Amazon tire-kicking for Chase replacement of CC

[pizza1]

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@FinStar wrote:

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@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... 

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.

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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.

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@FinStar ....Well this is just great.  I fought so hard on recon upteen times to get this card with my BK on file,  and now Im possibly losing my card?? I think Im gonna be sick literally.  grrrrrrrrrr.  Best case scenerio..Chase keeps existing portfolio, and  PC to a different card (a win for me again!).   Middle case scenerio...Amex takes it.  I wouldnt be that opposed to it.  Im 8 yrs post BK, and Ive already gotten back in with them on both personal and biz side (even though later I closed the accounts).  Worst case scernio....Synch takes it, and I'll close it before the take over if that happens.  My current Amazon Visa is 4 1/2 yrs old  

[FinStar]

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@pizza1 wrote:

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@FinStar ....Well this is just great.  I fought so hard on recon upteen times to get this card with my BK on file,  and now Im possibly losing my card?? I think Im gonna sick literally.  grrrrrrrrrr.  Best case scenerio..Chase keeps existing portfolio, and  PC to a different card (a win for me again!).   Middle case scenerio...Amex takes it.  I wouldnt be that opposed to it.  Im 8 yrs post BK, and Ive already gotten back in with them on both personal and biz side (even though later I closed the accounts).  Worst case scernio....Synch takes it, and I'll close it before the take over if that happens.  My current Amazon Visa is 4 1/2 yrs old  

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It's definitely going to be interesting whatever the final outcome may be.  I'd be okay if it stays with Chase, and if it doesn't, I'm not really sure about SYNCB or AmEx (already have AmEx Amazon Prime biz version and quite a bit of SYNCB exposure).  Maybe I'll reassess my SYNCB portfolio just in case 🥸.  One thing for sure when it comes to CCs and any benefits, they can change at any point in time 🤷‍♂️

[Anonymous]

Interesting for sure, though for those of us who already have the max amount of Amex cards it's no so appealing for them to aquire Amazon portfolio. I'd prefer SYNCH just for the diversity aspect. 

That said, Amex may be a good fit as they often seem less stringent than Chase. IDK , whether a person is being restricted by either the 5/24 or max 5 Revolvers it's still hurdle for some. The question is which one is more combersome?

I have to say that Chase has some great SUB offers for that card whenever I'm checking out that are certainly enticing. 

[HeavenOhio]

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@staticvoidmain wrote:

Although not a fan of Chase, my only concern is how this will affect my credit history, given that this is my second oldest account.

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@staticvoidmain, cards that change banks tend to show up on credit reports as duplicate accounts. With this being your second oldest card, the effect on your AAoA is likely to be positive. When my LL Bean card moved from Barclays to Citi, there was a negative effect on my scores because my card was relatively young.

I would love for this card to stay with Chase. I've found customer service to be excellent the few times I've needed to contact them. When the card had a recent fradulent charge, I had a replacement in hand 26 hours after calling them.

If there's any hint of this card going to Synchrony, I'll close it before the transfer can happen. I had a Sync card for about six months, and the experience was too goofy for my taste. That was before random reporting to the credit bureaus was added to the mix of reasons to avoid them.

AMEX would be a lousy fit for me. I only have six cards; I don't need two of them to be on the more restricted AMEX network. Also, I'm comfortable with my AMEX limit right where it is. I don't want to add another 10.5k to that.

Capital One and Citi are two other places I wouldn't want to see this card go. I have three Capital One cards totalling 36k in limits. That's enough. I barely tolerate my exisiting Citi card. I don't need another.

[coldfusion]

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@Anonymous wrote

That said, Amex may be a good fit as they often seem less stringent than Chase. IDK , whether a person is being restricted by either the 5/24 or max 5 Revolvers it's still hurdle for some. The question is which one is more combersome?

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Remember that the AMEX revolver limit was and continues to be a soft limit - they can and do waive it on a case-by-case basis and even when they lowered the soft limit down to 4 revolvers existing cardholders weren't impacted as long as they maintained the status quo with their inventory of AMEX revolvers.

AMEX already has a precedent with the acquisition of the Hilton portfolio from Citibank where even cardholders already with 5 revolvers were migrated over and issued an AMEX Hilton card to replace their Citi card. 

[staticvoidmain]

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@HeavenOhio wrote: cards that change banks tend to show up on credit reports as duplicate accounts. With this being your second oldest card, the effect on your AAoA is likely to be positive. When my LL Bean card moved from Barclays to Citi, there was a negative effect on my scores because my card was relatively young.

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If that will be the case, then it would be awesome for me.

@HeavenOhio wrote: If there's any hint of this card going to Synchrony, I'll close it before the transfer can happen. I had a Sync card for about six months, and the experience was too goofy for my taste. That was before random reporting to the credit bureaus was added to the mix of reasons to avoid them. AMEX would be a lousy fit for me. I only have six cards; I don't need two of them to be on the more restricted AMEX network. Also, I'm comfortable with my AMEX limit right where it is. I don't want to add another 10.5k to that.

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The reason I prefer Amex or Synchrony is that their cards do grow without HP. I almost ONLY use this card on Amazon, so I never really deal with the usual credit card issues some people have.

[M_Smart007]

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@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

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@coldfusion, Thank you for posting this

I have moved $40K from my Chase Amazon Prime to other Chase cards, pending the outcome?.

I would prefer Amex over SYNC.

[longtimelurker]

To me, the bigger question is if/how much the card is nerfed by whoever ends up with it.   I guess currently Sync is OK with uncapped 5%, or maybe many card holders go for extended pay instead?   But 5% uncapped on Amazon and WholeFoods does seem very costly!

[rgd51]

Are there any updates on this? The anticipation is killing me. I have the non prime chase amazon that gives me 3% on Amazon purchases 

[FinStar]

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@rgd51 wrote:

Are there any updates on this? The anticipation is killing me. I have the non prime chase amazon that gives me 3% on Amazon purchases 

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I'm sure that as new developments unfold, any updates will be posted here.