Amazon to Replace JPMorgan as Issuer of Co-Branded Credit Cards
Amazon is reviewing bids to replace JPMorgan Chase & Co as the issuer of its co-branded credit card portfolio, having already
sent out a 'request for proposal' for the portfolio. American Express and Synchrony Financial are among the bidders of the portfolio.
Amazon and JPMorgan first issued a joint card far back in in 2002 and their offerings have long operated on the Visa network. Although no comments have so far come from the companies themselves, sources have stated that both Amazon and JPMorgan are willing to let go of their partnership.
According to Bloomberg, If JPMorgan is replaced as partner on the portfolio - it could get a 15% premium, containing more than $15 billion in credit card lending.
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