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Chase Card Services

Welcome to the News View for "Chase Card Services".

Here, on these archive pages, you'll find all of the articles on Payments News for Chase Card Services listed in date sequence beginning with the most recent article at the top of the page.

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November 20, 2009

Second Major US Card Issuer Ends Credit Card Arbitration

Tags » Card Issuers, Chase Card Services, Credit Cards  » Comments (0)

In an article titled "JPMorgan Chase Ends Credit Card Arbitration", Maria Aspan writes for the American Banker that JP Morgan Chase has joined Bank of America in abandoning mandatory arbitration clauses as part of their credit card agreements.

November 18, 2009

Chase Introduces Two New Business Cards for Checking Customers

Tags » Card Issuers, Chase Card Services, Commercial Cards, Credit Cards  » Comments (0)

Chase has announced the addition of two new credit cards - Ink and Ink Capital - to its Ink portfolio of business cards that provide additional purchase rewards or an interest-payment refund to customers with Chase business checking accounts. READ MORE

October 19, 2009

A Chip and PIN Card for US Business Travelers

Tags » Chase Card Services, Chip and PIN, JP Morgan Chase  » Comments (0)

Recently, US travelers to Europe have encountered problems having their magnetic stripe-based credit cards accepted at some merchants where Chip and PIN have been implemented. See, for example, "The End of Cards as We Knew Them?" by Glenbrook's Jacqueline Chilton.

Earlier today, JP Morgan announced several commercial card initiatives regarding expansion into Europe, the Middle East, and Africa. Included in that press release was mention of a new card that the bank will be issuing next year: J.P. Morgan’s International Dollar Card (USD) which the bank calls "a cross-border dollar solution complete with Chip and PIN security, and the ability to support clients’ needs in the Middle East, Africa, and Central and Eastern Europe, including Russia."

JP Morgan Expands Commercial Cards in EMEA

Tags » Chase Card Services, Chip and PIN, Commercial Cards, JP Morgan Chase  » Comments (0)

J.P. Morgan has announced that it has "significantly advanced its commercial card expansion initiative in Europe, the Middle East and Africa to provide corporate clients with higher degree of visibility and flexibility on spending and expenses in today’s challenging economic environment. As part of its continued investment in its global Treasury Services business, J.P. Morgan has introduced several new commercial card product offerings and service enhancements in the region, while a number of new product offerings are due to launch early next year." READ MORE

October 14, 2009

JP Morgan Chase Reports Third Quarter 2009 Financial Results

Tags » Chase Card Services, Chase Paymentech, JP Morgan Chase  » Comments (0)

Chase_logo-140px.jpgJP Morgan Chase has reported financial results for the third quarter of 2009 - reporting net income of $3.6 billion, compared with net income of $527 million in the third quarter of 2008.

Chase Card Services reported a net loss of $700 million, a decline of $992 million from the third quarter of 2008. End-of-period managed loans were $165.2 billion, a decrease of $21.3 billion, or 11%, from the prior year and $6.3 billion, or 4%, from the prior quarter. Card charge volume was $82.6 billion, a decrease of $11.3 billion, or 12%, from the prior year. Merchant processing volume at Chase Paymentech was $103.5 billion, on 4.5 billion total transactions processed.

September 30, 2009

The Evolution of WaMu's Credit Cards

Tags » Chase Card Services, Credit Cards, Washington Mutual  » Comments (0)

In an article titled "Chase Cards Today: No Wamu DNA", Maria Aspan writes for the American Banker in Thursday's edition about how Chase Card Services has been handling the Washington Mutual credit card portfolio it acquired when Chase took over WaMu earlier this year. Bottom line: Chase is much more risk averse and decided to exit much of WaMu's higher risk cardholders.

Aspan notes: "If there is one issuer from which JPMorgan Chase is taking lessons these days, it is all the way at the other end of the spectrum from Wamu and Providian: American Express Co. ..."

September 23, 2009

Chase Launches Ink℠ - A New Small Business Card Portfolio

Tags » Chase Card Services, Commercial Cards  » Comments (0)

ChaseInk_logo-140px.jpgChase Card Services has announced Ink℠ from Chase, a suite of business cards developed specifically for small businesses. The new business card portfolio includes four distinct cards "to deliver on the unique needs of small business owners and marks Chase’s introduction of a pay-in-full charge card – a first from issuers of Visa or MasterCard." READ MORE

September 15, 2009

The Era of Responsible Credit Card Borrowing

Tags » Card Issuers, Chase Card Services, Credit Cards  » Comments (0)

PaymentsViews_logo-140px.jpgOver on PaymentsViews.com in a post titled "The Era of Responsible Credit Card Borrowing Begins Today", Glenbrook's Bryan Derman takes a look at Chase Blueprint - saying that it "represents a significant generational inflection point in the evolution of the US credit card business."

