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Amazon tire-kicking for Chase replacement of CC

Aim_High
Senior Contributor

Re: Chase and amazon cutting ties?

This article?

 

It just came out, but it's all I know about. 

 

https://www.bloomberg.com/news/articles/2021-06-08/amazon-explores-replacing-jpmorgan-in-credit-card...

 
Amazon Explores Replacing JPMorgan in Credit-Card Tie-Up  
   By Gillian Tan and Jennifer Surane   Bloomberg Wealth
   June 8, 2021, 6:37 PM CDT Updated on June 9, 2021, 7:06 AM CDT
 
  • Internet giant’s portfolio has more than $15 billion in loans
  • Synchrony, AmEx among those bidding to pick up the business

Amazon.com is fielding bids to replace JPMorgan Chase as the issuer on its popular co-brand credit card as a fresh wave of competition for new card customers emerges.

 
American Express and Synchrony Financial are among those bidding on the portfolio, according to people with knowledge of the matter, who asked not to be identified discussing the negotiations. Representatives for the lenders declined to comment, while a spokesperson for Amazon didn’t have an immediate comment when reached by email on Tuesday.


Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 71 of 86
longtimelurker
Mega Contributor

Re: Chase and amazon cutting ties?

So if the too rich rewards are an issue, I guess the banks know how to fix that!

 

When I first got the card (in 2004) it was 3% on Amazon.   I guess it's that now without Prime (which didn't exist then) but I guess a new issuer (or JPMC for that matter)  could reduce it to 3% for Prime if needed.

Message 72 of 86
UncleB
Moderator

Re: Chase and amazon cutting ties?


@longtimelurker wrote:

So if the too rich rewards are an issue, I guess the banks know how to fix that!

 

When I first got the card (in 2004) it was 3% on Amazon.   I guess it's that now without Prime (which didn't exist then) but I guess a new issuer (or JPMC for that matter)  could reduce it to 3% for Prime if needed.


I took a look over at Amazon.ca and Amazon.co.uk, and the rewards on the US Amazon card are quite a bit more generous.  I really hope they don't nerf the US card to make it comparable to those (I can't see this happening, since it simply wouldn't be competitive any longer).

 

I know that's apples/oranges since US cards generally tend to have higher rewards, but it was eye-opening how different the rewards are on the various Amazon cards.

Message 73 of 86
CreditAggie
Senior Contributor

Re: Amazon tire-kicking for Chase replacement of CC

I'll be watching this closely since I am currently gardening for the Chase Amazon card and will be under 5/24 in October. If it goes to Synchrony, I definitely won't be getting it since I have decided to avoid Synchrony and Comenity like the plague based on the horror stories I have read here. If the 5% or unlimited spending cap gets nerfed, I likely wouldn't consider it either.

 

With the setup I am currently building, I would consider this more of a "nice to have" card with uncapped 5% Amazon all year. I can currently get 5% with CFF and Disco during their respective quarters and 3% with BofA the rest of the year, so it wouldn't be that big of a deal if worse comes to worst. 

If only the new Citi Custom Cash had a category that included Amazon!

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Message 74 of 86
simplynoir
Community Leader
Super Contributor

Re: Amazon tire-kicking for Chase replacement of CC


@CreditAggie wrote:

If only the new Citi Custom Cash had a category that included Amazon!


If you really wanted to you could just buy Amazon gift cards at grocery stores with the CC. Earn the 5% that way but you lose credit card purchase protections depending on how you feel about Amazon's return policy and what you buy as well

Message 75 of 86
calyx
Super Contributor

Re: Amazon tire-kicking for Chase replacement of CC


@CreditAggie wrote:

I'll be watching this closely since I am currently gardening for the Chase Amazon card and will be under 5/24 in October. If it goes to Synchrony, I definitely won't be getting it since I have decided to avoid Synchrony and Comenity like the plague based on the horror stories I have read here. If the 5% or unlimited spending cap gets nerfed, I likely wouldn't consider it either.

 

With the setup I am currently building, I would consider this more of a "nice to have" card with uncapped 5% Amazon all year. I can currently get 5% with CFF and Disco during their respective quarters and 3% with BofA the rest of the year, so it wouldn't be that big of a deal if worse comes to worst. 

If only the new Citi Custom Cash had a category that included Amazon!


@CreditAggie I know how you feel!   for what it's worth, AffinityFCU has a 5% Amazon card as well.  I joined Affinity (have not apped for the card yet) in case I didn't make it to 5/24 (plus, more CUs are always better, IMO, and in CBISs' opinion).   Gardening gets me to 4/24 in January, the AFCU is a back up plan, depending on whether this coming quarter is 5% on the Freedom, but this definitely threw a kink in those plans (and, well then there was Citi).



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Message 76 of 86
sjt
Senior Contributor

Re: Amazon tire-kicking for Chase replacement of CC

My vote is for Amex to pick it up. No Sync!
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Message 77 of 86
Optimistic1
Member

Re: Amazon tire-kicking for Chase replacement of CC

Crud...I have the Chase Prime and the Sync Prime. When Sync was closing accounts and slashing CL at what looked like an alarming rate, I decided to grab the Chase. I have 3 Sync accounts. It was 4 before WMMC went to Cap1. I have a lot of Amazon spend and I'd hate to give up the 5%. I have thrown occasional spend on the Sync to keep it alive, but had been leaning toward permanently sock drawering it until they close it on their own. I guess I'll go back to nursing it until I see how this shakes out. I sure as heck don't want yet another Sync Amazon CC! 

I would think with Walmart being a direct competitor in the US (and offering 5% back on their CC for online sales), that it wouldn't be a wise choice for Chase (or anyone else that wins the account) to reduce the cash back percentage. I know for myself, that would motivate me to switch what spend I can to other CCs and purchasing more of my monthly items at WM. 

Message 78 of 86
MrBEW
Contributor

FYI for all you Amazon Prime Visa card holders

Amazon.com Inc. is fielding bids to replace JPMorgan Chase & Co. as the issuer on its popular co-brand credit card as a fresh wave of competition for new card customers emerges. American Express Co. and Synchrony Financial are among those bidding on the portfolio.

It is still early so no word on what will happen to accounts of current APV card holders.

 

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Message 79 of 86
MrDisco99
Valued Contributor

Re: FYI for all you Amazon Prime Visa card holders

It is really annoying how difficult Chase has become with approvals, so a change would be great.  I am firmly entrenched in the Amex ecosystem, so an Amex Amazon card would seem to be ideal for me.  I worry, though, because the redemption process on the Amex Amazon business card is rather awkward compared to the ease of the Chase card.

Message 80 of 86
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