex would be nice, and while not disastrous going to Synchrony would be the worst option. To be fair my four Synch cards have always served me well, but we all know how Synch can be and I'd prefer to not add to my existing exposure.

(I realize this post is "me, me, me..." and others might have very different opinions.)

I suspect Amazon uses three different lenders for leverage in situations just like this, in which case there's also an excellent chance the status quo will continue.

My thoughts as well. It's possible Chase will keep existing portfolio but discontinue new applications, or if the highest bidder comes along and 'romances' Chase with a sweeter deal, then it's possible they'll divest the portfolio. But, who knows 🤷‍♂️

Nonetheless, there's a few multi-lateral partnerships still around (Amazon, American Airlines, United, etc,) which allow some lending options for different folks.

Re: Amazon tire-kicking for Chase replacement of CC

Anonymous — Wed, 09 Jun 2021 12:53:22 GMT

@coldfusion wrote:

Apparently Chase is finding that issuing the Amazon Visa isn't sufficiently profitable.

AMEX and Synchrony reportedly have expressed interest, we all know that Synchrony manages the store card, not as widely known that AMEX already issues the Amazon business card. Or, perhaps this exercise is a ploy to get a more favorable agreement negotiated.

https://finance.yahoo.com/news/amazon-explores-replacing-jpmorgan-credit-233713777.html

With 5/24 rule, it no wonder why it not profitable. Chase is cutting out a lot of users by that rule. The whole goal of Amazon is to get many users on board with their credit products. I am hoping for Synchrony, since they do approve alot of users without an issue.

Re: Amazon tire-kicking for Chase replacement of CC

Ficoproblems247 — Wed, 09 Jun 2021 13:08:29 GMT

@Anonymous wrote:
@coldfusion wrote:

Apparently Chase is finding that issuing the Amazon Visa isn't sufficiently profitable.

AMEX and Synchrony reportedly have expressed interest, we all know that Synchrony manages the store card, not as widely known that AMEX already issues the Amazon business card. Or, perhaps this exercise is a ploy to get a more favorable agreement negotiated.

https://finance.yahoo.com/news/amazon-explores-replacing-jpmorgan-credit-233713777.html
With 5/24 rule, it no wonder why it not profitable. Chase is cutting out a lot of users by that rule. The whole goal of Amazon is to get many users on board with their credit products. I am hoping for Synchrony, since they do approve alot of users without an issue.

While not as strict on new accounts as Chase, Sync will still shoot someone down for excessive credit seeking too. Keep in mind that the folks on this board are an exception to the norm. Most average card applicants are likely under 5/24.

Amazon Visa will no longer be issued by Chase

althes — Wed, 09 Jun 2021 15:27:29 GMT

So how do we feel.

Guess it will be going to Synchrony.

Re: Amazon Visa will no longer be issued by Chase

FormerCollegeDJ — Wed, 09 Jun 2021 15:36:37 GMT

According to a Reuters article I found, it sounds like at a minimum American Express and Synchrony are bidding on acquiring the portfolio. Between those two issuers, hopefully Amex gets it!

Re: Amazon Visa will no longer be issued by Chase

manbuckets — Wed, 09 Jun 2021 15:38:48 GMT

Hopefully it goes to AMEX, either way, it not being affected by 5/24 anymore will be a plus

Re: Amazon Visa will no longer be issued by Chase

Adkins — Wed, 09 Jun 2021 15:38:58 GMT

A readable article, for context.

Re: Amazon Visa will no longer be issued by Chase

spiritcraft1 — Wed, 09 Jun 2021 15:42:12 GMT

Good. Not a fan of Chase.

Re: Amazon tire-kicking for Chase replacement of CC

calyx — Wed, 09 Jun 2021 16:00:46 GMT

Well, dang, I'm going to hope for AMEX (since they like me) and I can stop worrying about trying to hit 4/24 to get another card with Chase.

My AU, otoh, will not be pleased if it gets away from Chase (assuming they don't keep grandfathered cards).

(not that I'm not already looking at Affinity's card so slide in with a 5% amazon card anyway).

Re: Amazon Visa will no longer be issued by Chase

LakeLife — Wed, 09 Jun 2021 16:12:50 GMT

@manbuckets wrote:
Hopefully it goes to AMEX, either way, it not being affected by 5/24 anymore will be a plus

This is my thought too. It's so frustrating dealing with Chase's strict adherence to 5/24 when hoping to get a branded credit card.

Re: Amazon tire-kicking for Chase replacement of CC

gdale6 — Wed, 09 Jun 2021 16:34:36 GMT

So what if its not a profitable card they still make tens of billions a quarter (Chase). Im getting sick and tired of all this maneuvering to squeeze every dime out of people and companies. Glad I dont have any Amazon cards as I refuse to do business with Amazon.

Re: Amazon tire-kicking for Chase replacement of CC

1GaDawg85 — Wed, 09 Jun 2021 16:42:46 GMT

it would be nice to get this out of Chase's hands and into AMEX.

Either company has a stake in this as Synch has the store card & AMEX has the business card. Both want the additional rev from having the other card. It might work in Synch's favor by having the store card but we shall see.