Chase Introduces Blueprint - With New Card Control Features

Tags » Chase Card Services, Credit Cards  » Comments (0)

ChaseBlueprint_logo-140px.jpgChase Card Services has introduced Chase Blueprint - calling it "an innovative set of features that dramatically improves the way customers can manage their spending and borrowing. Blueprint helps consumers take charge of their finances with free tools they can use to pay down balances, manage everyday spending and pay off major purchases."

Blueprint, in what Chase is saying is a "first for the banking industry", enables Chase customers to better manage their expenses – from everyday spending like groceries to major purchases like appliances or home repairs – and adjust their plan at any time without penalty. Blueprint is integrated into customers’ accounts, enabling them to create customized payment plans and track their progress on every statement, either online or on the phone working with a Chase advisor.

Chase says that the launch of Blueprint follows more than two years of planning and research focused on better understanding the way consumers think about borrowing. According to a Chase survey of 4,026 U.S. consumers, 74 percent say it is “very important” that they have complete control over managing their finances and believe that cards are an essential part of that equation. READ MORE

August 19, 2009

Chase Launches Sapphire Card for the Affluent Consumer

Tags » Card Issuers, Card Reward Programs, Chase Card Services, Credit Cards  » Comments (0)

Chase_logo-140px.jpgChase Card Services has announced the launch of Chase Sapphire - calling it "the next generation rewards card designed for the affluent market." According to Chase, "Sapphire has been built from the ground up to address the needs of the top 15 percent of U.S. households by income who expect premium rewards, outstanding value, and exceptional service."

Earlier this summer, Chase had announced the Ultimate Rewards program where Sapphire was initially mentioned. READ MORE

August 13, 2009

Chase Incents Checking Customers to Use Chase Freedom Credit Card

Tags » Card Issuers, Card Reward Programs, Chase Card Services, Checking Accounts  » Comments (0)

Chase_logo-140px.jpgChase has announced a new program that gives its checking account customers "more rewards on every purchase when they use their Chase Freedom credit card."

“This is one more way to thank customers for doing more business with Chase,” said Scott Powell, head, Consumer Banking. “That’s especially important as consumers watch every dollar they earn and spend.”

According to Chase, its "Chase Exclusives program rewards Chase checking account customers with better rates, more rewards and bigger discounts on nearly all the financial products offered through Chase’s bank branches." READ MORE

August 03, 2009

Chase, United Airlines Launch Three New Premium Credit Cards

Tags » Airline Payments, Card Reward Programs, Chase Card Services  » Comments (0)

Chase_logo-140px.jpgThree new premium Visa credit cards have been announced by United and Chase Card Services including the United Mileage Plus Club Visa Card, The United Mileage Plus Access Visa Card and The United Mileage Plus Select Visa Card.

According to the companies, "with these new cards, cardholders will receive exclusive benefits, including Red Carpet Club membership, Economy Plus seating, up to 5,000 or 10,000 miles that count toward elite status, or double and triple miles toward redeeming an award ticket."

Note that these three new premium cards have annual fees ranging from $130 to $375 annually. READ MORE

June 04, 2009

Chase Launches New Ultimate Rewards Program

Tags » Card Issuers, Card Reward Programs, Chase Card Services, Credit Cards  » Comments (1)

chase_logo.jpg
Chase Card Services has announced the launch of a new rewards program called Ultimate Rewards that is available on Chase Freedom and the new Chase Sapphire credit cards. According to Chase, "Ultimate Rewards enriches the rewards experience with millions of redemption options that customers can use today. Cardmembers can view rewards activity, earn bonus points for shopping, redeem points, book entire travel itineraries, and search for and reserve a restaurant through a single, comprehensive Web site that provides maximum simplicity and ease of navigation." READ MORE

February 26, 2009

JP Morgan Chase Holds 2009 Investor Day Today

Tags » Chase Card Services, JP Morgan Chase  » Comments (0)

JP Morgan Chase is holding an Investor Day series of presentations today. The presentation slides are available online - including a presentation about Chase Card Services by Gordon Smith, Card Services CEO.

