November 5, 2009 JPMorgan from Chase and Company presented the new 100,000-airline mile rewards card to intensify the war going on for wealthy spenders. The cardholders could use their airline miles to take a trip on a transatlantic flight. The round-trip tickets were giving to customers who spent up to 2k.
The money had to be spent on the British Airway Signature Vista credit cards within a three-month timeline in order to get the free air ticket.
American Express offered a similar rewards program, which enabled cardholders to take advantage of mile points. Despite of the federal regulations incorporated in the Act signed by Obama they still set out to make profit. The intention was to encourage the scaling back of incentives.
Customers who spent up to 30k within the first year of using their credit cards could get a free travel voucher for their companion. They could fly the British Airways on the third largest aircraft from Europe. Customers would be charged a small fee annually for using the card.
It looks like the war on credit cards is leading many credit card providers to find new ways to get customers to spend their money.
