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Big banks look to cut back, alter credit card rewards programs: WSJ

January 1, 2019 10:33 PM
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(Reuters) - Large financial institutions including JP Morgan Chase & Co (JPM.N), Citigroup Inc (C.N), and American Express Co (AXP.N) are cutting back or altering some of the rewards plans that their credit card businesses offer borrowers, the Wall Street Journal reported on Tuesday.

The financial institutions don’t plan to end rewards entirely, but want to alter them in ways that boost credit card usage and reduce upfront rewards bonuses, people familiar with the matter told the Journal.

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