JPMorgan Says Customers Are Sticking With Sapphire Reserve Card
- Attrition rates for card are better than expected, CFO says
- Lake says spending on the credit card is also ‘encouraging’
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JPMorgan Chase & Co. said more customers are sticking with its Sapphire Reserve card than the bank initially expected, a year after it debuted with a sign-up bonus worth a whopping $1,500 in travel perks.
Attrition rates on the card, which carries a $450 annual fee, are lower than the bank anticipated and the results are “encouraging,” Chief Financial Officer Marianne Lake said Thursday on a conference call, after the New York-based lender reported third-quarter results. Spending on all Chase credit cards jumped 13 percent from a year earlier, and card revenue rose 3 percent to $1.24 billion, the company said, without breaking out numbers for the Sapphire line.