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Wonder if Chase will offer a replacement card to those whose accounts were sold.... Similar to AMEX when Costco moved to Citi...
Amex offered my folks an Amex to replace the Costco Amex, and they got the Citi Costco card.....
-J
Honestly can't wait for Amazon to ditch chase since I have a bk and they won't let u in for forever so I am glad
Another set of highlights from another recent Bloomberg article including the potential divestiture of the Macy's CC portfolio (paywall):
JPMorgan, AmEx Card Competition Heats Up as Goldman Joins Fray
Macy’s Inc. this week revealed that its longtime credit-card partner, Citigroup Inc., had informed the retailer it would be terminating their existing card deal after sales dropped below a threshold set out in their original agreement. “The company plans to continue negotiations with Citibank as well as evaluate a potential transfer of its credit-card program to another financial service entity,” Macy’s said in a regulatory filing.
JPMorgan is willing to part with the Amazon portfolio, according to people familiar with the matter. The lender already offers a lucrative set of rewards for the partnership, including offering the e-commerce giant’s Prime members 5% cash back on purchases made on its site and at its Whole Foods Market subsidiary.
@HiiiPoWeR 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
Not too long ago, I was told by a friend who works in Amazon's Loss Prevention Dept that he heard that Amazon was in talks w/ Discover to carry their card. I didn't know how true it was so I didn't say anything but now it seems possible.
Discover would be an interesting play although I haven't seen a co-branded Discover card. Back in the day there were credit cards backed by various banks that ran on the Discover network but I can't think of an actual co-branded card.
@Loquat wrote:
@HiiiPoWeR 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
Not too long ago, I was told by a friend who works in Amazon's Loss Prevention Dept that he heard that Amazon was in talks w/ Discover to carry their card. I didn't know how true it was so I didn't say anything but now it seems possible.
Discover would be an interesting play although I haven't seen a co-branded Discover card. Back in the day there were credit cards backed by various banks that ran on the Discover network but I can't think of an actual co-branded card.
Ace Hardware had a Discover backed card. I think it got Axed a year ago or more.
@spiritcraft1 wrote:
@Loquat wrote:
@HiiiPoWeR 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
Not too long ago, I was told by a friend who works in Amazon's Loss Prevention Dept that he heard that Amazon was in talks w/ Discover to carry their card. I didn't know how true it was so I didn't say anything but now it seems possible.
Discover would be an interesting play although I haven't seen a co-branded Discover card. Back in the day there were credit cards backed by various banks that ran on the Discover network but I can't think of an actual co-branded card.
Ace Hardware had a Discover backed card. I think it got Axed a year ago or more.
@spiritcraft1 - Ace Hardware was not issued as a Discover card, it was on the Visa network, IIRC. They had a partnership with US Bank.
Not sure if you're mixing it up with True Value. That particular Discover network card was backed by Comenity, not Discover Financial Services. The True Value partnership ended and was not renewed by either party. Walmart and Sam's Club cards were once Discover network cards issued by SYNCB (formerly GEMB/GECRB), they were eventually converted to the MC network. And, of the two, the Walmart portfolio was acquired by Capital One.
@FinStar wrote:
@spiritcraft1 wrote:
@Loquat wrote:
@HiiiPoWeR 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
Not too long ago, I was told by a friend who works in Amazon's Loss Prevention Dept that he heard that Amazon was in talks w/ Discover to carry their card. I didn't know how true it was so I didn't say anything but now it seems possible.
Discover would be an interesting play although I haven't seen a co-branded Discover card. Back in the day there were credit cards backed by various banks that ran on the Discover network but I can't think of an actual co-branded card.
Ace Hardware had a Discover backed card. I think it got Axed a year ago or more.
@spiritcraft1 - Ace Hardware was not issued as a Discover card, it was on the Visa network, IIRC. They had a partnership with US Bank.
Not sure if you're mixing it up with True Value. That particular Discover network card was backed by Comenity, not Discover Financial Services. The True Value partnership ended and was not renewed by either party. Walmart and Sam's Club cards were once Discover network cards issued by SYNCB (formerly GEMB/GECRB), they were eventually converted to the MC network. And, of the two, the Walmart portfolio was acquired by Capital One.
That's right, True Value. Yes, I remember the Sam's Discover cards by GE Credit..
Since I only hold this card as an AU, I don't care who ends up with the portfolio right now. Personally, I'd rather Amex over Synchrony though. The DH only has one other Synchrony card, Lowe's, which has a high CL in terms of his income, but not too high on our combined incomes. I wouldn't want an additional $10K limit become an issue for Synchrony. 🤷
@TheBoondocks wrote: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...
I could not agree more. After all the data points say about Synch shutting down cards, I hope they don't get it.
@FinStar wrote:Another set of highlights from another recent Bloomberg article including the potential divestiture of the Macy's CC portfolio (paywall):
JPMorgan, AmEx Card Competition Heats Up as Goldman Joins Fray
Competition heats up among banks to ink co-brand card deals The market has grown to more than $350 billion a yearDelinquencies are at historic lows and consumer spending is accelerating, meaning banks are once again mining their card businesses for growth. That’s led to a ratcheting up in the fight for co-brand and private label credit-card portfolios, with many retailers fielding lucrative bids to replace their existing banks.In some cases, retailers’ existing bank partners have chosen to walk away. Synchrony said it was unable to reach contractual and economic terms with Gap that made sense for the firm’s shareholders when the clothier announced it would shift its portfolio to Barclays Plc in April.Macy’s Inc. this week revealed that its longtime credit-card partner, Citigroup Inc., had informed the retailer it would be terminating their existing card deal after sales dropped below a threshold set out in their original agreement. “The company plans to continue negotiations with Citibank as well as evaluate a potential transfer of its credit-card program to another financial service entity,” Macy’s said in a regulatory filing.
JPMorgan is willing to part with the Amazon portfolio, according to people familiar with the matter. The lender already offers a lucrative set of rewards for the partnership, including offering the e-commerce giant’s Prime members 5% cash back on purchases made on its site and at its Whole Foods Market subsidiary.
Ohhh!, Guess those $25k limits may end soon!! Wonder if that is why an uptick in store card upgrades. Hoping they'll hit contractural threshold again.