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Rewards Credit Cards Gained a Fanatic Following—Now Banks Are Pulling Back

“The ultra-premium rewards of the kind that JPMorgan has championed have turned into financial albatrosses. Big banks calculated that giant rewards would make consumers spend more, earning the banks more interest and boosting their returns. They calculated wrong. Consumers have figured out how to game the system, spending just enough to earn generous sign-up bonuses—then abandoning the cards […]

On The Wires

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