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JPMorgan Chase & Co. (JPM) - Get JPMorgan Chase & Co. Report employees are having internal discussions about the efficacy of the bank's generous Sapphire Rewards credit card, the Wall Street Journal reported, questioning whether the rewards card is too popular to actually make money. 

JPMorgan is seeking $200 million in cost cuts in the unit that oversees the premium credit card, according to Journal sources, which has become popular partly due to its generous rewards program. 

JPMorgan says it is making a long-term bet on the millennials who are flocking to the card, but a lot will be made clearer once the cards first annual renewal fee of $450 comes due in August. 

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