JPMorgan Chase is about to slash the 100,000-point sign-up bonus for the most ballyhooed credit card of 2016
That sign-up bonus will be slashed in half for online applicants after January 11, according to The Points Guy.
The Reserve's debut made waves among consumers. A spokeswoman for Chase previously told The New York Times that the card has been an unexpected hit, especially among millennials, even before the bank spent a dime on advertising.
But the card's generous benefits were perhaps too big of a hit. By December, JPMorgan Chase revealed that it expected an earnings dip in the fourth quarter to the tune of $200 million to $300 million as a result of the card's popularity, according to CEO Jamie Dimon.
The Reserve's sign-up bonus will soon match that of the Chase Sapphire Preferred credit card - if you spend $4,000 in the first three months, you'll receive 50,000 bonus points worth about $625 - which is still a lucrative offer. The card will also maintain its steep annual fee, though card members receive a $300 travel credit reimbursement awarded each calendar year, effectively reducing the card's annual fee to $150.
And the card's extensive benefits will still include:
- 1 point earned for every $1 spent
- 2 additional points earned for every $1 spent on travel (includes airfare, hotels, Airbnb, taxis, Ubers, etc.)
- 2 additional points earned for every $1 spent on dining (includes Seamless, bars, cafés, restaurants, etc.)
Beyond the points, the Reserve offers some perks that are truly unparalleled, including a suite of "elite travel benefits":
- $100 application fee credit for Global Entry or TSA Pre-check
- Transfer points 1:1 to frequent flyer and hotel loyalty partners
- Access to over 900 VIP airport lounges worldwide
- No foreign transaction fees
- Special benefits during a stay at Chase's Luxury Hotel & Resort Collection (including room upgrades, free breakfast, and early or late check-in/check-out)
If you miss the January 11 cutoff but still want to cash in on one of the most eye-popping credit card offers in recent memory, you can still get the original 100,000 sign-up bonus until March 12 by applying at a physical JPMorgan Chase bank branch, according to The Times.