It seems like generous credit cards might be doomed since it's likely that bill will pass since the only people who will be harmed by it are people like us who use the rewards. Banks will make sure their profit doesn't take a hit and I doubt merchants will lower their prices so what will get cut is credit card rewards.
"Don't throw the baby out with the bath water" ...
None of us can do anything about it, there are lots of financials in the sea and Chase may never pull it off.
Too much doomsday ...
A Psychology Professor once told the class to only worry about that of which we can and let the rest go!
Apply for Chase Cards and if they were nerfed, so goes life! You would be with lots of company!!!
@M_Smart007 Of interest?
@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.
Not sure where world domination comes from! The article explained the motivation (though who knows how accurate these things are).
Yes, JPMC has a very profitable CC division. Some very large companies are looking for alternatives. They could go to Fintechs, other issuers etc. So another part of JPMC has started looking into this. This is defensive, to try to keep those customers (and attract others with similar needs). Natuarally the CC division doesn't like this.
Basically CEOs message was This will either happen somehow (in which case CC division is doomed but we are ready with alternative) or it won't, and CC division will thrive and we've spent money basically on insurance. But we can't do it half-heartedly, as that is lose-lose. So work together and share info.