After i filled in the survey, I consolidated my UR points up. I'm not going to leave it up to chance there's a grace period to do it once they announce the new "enhanced" benefits.

Chase must suddenly see a surge in points transfers from F/FU to CSP/CSR...lol.

I'm sure anyone familiar with the ur structure would transfer all their points from F/FU to CSP/CSR. I do that only a monthly base. Lol

Implement or not, Chase is shooting itself either ways.

In addition to shooting themselves in the foot with being the best issuer of major bank cards in America, they'll shoot themselves in foot again if they devalue the point value on the Freedom and INK cards.

You know what would be great? If companies actually gave a [redacted] like they used to, and didn't pretend they were broke and on the verge of bankruptcy.

The credit card business only contributes a small portion of the bank's profit if you even read the 10Q and 10K now you are talking about stock price.

JP Morgan Reserve card's customer base is MUCH smaller than the Sapphire Reserve. Chase wants a much bigger piece of the high end market than the JP Morgan Palladium currently has. That is the reason to introduce the Sapphire Reserve because it cannot grow the Palladium meaningfully.

The name change on the Palladium should be a story-telling to you that why Chase wants to introduce the "Reserve" line of cards.

Talk about high end market - just take a look of the AMEX Plat card line-up - you have the generic Plat card, the MB Plat and the card for Ameriprise customers though seems everyone can get it for example But the Schwab's Plat and the Morgan Stanley Plat definitely are only for the folks that actually have a high investment assets in the respective institutions, no less than the JP Morgan Palladium, sorry, the now "Reserve" card.
So the AMEX High End market is a much stronger line up than Chase's JP Morgan Palladium then the new Sapphire Reserve which is not even a year old and already Chase has to think about cut backs.

Thank You for pointing this out despite I am accused for twisting the mathematical aspect.

Exactly!

Several years ago we received preapproval Ink Cash offers with "$250" bonus like every 2 months. I always threw it away thinking that we did not want a cash rebate card... That was until one day I finally sat down to read the T&Cs, then found out it actually was 25,000 points that can be redeemed for $250 cash back... That tells us that Chase does not intend this card as a cash rebate card from the outset - the cash rebate is just one of the redemption options.

Freedom has gone from straight cash rebate to UR point earning at least 5 or more years ago fwiw.

We all know that. Nobody argues about this. It is the devaluation we are talking / arguing about here, not whether Chase has the right to do so or not. Hence dont go off topic.

Moderator Note: Please follow the FT rules and respond to concepts and ideas without name calling.

My fear is that the devaluation of UR transfers from no-fee to fee cards is only the first phase of Chase's changes. The second phase will likely be to adjust the fee and/or benefits of the CSR, but they won't even hint about such changes until the first wave of CSR cardholders has made its renewal decisions. I'm thinking they will either increase the CSR's annual fee or reduce the travel credit to put greater distance between the cost of holding a CSP ($95) and a CSR ($450-300=150). I predict the rumors will start in November.

Actually, the best go to Discover and AMEX according to J.D. Power.

Chase is not as great as you think.

The reality is banks want your money. They don't give a [thing] about customers.

As you are forced to play the game, the only thing you can do is to get leverage with the banks.

I read the latest 10K per your advice. It turns to be the credit card business was significant to JPM, which contribute almost 10% of its noninterest revenue in 2016 (more than 10% in 2014 and 2015). On the other hand, JPM made less money from mortgage.

As soon as the revenue generated from CSP and/or CSR is sufficient, the cut may not happen at all.

Yes I realize this. Chase looks like they've fallen a bit to #6 .

Not really sure how credible JD Power is anymore, though, since they list Capital One as #3 behind AMEX and Disco... I really don't see that as being true.

http://www.jdpower.com/press-release...sfaction-study

And not to get off topic, but UR points in combination with "cash back" is a pretty good system, whereas AMEX and Discover do not have that. You cannot take your rewards dollars and turn them into Membership Rewards for example to get 6 MR per dollar at grocery stores, and then transfer them 1:1 at many of the transfer partners they offer (but not all since many aren't 1:1).

If Chase were to do this, when would it likely happen? It wouldn't seem right if you paid your annual fee and it's too late to get refund. I'm just wondering this because the one year anniversary is coming up. It seems like it would only be fair to give you the chance to agree to the terms before you pay another annual fee.

The cards discussed have no annual fees. I realize you are thinking about the card which receives the points, but the change would be made to the terms of the cards that send the points and those are free.

The Investment banking and Commercial banking, together they are bigger than the Consumer banking in JP Morgan's business model.

In house Trading of Equities and Fixed Income contribute a significant amount of earnings.

The latest quarter just reported, Net Income was $7 Billions.

In comparison, the consumer and community banking unit, JPMorgan's largest business division that operates Chase Bank, reported $11.4 billion in revenue, flat from a year ago.
The unit's net income was $2.2 billion

So, Chase bank's Net Income which is from all activities including business loans, mortgages, credit cards, etc etc, is 28% of the Total Net Income. I dont bother to dig up the number from CC out of the $2.2 billion. Needless to say, it contributes far less than the investment banking and trading activities. That is where the top tier banks make the bulk of their profit.