Limitless Credit: Just What Consumers Need
Big banks have lost hundreds of billions of dollars as the economic downturn has left millions of Americans unable to pay their credit card bills. So that would make this the perfect time to introduce a new card with no spending limits, right? No? Oh, well. It seems Chase is now planning to give American Express a run for its money with its new, "limitless" "Sapphire" card. The good news, clearly: Jamie Dimon's debt-collecting good squad should have no problem keeping busy for the foreseeable future. [NYP, Bloomberg]