Among other things, Smith notes that home price depreciation was the biggest driver of credit losses in their credit card portfolio until mid-2008 when unemployment became a meaningful factor. He predicts that unemployment will be the primary driver of credit losses in 2009.

February 24, 2009

Chase Receives Patent for Fraud Protection Invention

Tags » Card Fraud, Chase Card Services, Patents  » Comments (0)

Chase Card Services has announced that it recently received a patent (US 7,480,631) from the United States Patent Office for its fraud prevention technology, First Watch Intelligence. READ MORE

February 06, 2009

J.P. Morgan Helps Deliver Early Food Stamp Benefits in Kentucky

Tags » Chase Card Services, Government Payments, JP Morgan Chase  » Comments (0)

J.P. Morgan has announced that it has "helped the Kentucky Cabinet for Health and Family Services (CHFS) deliver early food stamp benefits to Kentuckians recovering from the state’s recent devastating ice storm."

"CHFS’ Department for Community Based Services usually issues electronic monthly food benefits on a staggered schedule during the first ten days of each month. Due to the storm, nearly 252,000 food stamp recipients who typically receive funds between the third and tenth of the month were given early access to benefits on February 2nd. These benefits are delivered via J.P. Morgan-issued Electronic Benefits Transfer (EBT) cards."

READ MORE

January 12, 2009

Chase Shutters WaMu's Secured Credit Card Program

Tags » Chase Card Services, Credit Cards, Prepaid Cards, Washington Mutual  » Comments (2)

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."

January 07, 2009

Chase Card Services Unveils Enhanced Consumer Web Site

Tags » Card Issuers, Chase Card Services  » Comments (1)

Chase Card Services has unveiled "an enhanced version of its popular Web site Chase Clear & Simple with new tools to help customers manage their accounts, tips to avoid unwanted fees and information to support their financial success. Through its relationship with AARP, Chase worked to create interactive tools, calculators, worksheets and other financial literacy resources for consumers 50 years of age and older." READ MORE

December 15, 2008

Chase Adds iPhone Mobile Banking Application

Tags » Chase Card Services, JP Morgan Chase, Mobile Banking  » Comments (0)

JP Morgan Chase & Co. has released Chase Mobile, a new iPhone/iPod Touch application available for downloading from the iTunes Apps Store. The application supports a branch and ATM locator, easy access to telephone customer service support, and other mobile banking features. See the Chase Mobile website for more information.

Visa Mobile Now Available on Android Phones

Tags » Chase Card Services, Mobile Coupons, Mobile Payments, Visa, Visa Mobile  » Comments (0)

Visa has announced that Visa Mobile is now operational on mobile devices powered by Android, the Open Handset Alliance’s open source platform for mobile devices, including the T-Mobile G1 phone. READ MORE

December 12, 2008

Visa's Mobile Application for Google's Android Mobile Handsets

Tags » Chase Card Services, Mobile Banking, Mobile Coupons, Visa, Visa Mobile  » Comments (0)

ReadWriteWeb reports on Visa's new Mobile Application for Google's Android-powered mobile handsets. Visa Mobile delivers three services - Alerts, Offers, and Locator - to help find merchants and Visa ATM's. The Visa mobile website says that it is available now for select Chase Visa cardholders. An FAQ is available. READ MORE

December 02, 2008

Chase to Take Washington Mutual's Card Business In House

Tags » Chase Card Services, Processors, TSYS, Washington Mutual  » Comments (0)

TSYS has announced that an agreement with JPMorgan Chase with respect to the discontinuation of the servicing of Washington Mutual Bank's (WaMu's) consumer card portfolio by TSYS. Chase will pay TSYS fees for deconversion and termination which both parties have agreed not to disclose. The deconversion is expected to take place in March 2009 after which Chase will process the WaMu portfolio in house on the technology platform it licenses from TSYS. READ MORE

October 15, 2008

JP Morgan Chase Reports Third Quarter Financial Results

Tags » Card Issuers, Chase Card Services, Chase Paymentech, Credit Cards  » Comments (0)

JP Morgan Chase has reported financial results for the third quarter. In its Card Services business segment, the bank reported a 63% decline in net income on a year over year basis as its provision for credit losses was up substantially. Charge volume on its cards was up 5% year over year but essentially flat versus the second quarter. Merchant processing dollar volume at Chase Paymentech was up 9% with transaction volume up 14%.

