There are many drivers of all this growth, ranging from Chase’s broad portfolio of card products to its vast branch network. What may be most notable, though, is how heavily it continues to invest in the business. Some of that investment comes in the form of acquisitions, like the travel- and dining-related businesses it has bought in recent years to bolster its offering to rewards-card spenders and capture more of its customers’ spending end-to-end.
"They’re in a virtuous cycle with investments that might have been a drag over the last five years but are now hitting their profitability zone,” said Truist Securities analyst John McDonald. “A lot of other banks don’t really have a hall pass from investors to get on that track."
https://www.wsj.com/finance/banking/jpmorgan-credit-card-spending-growth-064e1d52?mod=hp_lista_pos2
