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JP MORGAN CHASE & COMPANY (JPM)
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Big banks look to cut back, alter credit card rewards programs: WSJ

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01/01/2019 | 05:33pm EST
FILE PHOTO: A woman walks past a Citibank logo displayed outside the Citibank Plaza in Hong Kong

(Reuters) - Large financial institutions including JP Morgan Chase & Co, Citigroup Inc, and American Express Co are cutting back or altering some of the rewards plans that their credit card businesses offer borrowers, the Wall Street Journal reported on Tuesday.

The financial institutions don't plan to end rewards entirely, but want to alter them in ways that boost credit card usage and reduce upfront rewards bonuses, people familiar with the matter told the Journal.

Banks have historically offered rewards such as free air travel to users of premium credit cards both to lure customers and prompt them to spend more on their cards.

But some financial institutions are now looking to revise their rewards strategies, which have been under pressure as consumers become more savvy in their use of the credit cards, the Journal said.

The cost of rewards programs had grown an average 15 percent on a year-over-year basis as of the third quarter of 2018 at several of the biggest credit card providers, bank analyst Charles Peabody told the Journal.

At the same time, another major revenue stream from credit cards - fees paid by retailers to the credit card companies - are diminishing as retailers push back through lawsuits against what they consider excessive charges, the Journal said.

(Reporting by Carl O'Donnell; Editing by Paul Simao)

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EXPRESS COMPANY -0.46% 97.99 Delayed Quote.3.39%
CITIGROUP 4.16% 61.38 Delayed Quote.13.20%
JP MORGAN CHASE & COMPANY 0.73% 101.68 Delayed Quote.3.40%
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Financials ($)
Sales 2018 111 B
EBIT 2018 45 372 M
Net income 2018 31 469 M
Debt 2018 -
Yield 2018 2,69%
P/E ratio 2018 10,95
P/E ratio 2019 10,21
Capi. / Sales 2018 3,03x
Capi. / Sales 2019 2,92x
Capitalization 336 B
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Number of Analysts 31
Average target price 114 $
Spread / Average Target 13%
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Managers
NameTitle
James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Yan Tavrovsky President & Chairman-Management Board
Marianne Lake Chief Financial Officer & Executive Vice President
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