This week JP Morgan Chase CEO Jamie Dimon told investors that its popular new Sapphire rewards credit card will cost the company hundreds of millions of dollars in profit.

The card came with a 100,000-point sign up bonus, as long as customers spent $4,000 in the first three months. And as banks compete for new credit card customers, the race for lucrative cash-back incentives is also heating up.

Here & Now's Jeremy Hobson hears more from Michael Regan (@Reganonymous) of Bloomberg Gadfly.