September 25, 2008

Office of Thrift Supervision Comments on Washington Mutual

Tags » Chase Card Services, Financial Regulators, JP Morgan Chase, Washington Mutual  » Comments (0)

The Office of Thrift Supervision's press release tonight on the acquisition of Washington Mutual by JP Morgan Chase included the following: "An outflow of deposits began on September 15, 2008, totaling $16.7 billion. With insufficient liquidity to meet its obligations, WaMu was in an unsafe and unsound condition to transact business. The OTS closed the institution and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC held the bidding process that resulted in the acquisition by JPMorgan Chase."

As part of its announcement, the OTS provided a Fact Sheet on Washington Mutual icon_PDF_small.gif .

It's Official - JP Morgan Chase and Washington Mutual

Tags » Card Issuers, Chase Card Services, JP Morgan Chase, Washington Mutual  » Comments (0)

In a press release titled "JPMORGAN CHASE ACQUIRES THE DEPOSITS, ASSETS AND CERTAIN LIABILITIES OF WASHINGTON MUTUAL’S BANKING OPERATIONS", JP Morgan Chase announced tonight that "it has acquired all deposits, assets and certain liabilities of Washington Mutual’s banking operations from the Federal Deposit Insurance Corporation (FDIC), effective immediately."

Included in the transaction is the card services segment of Washington Mutual - according to the presentation prepared by JP Morgan Chase, it will become the #1 US credit card issuer with $181 billion in receivables.

JP Morgan Chase Reportedly Acquiring WaMu Assets, Branches

Tags » Card Issuers, Chase Card Services, JP Morgan Chase, Washington Mutual  » Comments (0)

The New York Times and the Wall St. Journal are reporting tonight that JP Morgan Chase is expected to announced this evening that it is acquiring "the bulk of Washington Mutual Inc.'s operations". JP Morgan Chase has scheduled a conference call for 9:15 PM EDT this evening.

If true, the combination would bring together the #2 US credit card issuer (JP Morgan Chase - by receivables) with the #6 issuer (Washington Mutual). Based upon year-end 2007 numbers, the combined company would have $177.7 billion in receivables vs. Bank of America, the current #1 US credit card issuer, with $158.1 billion in receivables. For more background on Washington Mutual's credit card business segment, see this Washington Mutual Card Services presentation from July 2008.

Visa Plans Mobile Payment-Related Services for Android Platform

Tags » Chase Card Services, Mobile Coupons, Mobile Payments, Visa  » Comments (0)

Visa has announced plans to make mobile payment-related services "broadly available to United States consumers by the end of the year" - including delivery of Visa mobile applications for the Android platform with initially availability for Chase Visa cardholders. READ MORE

August 27, 2008

Prepaid Debit Cards Help Brooklyn, Chicago Buy Back 7,500 Guns

Tags » Chase Card Services, Debit Cards, Prepaid Cards  » Comments (0)

J.P. Morgan has announced that "Brooklyn and Chicago recently used J.P. Morgan prepaid debit cards in successful campaigns to take firearms off the streets. The gun buy back programs were sponsored by local law enforcement officials who offered citizens prepaid debit cards for working guns, no questions asked. More than 7,500 firearms were collected at community churches and other turn-in sites in the two cities." READ MORE

August 21, 2008

Visa, Chase Pilot Mobile Merchant Offers

Tags » Chase Card Services, Merchants, Mobile Coupons, Visa  » Comments (0)

Visa and Chase have announced a consumer pilot to deliver merchant offers directly to the mobile devices of Chase credit and debit cardholders in the Phoenix metropolitan area. According to the two companies, "the offers – from merchant discounts to specials – are tailored to match the personal interests selected by Chase cardholders and will be redeemable at the point of sale or the web site of more than 50 participating merchants." READ MORE

August 13, 2008

JPMorgan Introduces Workers Compensation Debit Card

Tags » Chase Card Services, Debit Cards, Prepaid Cards  » Comments (0)

JPMorgan has announced that it is "the first major financial institution to enable insurance companies to use prepaid debit cards to deliver workers compensation benefits to injured or disabled workers. The Chase Workers Compensation Card, issued by JPMorgan, provides insurance companies with an alternative method for paying injured workers and improves the benefits payment process by reducing the costs and time associated with paper-based check distribution. Cardholders benefit from efficient, economical and reliable access to insurance payments without having to wait for a check to arrive in the mail." READ MORE

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