This Rewards Card Is a Huge Success for JPMorgan Chase
Even though JPMorgan Chase's (NYSE: JPM) shares have dropped since the bank reported earnings at the end of last week, investors shouldn't interpret this as a sign that something was wrong with the bank's second-quarter performance. In fact, aside from a sharp decline in trading revenue, everything else looked pretty good.
There was one area in particular where JPMorgan Chase shined last quarter. Credit card sales volume was up 15% in the quarter compared to the year-ago period, meaning that people used their cards more in the three-month stretch this year. While higher consumer spending helps to explain this, the success of JPMorgan's Chase Sapphire Reserve card shouldn't be overlooked.
Image source: JPMorgan Chase.
Source: Fool.com
JPMorgan Chase & Co. Stock
€184.52
0.130%
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