American Express and Synchrony are among the bidders looking to replace JPMorgan Chase as the issuer of Amazon’s co-branded credit card, Bloomberg and Reuters reported Tuesday.
JPMorgan could get a 15% premium on top of the balance — which is north of $15 billion in loans — if Amazon proceeds with the move, people familiar with the matter told Bloomberg.
JPMorgan’s Amazon card gives Prime members 5% cash back on purchases made on the retailer’s website and its subsidiary, Whole Foods. Such perks make it the fastest-growing of the 10 largest co-branded cards, a 2019 study by Packaged Facts found.
