JPMorgan Wants to Be What’s in Your Post-Covid-19 Wallet
As Capital One pulls back, Jamie Dimon is trying to build upon an industry-leading position in credit cards.
Did the bank just call the end of the recession?
Photographer: Thomas Cooper/Getty Images
If history is any guide, JPMorgan Chase & Co. might have just called the end of the coronavirus-induced recession.
The biggest U.S. bank said that starting on Sept. 14 it will offer a new credit card called the Freedom Flex, which gives users 5% cash back on travel purchased through Chase Ultimate Rewards, as well as 3% back on dining and drugstore purchases. A travel-focused offering might seem too soon, but BJ Mahoney, who runs the bank’s Chase Freedom cards, told Bloomberg News’s Michelle F. Davis and Jenny Surane that “we wanted to get the product out there so that, as folks feel like they’re ready to return to travel, we’ve got options for them.”