Amazon Prime Visa Changing Credit Card Issuer from Chase to… ?

Amazon Prime Visa Changing Credit Card Issuer from Chase to... ?

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Hey i’m adam jusko and this is strictly Credit cards where we talk about Strictly Credit cards subscribe why don’t you is Amazon about to ditch Chase as its card issuing partner and is Chase okay with that and if so All of those being a yes who would Amazon Move on to as a card issuing partner There is an Article or there was an article from Bloomberg yesterday that suggests this Is exactly what is happening that amazon Is shopping Out its credit card business on the Amazon visa and amazon prime visa Specifically That are now issued by chase and that Chase May be okay with amazon leaving Because the article suggests that the Amazon card Might be a little too rewarding and with Amazon getting a cut Of part of the action on that card chase Might not really be making a whole lot Of money from it even though It is a huge business so i tried to find Information on how long the Current contract between amazon and Chase might be whether it is actually Up and amazon is now shopping it out to See if somebody else will give them a

Better deal Or whether chase has expressed some Displeasure with The situation and has told amazon that If they can find a better deal Chase would be okay with selling the Portfolio so don’t know Exactly which one of those things is Happening but based on what the article Says you have to imagine that chase is Not going to be The issuer in the near future now what In the near future means could mean Like you know a year or more because Amazon hasn’t actually chosen anyone Else and even when they do there’s Probably going to be a fairly large Transition period While they negotiate with chase over the Terms of a deal and then actually Transfer all those accounts and all that Money And all of that stuff the bloomberg Article suggests that american express And synchrony bank are already in On the bidding for this amazon visa Portfolio This would make sense both of them Already working with amazon on american Expresses and They are issuing a couple of business Credit cards For amazon on the synchrony bank and They are issuing the amazon store card

That is for Amazon financing and it is only accepted At amazon so that is not a visa card It’s only For amazon so obviously you could see Synchrony bank wanting to get the full Business on the consumer side or American express Obviously wanting to extend their Relationship i could also See goldman sachs as a dark horse Candidate here goldman sachs got into Credit card issuing In a big way with the ink card they Bought the gm card business that Uh capital one had been issuing in the Past so you could see this as another Extension where they want to continue to Build their brand in the credit card Issuing business So amazon obviously is a desirable Partner on the surface but you could see This Situation being very much like the Costco situation from a few years ago Where costco had been working with American express And from all reports american express Sort of said you know what we can’t Afford to do this anymore as costco kept Asking for more and more In terms of the deal that they were Getting whether that was getting money Or having to pay less as a retailer to

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Have their cards accepted at some point American express said There’s nothing in this for us anymore Costco put it out there to other issuers City bought it and the rumor is that City Is only breaking even on that card but They bought it to keep it away from Anybody else And maybe to market other things to The costco customers that they then had Under Their uh roof but you could see the same Thing happening with amazon because if Costco had some power to dictate terms To the credit card issuers Amazon’s got to have 10 times that Amount of power now everything i just Talked about really is just sort of Talking about the credit card business How things go between An issuer and a retailer but obviously The question many people would have is Well what would this possibly Mean to card holders if the amazon visa Goes from chase To one of these other issuers in terms Of rewards is that something that is Going to change And then the other piece would be would It become either more difficult or Easier to get your hands on an amazon Visa card or an amazon american express Card or

Whatever if it went to another issuer Obviously chase has sort of the unspoken 524 Rule where they will not give you a new Credit card if you have gotten five New accounts in the last two years and So that applies to Amazon visa cards as well so there’s Possibly some people that have been Limited from getting the amazon visa Because they have gotten too many credit Cards In the past couple years so if it went To another issuer perhaps it would be Easier for people that regularly get Credit cards To get their hands on an amazon visa but I don’t know if either one of those Things Is really all that significant if the Card changes to a different issuer i Have to imagine That five percent back on amazon and Whole foods purchases is going to remain Because It is or at least for amazon prime Members because that is part of the Amazon prime Package it is just one piece of an Overall amazon prime package That those prime customers are paying For so i cannot see that five percent Going away for Amazon prime customers now in terms of

What other rewards might be on the card Yeah you could see some things Potentially Shift there but probably not that big a Deal if the card went to synchrony bank You’d have to think maybe it would be a Little bit easier to get your hands on It if it went to american express Probably no more easy or difficult than It already is with chase So that’s really all we know obviously This video has been a lot of conjecture Versus Hard facts it could be that amazon is Really just trying to squeeze chase to Get a little better Terms and they don’t really want to move On from chase at all obviously once you Sort of get intermingled with one of These companies and you’ve got 50 billion supposedly worth of business Going through these cards it’s not the Easiest thing to Change to a new partner necessarily so It could be that chase and amazon Aren’t even going to decouple here but On the other hand it definitely could Happen it definitely Does happen in many cases so down the Line we might see An amazon american express card or an Amazon mastercard instead of an amazon Visa or we might see Amazon discover well we’re not going to

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See an amazon discover card but We might see the amex or the mastercard That’s it questions comments thoughts Put them in that comment section Otherwise i thank you for watching And we’ll talk to you again soon

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