Debit Card Rewards Go the Way of the Dinosaur
Originally Published on March 23, 2011.
And yet another one of our predictions is unfolding….say goodbye to Debit card rewards! Back on December 17th, we specifically stated this would be one of the many casualties caused by the Federal Reserve price cap.
On March 21, 2011 one of the largest card issuers in the world made this announcement: JPMorgan Will Cease Debit-Card Rewards Program Because of Proposed Fee Cap. A quote from the article:
“JPMorgan Chase & Co. (JPM) will stop offering debit-card rewards for almost all of its customers in July to reduce losses from a proposed cap on interchange fees. The company is mailing letters to customers announcing the change, said Tom Kelly, a spokesman for the bank. New York-based JPMorgan said in November it would end rewards for new customers in February.“
Well, we said it once, and we’ll keep on saying it: The Durbin Amendment is bad news!
More articles from us on this topic:
– deBankedLast modified: February 21, 2013
Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.