Amazon May Replace Chase as the Issuer for Two of its Popular Credit Cards

According to a recent Investopedia report, e-commerce giant Amazon may be on its way to a breakup with Chase.

At least when it comes to the latter being the issue of the company’s Prime Rewards Visa Signature Card and the Amazon Rewards Visa Signature Card.

The two cards hold more than $15 billion in loans, and cardholders are spending more than $50 billion per year with them, in total.

American Express, which issues the retail giant’s business credit cards, and Synchrony Financial, which manages the Amazon store card portfolio and a secured credit card, are both in the running to replace Chase.

A Bloomberg report has revealed that Amazon is considering bids from American Express and Synchrony Financial to take over the Amazon Prime Rewards Visa Signature Card and Amazon Rewards Visa Signature Card portfolio.

According to people familiar with the matter, Chase is willing to part with the Amazon rewards card portfolio while both Amex and Synchrony are reportedly interested in expanding their relationship with Amazon.

Chase and Amazon has had a partnership for nearly twenty years. The first Amazon-branded credit card was released in 2002 in partnership with Chase.

Amazon Prime members, including 147 million Americans, can earn 5% cash back on every purchase they make at Amazon.com and Whole Foods Market. The rewards rate is 3% if not a prime member.

Cardholders also get 2% back at restaurants, gas stations, and drugstores, and 1% back
on everything else.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.