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Chase Is Cutting the Sapphire Reserve Card’s Bonus in Half

JPMorgan Profit Rises 76% As Bad Loans DwindleJPMorgan Profit Rises 76% As Bad Loans Dwindle

With its 100,000-point bonus, the Chase Sapphire Reserve credit card was almost too good to be true. Now, it really is: J.P.Morgan (JPM), which introduced the card last summer, is cutting that bonus in half.

Jan. 12 will be the last day that people can earn the bonus by signing up for the card online. However, those who apply at one of the bank’s branches have until March 12, the New York Times reports, and branch applications are open to anyone—not just current customers.

Originally, the bank offered a sign-up bonus worth $1,500 to people who spent $4,000 on the card in the first three months and then redeemed those points for travel. But those perks came at a cost: The Times reports that they caused a $200 to $300 million hit to Chase’s earnings.

Regardless, the card has been a hit—even with its $450 annual fee, Sapphire Reserve holders receive a $300 credit each year for any travel spending they put on the card, and earn three points for every dollar they spend on all travel and dining, according to the Times.