JPMorgan says demand for Reserve card 'strong, but tapering'
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A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files - RTSS8RV
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NEW YORK (Reuters) - JPMorgan Chase & Co (NYSE: JPM) said that demand for its high-fee, high-rewards Sapphire Reserve credit card is "strong, but tapering" and that the cost of opening new card accounts could hurt fourth-quarter revenue by as much $200 million.
JPMorgan made the disclosures in a quarterly filing on Tuesday after the stock market close.
The Reserve card, which carries a $450 annual fee but offers more than $1,300 in credits and give-backs on new accounts, has been surprisingly popular and escalated competition between card issuers for customers.
(Reporting by David Henry in New York)
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