Chase Shutters WaMu's Secured Credit Card Program
In an article titled "JPM to Drop Secured Card Despite Favorable Trends", Maria Aspan writes for the American Banker about JP Morgan Chase & Co.'s decision to shut down a secured credit card program it inherited when it acquired Washington Mutual a few months ago. Chase said that "the decision was part of JPMorgan Chase's conversion of Washington Mutual's credit card portfolio to Chase systems, policies and practices."
Perhaps the secured credit card is not profitable business to run for JPM.
Chase has been concentrating more on issuing in-house as well as co-branded rewards card.
Posted by: Sam | January 13, 2009 at 04:28 AM
Well I don't like that news. I have bad credit, so if I want to get a credit card that secured card is an easy way for me to get one....now that makes one more big bank that doesn't have that product anymore. I already had issues with my checking account and had to get a Second Chance Checking account
Posted by: Jon | October 20, 2009 at 12:06 AM