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@FinStar wrote:
@Horseshoez wrote:
@TheBoondocks wrote:
@SouthJamaica 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
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.
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!
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.
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.
Understood, but almost by definition, any Amazon and Whole Foods benefits/rewards will no longer be available to re-branded cards.
@Horseshoez wrote:Understood, but almost by definition, any Amazon and Whole Foods benefits/rewards will no longer be available to re-branded cards.
Right. I'm guessing it's not a concern of all that many here, but I really make use of the uncapped 5% at Wholefoods. With no information, I wonder if Amex would be willing to keep that, as the grocery spend cards are capped (quite high for gold, low for the others). Guess if they keep Amazon uncapped I could buy gift cards, but that's more work.
@FinStar wrote:
@Anonymous 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
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.
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.
^ So much this.
I was sharing this information with most of my friends, who all seem to have the Chase Amazon card. None of them have more than 2 cards, most of them just have the one. I hope that if the portfolio gets sold, it's to a major and the card just switches over. It would be simplest for them, if not, I imagine I'll be fielding a lot of questions
The article said that Chase could see a 15% premium on the portfolio balances of $15 billion. I take that as Chase is looking to sell the entire protfolio and pick up a couple billion in profit on doing so. My bet would be all current accounts will move to whoever the new issuer is.
I think it would be logical for it to just go to Sync. Amazon has always been interesting having their store card and major credit card with different banks. Will be interesting to see how this goes.
@NoMoreE46 wrote:They are not specifically mentioned, but I wouldn't rule out CapOne as a strong contender.
This would definitely not be my preference... actually, I would rather it go to Synchrony than Capital One.
For those needing higher credit lines Capital One can be difficult, and of course last year they slashed many people's credit lines for simply not being used. I know Synch has their issues as well, but Capital One's actions last August were widespread enough to get the attention of mainstream news media.
Hopefully Capital One has their hands full with the Walmart portfolio and won't make a serious offer for Amazon.
@UncleB wrote:
@NoMoreE46 wrote:They are not specifically mentioned, but I wouldn't rule out CapOne as a strong contender.
This would definitely not be my preference... actually, I would rather it go to Synchrony than Capital One.
For those needing higher credit lines Capital One can be difficult, and of course last year they slashed many people's credit lines for simply not being used. I know Synch has their issues as well, but Capital One's actions last August were widespread enough to get the attention of mainstream news media.
Hopefully Capital One has their hands full with the Walmart portfolio and won't make a serious offer for Amazon.
I completely agree!!! I can't decide if I'm keeping my QS and SO, but I certainly know I don't want more business with CO.
@gdale6 wrote:So what if its not a profitable card they still make tens of billions a quarter (Chase). Im getting sick and tired of all this maneuvering to squeeze every dime out of people and companies. Glad I dont have any Amazon cards as I refuse to do business with Amazon.
Why would they want to keep a card that is not profitable? As a publicly owned business, their first duty is to their shareholders. And it's not as if it a particularly worthy (pro-bono!) cause, especially if you are against Amazon.
I was wondering if there was any insight to be gained by looking into Amazon UK credit cards. Both are issued by NewDay, so I guess not!
(NewDay has a Near Prime (their name) Division and a co-brand division, bought from Santendar)
@TheBoondocks wrote:
@SouthJamaica 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
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.
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!
I don't really know. I'm skeptical of what the CSR's told me, because the news articles said that Barclays was acquiring the "portfolio", including the receivables. But so far no one has rattled my cage.
Barclays and I don't get along, so it would be sad for me if the AARP card transferred over to them.
Synchrony has never done me any wrong, but I have heard that they are erratic in reporting balances to the bureaus, often reporting several times a month, randomly. That's not good for me because I tend to 'micro manage'. I would feel better continuing to deal with Chase, which has been a reliable, no-hassle lender, although not as good as Synchrony on CLI's. But Synchrony wouldn't be tragic for me.