Two large and important credit card issuers, American Express (NYSE: AXP) and Synchrony Financial (NYSE: SYF), are apparently in the running to land one of the biggest co-branding deals on the scene: the Amazon (NASDAQ: AMZN) Visa-branded consumer credit card. According to a Bloomberg report that cited "people with knowledge of the matter," the retailer is fielding offers to become the card's new issuer. No details of the two apparent bids were provided. Image source: Getty Images. The card's current issuer is JPMorgan Chase (NYSE: JPM), which according to the article's sources is willing to relinquish its position. While no reasons were given, JPMorgan Chase's desire might be due to the many features and perks consumers now expect of major credit cards (which, in turn, derives from heavy competition among brands and issuers). These reduce profitability for issuers. Additionally, in co-branding deals, revenue is shared between issuer and brand. If this is the reason (or one of them), JPMorgan Chase is at least minimally to blame -- the Amazon card comes with a raft of attractive extras, such as 5% cash back on all Amazon and Whole Foods purchases. All told, according to figures from market research firm Packaged Facts cited in the article, Amazon credit card holders spend over $50 billion annually with that plastic. Some of the people interviewed by Bloomberg said the portfolio holds over $15 billion in loans. None of the parties involved -- Amazon, JPMorgan Chase, American Express, or Synchrony -- have yet commented on the report. Both apparent suitors have collaborated previously with the retailer on cards: American Express with a small-business-focused product, and Synchrony with a private-label card. 10 stocks we like better than American ExpressWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and American Express wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. American Express is an advertising partner of The Ascent, a Motley Fool company. Synchrony Financial is an advertising partner of The Ascent, a Motley Fool company. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon and Visa. The Motley Fool recommends the following options: long January 2022 $1,920 calls on Amazon and short January 2022 $1,940 calls on Amazon. The Motley Fool has a disclosure policy.Source