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Author Topic: WSJ: Big banks look to cut back, alter credit card rewards programs  (Read 2418 times)

Offline David61

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WSJ: Big banks look to cut back, alter credit card rewards programs
« on: January 01, 2019, 11:34:09 PM »
https://www.wsj.com/articles/rewards-credit-cards-gained-a-fanatic-followingnow-banks-are-pulling-back-11546365926?mod=hp_lead_pos6

"JPMorgan, Citigroup and other large banks, including American Express  Co. , are discussing how to cut back or rejigger some of their cards’ rewards, according to people familiar with the matter. The banks don’t plan to end rewards, but want to shift them in ways that encourage more card usage and scale back upfront bonuses, the people said."

https://www.investing.com/news/stock-market-news/big-banks-look-to-cut-back-alter-credit-card-rewards-programs-wsj-1734376
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Offline S209

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Re: FYI - Big banks look to cut back, alter credit card rewards programs
« Reply #1 on: January 02, 2019, 01:51:02 AM »
Quote from: David61 on January 01, 2019, 11:34:09 PM
https://www.wsj.com/articles/rewards-credit-cards-gained-a-fanatic-followingnow-banks-are-pulling-back-11546365926?mod=hp_lead_pos6

"JPMorgan, Citigroup and other large banks, including American Express  Co. , are discussing how to cut back or rejigger some of their cards’ rewards, according to people familiar with the matter. The banks don’t plan to end rewards, but want to shift them in ways that encourage more card usage and scale back upfront bonuses, the people said."

https://www.investing.com/news/stock-market-news/big-banks-look-to-cut-back-alter-credit-card-rewards-programs-wsj-1734376
I feel like they’ve been doing this for years..
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Offline meshugener

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Re: FYI - Big banks look to cut back, alter credit card rewards programs
« Reply #2 on: January 02, 2019, 09:27:03 AM »
"JPMorgan executives debated whether to stop letting cardholders pool together points from multiple cards, according to people familiar with the matter."
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Offline Dan

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Re: FYI - Big banks look to cut back, alter credit card rewards programs
« Reply #3 on: January 02, 2019, 09:39:45 AM »
Quote from: meshugener on January 02, 2019, 09:27:03 AM
"JPMorgan executives debated whether to stop letting cardholders pool together points from multiple cards, according to people familiar with the matter."
Oldest debate in the game
https://www.dansdeals.com/credit-cards/ultimate-rewards-transfer-changes-hurt-rumor-mill-7-years-consolidate-points-every-month/
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Offline yitzf

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Re: FYI - Big banks look to cut back, alter credit card rewards programs
« Reply #4 on: January 02, 2019, 10:02:05 AM »
Quote
JPMorgan had approached Mr. Kelly in spring 2016 to ask how his company would market an upscale card it had in the works. He learned more details about the card, which turned out to be the Sapphire Reserve, a couple of months later while on vacation in Tanzania with his parents. The bank agreed to pay The Points Guy each time readers visiting the website started an application and received the card. The site earned millions of dollars from the card in the months after it was introduced.
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Offline Newcc

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Rewards Credit Cards Gained a Fanatic Following—Now Banks Are Pulling Back
« Reply #5 on: January 02, 2019, 11:21:24 AM »
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Offline stooges44

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Re: Rewards Credit Cards Gained a Fanatic Following—Now Banks Are Pulling Back
« Reply #6 on: January 02, 2019, 11:23:32 AM »
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Offline ReadsTheT&C

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Re: Rewards Credit Cards Gained a Fanatic Following—Now Banks Are Pulling Back
« Reply #7 on: January 02, 2019, 11:28:43 AM »
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Offline stooges44

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Re: Rewards Credit Cards Gained a Fanatic Following—Now Banks Are Pulling Back
« Reply #8 on: January 02, 2019, 11:29:23 AM »
Quote from: ReadsTheT&C on January 02, 2019, 11:28:43 AM
Can you post the text? Don't have a login  :(

+1
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Offline Dan

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Re: FYI - Big banks look to cut back, alter credit card rewards programs
« Reply #9 on: January 02, 2019, 11:32:17 AM »
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Offline hide4

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Re: Rewards Credit Cards Gained a Fanatic Following—Now Banks Are Pulling Back
« Reply #10 on: January 02, 2019, 11:37:18 AM »
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Offline bb1836

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WSJ: Big banks look to cut back, alter credit card rewards programs
« Reply #11 on: January 02, 2019, 04:35:23 PM »
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Offline Newcc

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Re: WSJ: Big banks look to cut back, alter credit card rewards programs
« Reply #12 on: January 16, 2019, 04:32:12 PM »
If they want to shut it down they can in 5 minutes as the did with AA, they don't want to b/c since the Housing bubble CC has been a bigger percentage of their business, so they are constantly trying to figure out that balance of getting consumer to use CC and not lose money on it.

I think bonuses will slow down, but regular spend and MS spend will continue for a very long time!
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