Originally Posted by
abcx
Oh, come on. Don't buy their crap. This is basically a money grab because they are pissed at the government at capping their fees and they have the scale to effectively tell the government and consumers "Screw you". It's not like they actually need the money (correction: they wouldn't if they stopped making lousy investments), it's because they can.
It's not crap, they want to make money, and the government is cutting off one of their biggest revenue streams. Many companies would probably do the same thing if they ran a business and the government cut off a money making program.
The fee cap that caused them to end these reward programs doesn't apply to smaller banks. You should be complaining to the geniuses who wrote this law without thinking about the consequences it would have for consumers.
Chase needs the money, because their mission is to make as much of it as possible.
Meanwhile, somehow card issuers in Europe and elsewhere have long figured out how to survive on tiny commissions.
Yes, and the cost of almost everything there is higher.