Amazon reviewing bids to replace JPMorgan as credit card partner – source

Stock Markets1 hour ago (Jun 08, 2021 11:25PM ET)

(C) Reuters. FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, August 8, 2018. REUTERS/Pascal Rossignol/File Photo

By Kanishka Singh

(Reuters) -E-commerce giant Amazon.com Inc (NASDAQ:AMZN) is fielding bids to replace U.S. lender JPMorgan Chase & Co (NYSE:JPM) as the issuer on its co-branded credit card portfolio, a person familiar with the matter told Reuters.

Amazon has sent out a ‘request for proposal’ for the portfolio, the person said, asking not to be identified as the matter was not public yet.

JPMorgan could fetch a 15% premium if it is replaced as partner in the portfolio, which contains more than $15 billion in credit card lending, Bloomberg reported earlier on Tuesday.

American Express Co (NYSE:AXP) and Synchrony Financial (NYSE:SYF) were among those bidding on the portfolio, the Bloomberg report added. The financial firms didn’t immediately respond to requests for comment.

Amazon and JPMorgan first issued a joint card in 2002 and their offerings have long operated on the Visa Inc (NYSE:V) network.

JPMorgan declined to comment when contacted by Reuters. Bloomberg said the lender was willing to part with the Amazon portfolio.

Amazon reviewing bids to replace JPMorgan as credit card partner – source

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