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JP Morgan Chase pays their reward costs out of pocket.
by elastic_church 10y ago
JP Morgan Chase pays their reward costs out of pocket.
- gaadd33 10y agoReally? Do you know where you can find that information? I'm surprised that Chase does it given the amount they could recoup from their rewards programs.
- elastic_church 10y agohttps://www.bloomberg.com/news/articles/2016-12-06/dimon-says-new-card-cuts-profit-by-up-to-300-million-in-quarter https://www.bloomberg.com/news/articles/2016-12-06/dimon-say...
- gaadd33 10y agoUnless I'm reading it wrong it's because of the signup bonus that's worth $1500 in travel not because they charge the lowest card rate and eat the rewards cost
- wheelerwj 10y agoThat doesn't say what you think it says. Every business has expenses that eat into profit. Saying that Chase pays for that out of its own pocket is like saying uber pays for drivers out of its own pocket.
- wheelerwj 10y agolol, out of the customers pocket maybe. But since income is income, its all the same thing. Either Chase has lower fees than most banks or it doesnt. The mony all comes from the same place.