JP JPM JPMorgan Chase & Co. 로딩 중... : 애널리스트의 강세 및 약세 의견

The new U.S. co-brand credit card agreements with JPMorgan and Amex are expected to contribute ~$100-125M to Marriott's annual fee revenue by 2028, but the impact for 2026 is only ~$30M, indicating a multi-year ramp. — Indicates a slow ramp for the new card economics, with near-term benefits more modest than the headline deal suggests.

Marriott's renegotiation with Chase, a key co-brand credit card issuer, is on track, which could lead to higher co-brand credit card fees in the future.

Marriott raised its co-brand credit card royalty rate, a contractual change separate from ongoing deal renewals with Visa/Chase/AmEx, and now guides card fees +35% in 2026, decoupled from spending growth. — This signals Marriott is extracting higher economics from existing card partnerships, creating a new line-item revenue source that may pressure card partners' payment economics.