NEW YORK—Are consumers the winners in the ongoing credit card rewards battle?
A new report from J.P. Morgan Chase indicates that may be the case.
Savvy credit card users have forced J.P. Morgan Chase to pony up more in rewards payments than the bank originally projected, CNBC said.
“Buried in an otherwise positive second-quarter earnings report, in which the bank announced a record $8.32-billion profit, was the admission that credit card customers were redeeming points faster than anticipated, resulting in a $330 million charge,” CNBC said, adding that the charge may indicate that consumers are simply getting smarter with rewards programs.