Amazon tire-kicking for Chase replacement of CC

blindambition · ‎06-09-2021

@SouthJamaica 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!
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.

They seem to update multiple times a month on new accounts, also on large purchases. My Verizon only sees phone bill. Updates as it should ONE time a month.

coldfusion · ‎06-09-2021

@longtimelurker wrote:
@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.

In theory they could if they felt that there was a soft benefit like an increase in exposure/brand recognition and/or a boost to their public image.

AMEX has already demonstrated that they're willing to bail on a product line if it ultimately won't be sufficiently profitable (see: AMEX vs Citi re: the Costco portfolio) but I could see Synchrony almost be willing to sell their collective souls to grab the account because of the size and its high profile.

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion

Anonymous · ‎06-09-2021

@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.

Totally agreed. The only reason I haven't axed that QS they slashed is because it's my oldest card. Waiting for them to come for my $10K SavorOne now.

DesertWanderer · ‎06-09-2021

Sorry if this has already been posted. I came across this today. The article (if accurate) says Chase wants to give up the Amazon visa card due to lack of profitability and Amex and Synchrony are bidding for the card. There are also some other tibits in the article such as reporting Goldman is trying to take over the JetBlue cards. Has anymore heard anything about these potential moves?

https://www.pymnts.com/credit-cards/2021/amazon-taking-bids-to-replace-co-branded-jpmorgan-card/

Loquat · ‎06-09-2021

If there a change I'd really like to see Synchrony over Amex. With Amex's new card limit rule I don't need this card taking up another spot. I have no issues with Synchrony so if it moved there I'd be okay with it.

HiiiPoWeR · ‎06-09-2021

@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.

designated_knitter · ‎06-09-2021

@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.

Just PLEASE! Don't let it be Cap1!

Started Over Again after Cap1 Death Penalty:
06/15/2019:

03/02/2021:

04/06/2021:

05/28/2021:

Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!

imaximous · ‎06-09-2021

I really hope it's not Amex. They nerfed the business card and put a cap on the 5% cash back. If they take the personal card from Chase, they'll most likely do the same.

joltdude · ‎06-09-2021

I think Discover would be an interesting bedfellow for Amazon .... Though id have to find a replacement card for no FTF.... It is not the first time Discover has worked together with Amazon...

-J