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Value seekers warming to premium credit cards

Large credit card issuers are introducing increasingly lavish rewards programmes to capture consumers

Published Tue, Sep 13, 2016 · 09:50 PM
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New York

SELDOM does a new credit card go viral.

There are the unboxing videos posted on YouTube: People exulting in receiving the precious new metallic rectangle, lovingly unwrapping it, boasting to the world of their ownership of it. (One video features a cat ripping the package open.) There are message boards and blogs dedicated to obsessing over it, with more than 6,000 comments on a Reddit discussion.

It is so popular that JPMorgan Chase, the bank that issues the card, ran out of the engraved card's fancy metal stock in only 10 days, and instead had to send out a temporary plastic placeholder to disappointed customers. But the Chase Sapphire Reserve card has done more than generate product hysteria at its finest. It …

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