Amazon reviews bids to replace JP Morgan as credit card partner

E-commerce giant Inc is said to be fielding bids to replace U.S. lender JPMorgan Chase & Co as the issuer on its co-branded credit card portfolio.

A source has it that Amazon has sent out a ‘request for proposal’ for the portfolio.

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 and Synchrony Financial were among those bidding on the portfolio, the Bloomberg report added.

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