Amazon renews Prime credit card tie-up with JPMorgan Chase after flirting with American Express

[gdale6]

• 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.

https://www.cnbc.com/2022/03/31/amazon-prime-amazon-renews-prime-credit-card-pact-with-jpmorgan-afte...

[FormerCollegeDJ]

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).

https://www.cnbc.com/2022/03/31/amazon-prime-amazon-renews-prime-credit-card-pact-with-jpmorgan-afte...

NOTE: This post was moved from the general Credit Card forum.  I usually don't check this forum and didn't see the post above.

[Remedios]

@FormerCollegeDJ  I can remove the link to the article and we can keep keep this thread in Credit Cards (feel free to add link to existing thread in Credit In The News) 

If you wish to keep the article, I will move the thread and merge it with "who they going with, plz make it not be Chase" one  

[FormerCollegeDJ]

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@Remedios wrote:

@FormerCollegeDJ  I can remove the link to the article and we can keep keep this thread in Credit Cards (feel free to add link to existing thread in Credit In The News) 

If you wish to keep the article, I will move the thread and merge it with "who they going with, plz make it not be Chase" one  

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@Remedios - I'm good either way.  I actually planned on posting it in the thread you mentioned, but I couldn't find it after doing a quick search (probably because Amazon wasn't listed in the title of that thread).  Go ahead and move my post to that thread.

My goal was to make sure people were aware of Amazon's and Chase's renewal agreement.

[SouthJamaica]

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@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).

https://www.cnbc.com/2022/03/31/amazon-prime-amazon-renews-prime-credit-card-pact-with-jpmorgan-afte...

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Yay.

[Ficoproblems247]

Well this solidifies my decision to garden until I'm under 5/24. 

[LADave]

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@Ficoproblems247 wrote:

Well this solidifies my decision to garden until I'm under 5/24. 

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This seems like better news for those who already have the card and want to maintain a good banking relationship with Chase, than it does for people who don't have it yet and are 5/24+.

I didn't know about 5/24 when I got the card, and I'm just glad I got it before I went over it.

Chase has been more leniant about 5/24 with the Amazon/Prime co-branded cards than with their own cards lately, so there may be a chance to get it sooner if you're willing to risk a hard pull.

[JR_TX]

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.

[CreditAggie]

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.

[Adkins]

Excellent! I'd rather not have an unnecessary new account.