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JPMorgan Chase & Co. Message Board

  • vasanthk19 Mar 23, 2011 8:18 AM Flag

    JPMorgan Pauses Debit Card Rewards

    On Monday, Bloomberg reported that JPMorgan Chase & Co. (JPM) had started notifying its debit card users that they would not be able to garner rewards point after July 19. It is an attempt on the company’s part to reduce its losses from the projected cap on debit-interchange fees, as proposed by the Durbin Amendment.For every swipe of a debit card, the related bank charges a fee to the retailer. The bank then shares the amount with its card partners such as Visa Inc. (V) and Mastercard Inc. (MA). The charged amount is called interchange fees.

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