JPMorgan Chase & Co. is launching the Chase Sapphire credit card intended for wealthy households with incomes over the $120,000.
The target=_blank>Chase Sapphire cardhas no pre-set spending limit, and gives holders one point for every dollar they spend. It will be available for Visa Inc. and MasterCard Inc. networks.
JPMorgan & Chase is the largest U.S. credit care lender with 152 million cards issued in the country.
Currently, American Express Co. dominates the market of wealthy card holders. On average, an American Express Co. carholder spends 3.5 times more than Visa cardholders and 4.5 times more than MasterCard users, Bloomberg reports, citing American Express CEO Kenneth Chenault.