A new program designed to give consumers more control…
In trying financial times, defaults become increasingly common, effectively lowering the profits of credit card companies. But JPMorgan Chase is betting their new credit card features will retain existing customers and bring in new ones. The new online billing platform called “Blueprint” recently announced by JP Morgan Chase even has critics excited. Linda Sherry, director at Consumer Action, an advocacy group, calls the new offering “revolutionary” because it “rewrites the rules on credit card use.”
Chase Blueprint will be available to 20 million JPMorgan Chase customers. And unlike traditional credit cards that accumulate interest on the entire balance from the purchase date, the Blueprint feature will allow an interest-free grace period on everyday purchases like groceries, even while accumulating interest on other purchases. Customers must choose specific categories in advance and pay them in full each month. The categories are: Health clubs, Laundry/Dry Cleaning, Office/Schools Supplies, Salon/Beauty, Transit, Utilities, Wholesale/Discount Stores, Deptartment Stores/Catalogs, Dining, Drugstores, Entertainment, Gas/Convenience Stores, Grocery Stores.
The new card features will change how cardholders track spending, manage purchases and create payment plans to pay off their debt. Set up a specific plan and watch as the balance drops month by month, or adjust it to meet your ever changing needs. Other features allow customers to choose the number of monthly installments and calculate the interest they can save by paying more than the monthly minimum.
Gordon Smith, CEO of the card division is also re-branding Chase Platinum as “Slate from Chase,” one of four card types along with Sapphire that will offer the free Blueprint platform. The others are Chase Freedom and business cards including Ink from Chase.
Here are Chase Blueprint’s four main features:
- Pay in full: Customers choose which expenses they want to pay in full each month and pay no interest on those purchases, like groceries, gas, medications.
- Split Pay: Customers choose the number of payments or a monthly payment amount for large purchases. Chase does the math and shows progress on each statement.
- The Payoff: Customers choose a target date for total payoff. Chase calculates the monthly payments and charts customers’ progress on each statement and online.
- Tracking: Customers can check out their own spending trends and track their progress.
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