It has been reported that J.P. Morgan Chase & Co. (NYSE:JPM) will stop offering debit card rewards.

J.P. Morgan Chase & Co. (NYSE:JPM) Stops Rewards Program

The latest move from J.P. Morgan Chase & Co. (NYSE:JPM) is considered to be a part of its strategy to reduce its losses on interchange fees.

The company has begun informing its customers about the new plan.

J.P. Morgan Chase & Co. (NYSE:JPM) said in a letter to the customers that, “Congress recently enacted a new law known as the Durbin Amendment that significantly impacts debit cards. As a result of this law, we will be changing our debit rewards program.”

JP Morgan Chase & Co. (NYSE:JPM) shares were at 45.52 at the end of the last day’s trading. There’s been a 14.2% change in the stock price over the past 3 months.

JP Morgan Chase & Co. (NYSE:JPM) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.43
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.42
Zack’s Rank: 2 out of 15 in the industry