How JPMorgan’s plan to kill credit cards split the bank

[rgd51]

This is such a surprise for me since I always thought credit cards were a huge profit maker for them?

[805orbust]

@rgd51 @ I only have 2 Chase cards and they're the only ones I desire. I suppose world domination is more desirable to these types than a single line item of profit.

[rgd51]

If they take this live next year like the article says it makes me concerned they might start nerfing their cards and not focusing on keeping their cards competive.

[M_Smart007]

One thing that you can bet on, or take to the bank  ....is that it is all about the bottom line.

I will mention one word ..."GREED" !!!

It's all about cutting fees to VISA and MC ..to line said pockets,

and Possibly try to bolster a sagging stock price?

(Click image to enlarge)

I have been leaning more heavily towards credit unions,

if Chase continues down this road?, I can see me closing everything out with them.

Will leave it at that, least I veer off..into really giving my opinion.

Who know's? ..maybe the whole thing could backfire on them?

ETA: The old saying, "You are never to big to fail"

tagging @Anonymous 

[Kforce]

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@gdale6 wrote:

https://www.impactinvesting.ai/2022/09/23/how-jpmorgans-plan-to-kill-credit-cards-split-the-bank-fin...

Im not interested in what this appears to be (digital currency other than crypto). The push to track everything one does is not the hallmark of a free society.

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+100  ^^^^ This

[rgd51]

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@Kforce wrote:

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@gdale6 wrote:

https://www.impactinvesting.ai/2022/09/23/how-jpmorgans-plan-to-kill-credit-cards-split-the-bank-fin...

Im not interested in what this appears to be (digital currency other than crypto). The push to track everything one does is not the hallmark of a free society.

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+100  ^^^^ This

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At this rate they might as well tell us if they plan to stop issuing credit cards next year so that we can all have peace of mind and move on.

[babygirl1256]

No more Chase cards  for me . . . I was waiting on December to apply for another Chase card . . . but I will pass!!! 

[rgd51]

I will keep my freedom unlimited card open but will diversify and get the citi double cash so I still have a solid everyday card if chase does go through with this next year.

[Anonymalous]

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@rgd51 wrote:

If they take this live next year like the article says it makes me concerned they might start nerfing their cards and not focusing on keeping their cards competive.

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I don't think that's a real short-term concern. The article talks about how they're pushing into pay by bank partially because they've been left behind by fintechs before (they specifically mention Block's mobile wallet). They're taking the view that if the new technology wins, they want to be in the forefront. But if it doesn't, oh well. It's essentially an insurance policy. Their credit card division is separate and makes $5 billion/year. They're willing to gamble with the potential future loss of that income in order to beat their competitors to the next big thing, but it's just a gamble right now, so there's no reason to eviscerate an existing revenue stream. Only if pay by bank takes off will it start to be a threat.

I think the bill wending its way through Congress that would require payment network alternatives is a more immediate threat to the rewards system.

[Anonymalous]

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@Anonymous wrote:

Also, the Federal Reserve replacing the archaic cluncky 1970s ACH system with a more instant state of the art "Fed Now" process. 

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Yes, that was news to me as well. It's always amazing how outmoded the bank system feels, so in that sense it's about time.

But I 100% agree with all the privacy concerns other posters have raised.