Amazon tire-kicking for Chase replacement of CC

[SouthJamaica]

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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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Bummer.  I have 3 Chase cards, all co-branded.

It was announced a while back that the AARP card is going to Barclays.

And now the Amazon Prime card may be going somewhere else as well.

I don't know what's going to happen with my cards.  I've been told by the CSR's that -- contrary to the news reports -- I can keep my existing AARP card with Chase. Hope I can keep my Amazon card as well.

[Horseshoez]

Speaking strictly for myself, given I burned both AMEX and Chase in my Chapter 13 and am unlikely to hold a card from either of them any time soon; and given I spend a few thousand per year at amazon.com and two to three times that at Whole Foods, I'm hoping for Synchrony.  Yeah, like many folks here, Synchrony can be a highly suspect card issuer, but for my proposes, it might be enough for me to step out of the garden and apply for a card.

[sccredit]

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@Horseshoez wrote:

Speaking strictly for myself, given I burned both AMEX and Chase in my Chapter 13 and am unlikely to hold a card from either of them any time soon; and given I spend a few thousand per year at amazon.com and two to three times that at Whole Foods, I'm hoping for Synchrony.  Yeah, like many folks here, Synchrony can be a highly suspect card issuer, but for my proposes, it might be enough for me to step out of the garden and apply for a card.

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Same here.

[NoMoreE46]

They are not specifically mentioned, but I wouldn't rule out CapOne as a strong contender.

[blindambition]

I wouldn't mind Amex, but won't hold another Synchrony. I'd apply for Affinity FCU to cover Amazon.

If it went to Synchrony, I'd close card, and possibly reallocate the maximum limits if possible.

[TheBoondocks]

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@SouthJamaica wrote:

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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

---

Bummer.  I have 3 Chase cards, all co-branded.

It was announced a while back that the AARP card is going to Barclays.

And now the Amazon Prime card may be going somewhere else as well.

I don't know what's going to happen with my cards.  I've been told by the CSR's that -- contrary to the news reports -- I can keep my existing AARP card with Chase. Hope I can keep my Amazon card as well.

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Wow really? So that means that Amazon card with Chase wouldn't forward to Synch or Amex? I thought once it goes, it goes for good? That's good to know tho for your Aarp card! Hopefully, it stays with Chase or go with Amex!

[Horseshoez]

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@TheBoondocks wrote:

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@SouthJamaica wrote:

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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

---

Bummer.  I have 3 Chase cards, all co-branded.

It was announced a while back that the AARP card is going to Barclays.

And now the Amazon Prime card may be going somewhere else as well.

I don't know what's going to happen with my cards.  I've been told by the CSR's that -- contrary to the news reports -- I can keep my existing AARP card with Chase. Hope I can keep my Amazon card as well.

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Wow really? So that means that Amazon card with Chase wouldn't forward to Synch or Amex? I thought once it goes, it goes for good? That's good to know tho for your Aarp card! Hopefully, it stays with Chase or go with Amex!

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It depends upon the terms of whatever deal ultimately gets cut.  That said, if the entire portfolio is effectively going to be sold, my bet is all Amazon Chase cards will be moved over to the new financial institution.

[FinStar]

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@Anonymous wrote:

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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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With 5/24 rule, it no wonder why it not profitable. Chase is cutting out a lot of users by that rule. The whole goal of Amazon is to get many users on board with their credit products.  I am hoping for Synchrony, since they do approve alot of users without an issue. 

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Not to burst a bubble @Anonymous, but that isn't the reason for Chase exploring an exit strategy.  If you look at Chase's 2020 annual report, the consumer card business remained profitable despite the pandemic (even so the prior year).

So, having the 5/24 restriction (now going several years) has actually made Chase more strategic and selective as far as those customers they want to keep.  The myFICO community may not like it, but in it of itself MF respresents a very tiny fraction of all of Chase [Amazon] accounts. Plus, we still don't know what Chase may intend to do as the article hasn't confirmed specifics.  

[spiritcraft1]

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@Horseshoez wrote:

Speaking strictly for myself, given I burned both AMEX and Chase in my Chapter 13 and am unlikely to hold a card from either of them any time soon; and given I spend a few thousand per year at amazon.com and two to three times that at Whole Foods, I'm hoping for Synchrony.  Yeah, like many folks here, Synchrony can be a highly suspect card issuer, but for my proposes, it might be enough for me to step out of the garden and apply for a card.

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I would be fine with that.  I have the store card and it is a huge earner.  Perhaps the Visa would not be limited to $10k either?   Sync is fine unless you get several big unused lines for the most part.  I suppose AMEX would work, that would be the personal card I would get.  The CB would become statement credit and then there is the 181 day 3X cli as opposed to the Sync way of maxing you out in short order if they like you.

I have never burned Chase and have an unused Biz account there.  I find them incompetent, uncaring and them playing a big role in bringing the words economy to its knees is not endearing.  Plus, try calling customer service... 

[FinStar]

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@Horseshoez wrote:

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@TheBoondocks wrote:

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@SouthJamaica wrote:

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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

---

Bummer.  I have 3 Chase cards, all co-branded.

It was announced a while back that the AARP card is going to Barclays.

And now the Amazon Prime card may be going somewhere else as well.

I don't know what's going to happen with my cards.  I've been told by the CSR's that -- contrary to the news reports -- I can keep my existing AARP card with Chase. Hope I can keep my Amazon card as well.

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Wow really? So that means that Amazon card with Chase wouldn't forward to Synch or Amex? I thought once it goes, it goes for good? That's good to know tho for your Aarp card! Hopefully, it stays with Chase or go with Amex!

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It depends upon the terms of whatever deal ultimately gets cut.  That said, if the entire portfolio is effectively going to be sold, my bet is all Amazon Chase cards will be moved over to the new financial institution.

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Or, Chase can re-brand them to alternative products like they've done so with some others in the past.  But, too early to tell since a final or official deal hasn't been announced.