Credit Cards
Amazon Explores Replacing JPMorgan in Credit-Card Tie-Up
- Internet giant’s portfolio has more than $15 billion in loans
- Synchrony, AmEx among those bidding to pick up the business
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Amazon.com Inc. is fielding bids to replace JPMorgan Chase & Co. as the issuer on its popular co-brand credit card as a fresh wave of competition for new card customers emerges.
American Express Co. and Synchrony Financial are among those bidding on the portfolio, according to people with knowledge of the matter, who asked not to be identified discussing the negotiations. Representatives for the lenders declined to comment, while a spokesperson for Amazon didn’t have an immediate comment when reached by email on Tuesday.