The largest credit card lender in the U.S., JPMorgan Chase & Co. announced a new credit card dominated by American Express to target consumers with household incomes exceeding $120,000 per year.

Our desire is to make sure we have exactly the right product in the hands of our customers, Gordon Smith, chief executive officer of the card division, said in an Aug. 17 interview. If we cannibalize ourselves and move customers from one product to another, but we capture more of their business, then we're absolutely fine with that.

Sapphire card holders will have no pre-set spending limit and will earn one point for every dollar spent.

The bank had lost $1.59 billion in the past three quarters due to a 2% drop in consumer spending and does not expect to turn a profit this year and in 2010.

The Sapphire card will be available on the Visa Inc. and MasterCard Inc. networks and carries an annual fee of $95.