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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.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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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 and Stored Value Cards, Washington Mutual  » Comments (1)

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  » 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  » 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 and Stored Value 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 and Stored Value 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

July 14, 2008

DataMatrix Using Chase Rebate Cards

Tags » Chase Card Services, Debit Cards, Prepaid Cards and Stored Value Cards, Visa  » Comments (0)

DataMatrix Promotions, a marketing fulfillment company, has announced it has enhanced its rebate management capabilities by offering Chase Rebate Cards as part of its suite of payment methods. DataMatrix’s customers now can choose from prepaid debit cards, check disbursement or both when creating customized consumer rebate programs. READ MORE

July 08, 2008

Chase Introduces New Statement Credit Feature

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

Chase Card Services has announced a new statement credit feature for its Chase Freedom credit card. According to Chase, "the feature lets customers put anything they want on their Chase Freedom credit card and apply their reward points to their next statement so they can spend rewards like cash. With this new feature, Chase provides customers with maximum rewards flexibility." READ MORE

June 25, 2008

Payments Professionals Management Changes

Tags » Announce Yourself!, Chase Card Services  » Comments (0)

We have received news of the following recent management changes:

  • Carl D. Blandino has been named Chief Financial Officer at CashEdge. Previously, Blandino served as CFO of Open Solutions Inc.
  • Eduardo Vergara has been named Global Commercial Card Executive at JPMorgan Treasury Services as Global Commercial Card Executive. Most recently, Vergara headed Global Product Management and Marketing for Global Commercial Card at American Express.

Announce yourself! Have you recently taken on a new position in the payments industry? If you'd like to share the news with your colleagues, be sure to tell us about it. Are you looking for a new payments-related job? Or are you needing to find someone great? Checkout the Payments Jobs job board.

June 10, 2008

Chase Launches Chase Exclusives for Checking Customers

Tags » Banking Industry, Card Reward Programs, Chase Card Services, Checking Accounts, Credit Cards, Debit Cards, JP Morgan Chase  » Comments (0)

Chase has announced Chase Exclusives - calling it "one of the banking industry’s widest ranging package of rewards" to encourage its checking account customers to expand their relationship with the bank. "Chase Exclusives provides all Chase checking accounts holders with better rates, more rewards and bigger discounts on nearly all other products offered through the branch." READ MORE

May 27, 2008

JPMorgan Chase, First Data To End Chase Paymentech Joint Venture

Tags » Chase Card Services, Chase Paymentech, First Data Corp., JP Morgan Chase, Merchant Acquirers  » Comments (0)

JPMorgan Chase and First Data Corp. have announced that they have agreed to end their current joint venture, Chase Paymentech Solutions, a global payments and merchant acquiring entity, by the end of 2008. READ MORE

May 14, 2008

Top Five Tips for Small Businesses to Manage Credit

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

Fifty percent of surveyed small business owners stated that “economic uncertainty” is one of the biggest challenges faced in the growth and survival of their business, according to the National Small Business Association’s 2008 Survey of Small and Mid-Size Businesses. Chase Card Services has published a set of five tips for small business owners to help manage their credit relationships. READ MORE

May 13, 2008

Chase Payroll Card for Nursefinders Provides Daily Salary Payments

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

In an economic environment where many workers are feeling the pinch of the rising cost of living, Nursefinders Inc., one of the nation’s largest healthcare staffing providers, has announced that it is offering daily salary payments to temporary employees who have registered at no cost for a Chase Payroll Card. Upon completion of a daily work shift, an employee’s payroll card account is credited with salary payment as quickly as two hours after an approved time card is submitted. READ MORE

May 12, 2008

Colorado Labor Department Launches Automated Payment Card

Tags » Chase Card Services, Debit Cards, Government Payments, Visa  » Comments (0)

The Colorado Department of Labor and Employment has partnered with Chase to change the way benefit payments are issued by the state’s Unemployment Insurance Program. Recipients will be issued a Visa debit card called a Colorado Automated Payment (CAP) Card and benefits will automatically be deposited into their CAP Card account. The CAP Card can be used for purchases anywhere Visa is accepted. An FAQ on the CAP Card is available on the Colorado Department of Labor and Employment's web site. READ MORE

May 08, 2008

JPMorgan Selected by US Dept. of Commerce for Charge Cards

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

The U.S. Department of the Commerce (DOC) has selected JPMorgan as its provider for charge card services. The order is part of the U.S. General Services Administration’s (GSA) SmartPay 2 program, the largest government charge card program in the world. READ MORE

May 06, 2008

More on the Target, Chase Credit Card Deal

Tags » Chase Card Services  » Comments (0)

The New York Times Dealbook takes a look at yesterday's announcement that JP Morgan Chase is acquiring a 47 percent interest in Target's credit card portfolio.

A Look at Rearden Commerce

Tags » American Express, Chase Card Services  » Comments (0)

TechCrunch's Erick Schonfeld takes a look at Foster City, CA-based Rearden Commerce - a company that reportedly has just closed a $100 MM financing round from investors including American Express, JPMorgan Chase, Oak Investment Partners, and Foundation Capital. While Rearden's largest customer currently is American Express, Schonfeld notes that "in addition to being an investor, Chase has also signed on as Rearden’s second giant customer. It plans on offering Rearden’s personal Web concierge service to its 90 million bank card holders. Anyone with a Chase bank account, whether business or personal, will be able to use the service."

Vauhini Vara and Mylene Mangalindan also report on Rearden for the Wall St. Journal.

Update: Here's Rearden Commerce's funding announcement press release as well as its press release announcing Rearden's new strategic relationship with Chase Card Services.

May 05, 2008

Chase, Target Announce Credit Card Financing Agreement

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

JPMorgan Chase has announced that it will purchase an undivided interest in Target’s credit card receivables for approximately $3.6 billion in cash representing approximately 47 percent of the principal amount of Target’s outstanding receivables. READ MORE

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