- Amazon has chosen to renew a deal allowing JPMorgan Chase to issue the tech giant’s flagship rewards credit card, ending months of heated negotiations, CNBC has learned.
- American Express and Synchrony were among the issuers involved in discussions, and Mastercard had hoped to displace Visa as payments network, said people with knowledge of the talks.
- Known for driving hard bargains with partners, Amazon pushed issuers to accept their terms, which included having to fork over part of the bank’s revenue from making loans, as well as rebate some of the interchange fees the bank would normally keep, said the people.
@FormerCollegeDJ wrote:I'm a bit surprised I haven't seen this posted here, but according to the following CNBC article, Amazon has decided to renew its credit card agreement with Chase. Both American Express and Synchrony had negotiated with Amazon, and Mastercard was also hoping to become the new processing network, replacing Visa. However, Amazon ultimately decided to remain partners with Chase (and retain Visa as the processing network).
Yay.
Well this solidifies my decision to garden until I'm under 5/24.
Well I hope this doesn't stop Chase's recent SL/CLI generosity now that their partnership is secured.
This card is in the pipeline for me.
I have to wonder if the recent loosening up of 5/24 and generous CLIs on the Amazon Visa was an effort to renew the agreement. Anyway, I am glad the card is staying with Chase as they have been great in my experience. I refuse to have any card issued by Synchrony Bank and would have combined the Amazon Visa's limit with my CFF if it was to go to Synchrony. I find the uncapped 5% on Amazon to be invaluable.
Excellent! I'd rather not have an unnecessary new account.
