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Timeline
0:00 Amazon Prime Deals
2:04 Amazon Breaking Up with Chase?
5:17 What Happens to the Chase Amazon Card?
7:10 Predictions for Future Partners
9:24 Should You Still Get the Card?
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46 comments
The 5% back that I get on my Amazon Prime Card basically just pays for my membership, so reducing it is going to make membership more costly and it may not be worth it. I’m fine with at-cost because I still get free shipping, Amazon streaming and Amazon music, special discounts at Whole Foods, along with occasional exclusive deals, but reducing the cash back to 3% means that I’m going to have to come out of pocket for my membership, which changes the calculus for me. Amazon should consider the cost of their membership as it relates to the average customer’s spend when making this decision.
Chase sucks, I can't wait to pay off that card. Fee hound's!!
So glad I didn’t get the card , I’ve been iffy getting the card because it was under chase not a fan of them at all , maybe I’ll wait to see where it goes
I have this card
Most banks, especially top-tier ones like Chase don't want to collect interest. They want to bundle loans into securities and sell off the debt and use that money to loan more.
so it is like
Chase: Stop stop we are losing on 5% cb
I hope it doesn't become a problem with current users of those cards.
Sebby – I’m seeing more and more places around me charging extra 4% for using a CC. Always sold as “cash discount”. Restaurants, Deli’s etc. what are your thoughts and what do you think CC companies are doing about this?
You’re probably better off using your freedom card to buy Amazon gift cards at CVS at 3 UR point per dollar.
If the Amazon Prime card rates goes to 2-3% cash back, then it opens the door for other cards such as the BofA Customized Cash card. You can select "online purchases" for your 3% category and get the same discounts. The demand for that card wouldn't be very interesting. Further, it leaves room for Target who still offers 5% cash back on their credit card. So I'm not sure it's in Amazon's broader interest to change the cash back.
Amex pls
Amex would be the best change because then you would get the 5% back combined with Amex's superior and hassle-free purchase protection, return protection, and extended warranty, as well as their customer service. When your expensive purchase breaks and Amex reimburses you no questions asked unlike the other companies, you will value that a lot more than a few extra percent back. Fortunately you can already get this combination with the Prime Business card as a sole proprietor…
If they get rid of the 5% cash back I'm canx my Amazon Card. This was the ONLY reason I even got it.
If I have the Amazon Prime Rewards and I end up not wanting to go to a new bank if that happens, then what happens to my credit score if I cancel my Amazon card and apply for a new card? I specifically got this card when it first came out to get credit history. Do cards canceled because of a bank change affect credit score?
I just got the Amazon Prime Signature Rewards from Chase earlier this month, including the $150 GC, and with a 25k limit!
I think if Chase keeps it they might reduce the 5% to 3% and then add other spend categories to get card holders to use the card for purchases other than Amazon. I only use the card for Amazon purchases and pay in full, that's 5% they are paying me to use the card. If Amazon is looking to make it easier to get approved for the card and maintain the 5%, I think Chase will pass.
I figured Amazon will buy chase
My best prime deal was the Kasa smart home surge protector
The original Apple Card had bad terms but the new one is better and Apple marketing it significantly better especially this year adding the family situation with the Apple Card. I haven’t seen Goldman Sachs do anything to advertise the Apple Card themselves
I recently went through something similar with Costco and AMEX when Costco switched to Citi. Amex closed the account i had with them and transferred over to Citi which decreased the age limit on my CC’s. Wasn’t too into CC’s back then so i didn’t know what to do, but now that i know better i don’t want them to close this Chase account as its my only Chase account i have and trying to build relationship with them smh
I hope they stay with Chase. I absolutely hate Wells Fargo and Goldman Sachs. Bad experiences with both. Personally I will never do business with either institution. Just me
I have the Chase Unlimited card and have used Chase's portal for travel and take the cash back. I got the Amazon Visa for the 5% cash back, but haven't used it yet because I just recently was able to get a Bank of America Visa which offers 2%, 3% and 1% categories. I get and additional 75% bonus because I have "Platinum Honors Status" based on the balance of my other accounts there. So I end up with a 5.25% cash back on 3% online purchases up to $2,500 per quarter.
The new company better have the same terms, 5% back, or have even better terms. Otherwise, why bother having this card. Have plenty of other credit cards.
I have the Amazon card and pay off my balance every month, so they've never gotten any interest from me. I'll probably be in the first group they sell.
Missing out on so many good offers because of 5/24. Jan 2022 until my next slot opens 🙁
I only have 2 cards so thats scary I got the prime card when I first started getting into credit cards so I'm surprised I got it at this point tbh 4 years later I tried sapphire and freedom got declined for both I haven't applied for credit cards applications either unless car loans count honestly if I lost this card with my luck it wouldn't surprise me lol
I've had this card for fourteen years. It's my oldest card, and if I cancel it then I'm sure my credit will tank 🙁
Do you have a video of your pc build?
Just got the card… kind of a bummer to hear this, but I'm still hype about that 5%
What Amazon is doing make a lot of sense.
Amazon gets a percentage on all fees and revenue these cards earn. Let’s face it, Chase is a very arrogant and difficult bank, to deal with.
So Amazon, sees that working with a bank like Citibank, should increase the amount of customers approved.
The more card holders, the more fees earned and thus, the more Amazon earns! It’s not rocket science!
What happens if I have the Chase Amazon and it’s sold? Will I now have an Amex? Lol
SoFi goes for it.
Oh no, I wanted this to be my next credit card. I don’t need the 5/24 slots but I’d like to lock in the 5% back on Amazon. Is it a good idea to apply for the card now or is it unlikely that that 5% would last long if chase backs out?
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Amazon keeps changing banks. It was Syncrony when I had an Amazon card. Then it switched to Chase. Amazon is either not happy with their banks declining, or the banks are sick of Amazon. 😀
The venn diagram of Chase's preferred clientele and Amazon's preferred clientele is two circles
Considering how bad the Apple Card rewards are I’m guessing 3% on Amazon purchases.
Seems like the better solution would be allowing Amazon cash to convert to ultimate rewards!
My experience with Synchrony was horrible. Personally would not use a Synchrony card.
Thanks for the update! Curious to see where the Amazon goes if they leave Chase
Love my Amazon card. I charge everything on that thing & pay it weekly. I racked up $500 in points since December. Should hit 1k & use that on Christmas
Amazon should really get into world of Amazon Pay and set up its own online bank as well.
As long as it has the same perks and benefits and doesn't go to AMEX then I'm good.
Hey Sebby, been following you for a couple of years now. I love your credit card insight, but you applying your superpowers to discount promo codes and product shopping advise for Amazon and elsewhere would be amazing! Ever consider diversifying?
Great analysis Sebby! Breaking down the process, to include the extra info of the risk profile of the financial institutions and their marketing/strategic planning. Solid!
So they will send out everybody a new card if they leave chase(visa)?