Chase Announces Clear and Simple Initiative to Simplify Credit Card Use
Chase Expanding Its Progressive Roster of Customer-Friendly Tools
WILMINGTON, Del., Mar 05, 2007 (BUSINESS WIRE)
Today, Chase Card Services announced a new Clear and Simple Initiative, which will make it even easier for Chase cardmembers to better understand
and manage their accounts. These customer-centric programs tools, information and services are intended to help Chase's millions of cardmembers
continue to enjoy a positive relationship with Chase Card Services while maximizing the benefits of their credit card.
"Through extensive research, we listened to what consumers had to say, and more than one in five tell us that when choosing a new credit card,
easy-to-understand terms and rules was a very important selection criteria for them," said Carter Franke, marketing executive, JP Morgan Chase.
"More than half of consumers also believe that a credit card company should be proactive in contacting them with advice if they make late payments,
exceed their credit limits or exhibit other behavior that could get them into financial difficulty."
"The Clear and Simple Initiative will help our cardmembers maintain healthy credit, learn the benefits of responsible credit use and avoid fees.
This is good for our customers and good for us," said Carter Franke, chief marketing officer, Chase Card Services. "Chase customers are
already among the most responsible and knowledgeable credit users in the country and we provide them with great value in the form of low rates and
rewards. Still, we want to give our customers enhanced tools to be even smarter users of credit."
As part of its ongoing focus on providing the best products and services to its customers, Chase Card Services will be announcing a series of
consumer-friendly actions in the coming months.
"We want to build long-term relationships with all of our customers," said Franke. "We continually review our practices and policies
and make adjustments to improve their value."
The Clear and Simple Initiative is organized around three central themes that guide Chase's programs and policies.
Clearer Disclosure of Terms and Conditions:
Over the last few months, Chase has provided easy-to-understand supplemental information to all customers to help them better understand how
to manage their account to avoid fees and preserve their best interest rate. By the end of the second quarter, Chase will have mailed this information
to more than 30 million customers. Chase tailors its pricing to its individual customers, and among the major issuers offers some of the lowest
effective annual percentage rates in the industry.
Chase is aggressively researching additional ways to make credit card disclosures clearer to consumers so they better understand the terms
and conditions of their accounts. Chase plans to announce recommendations in the near future.
In an industry-leading step, Chase is reaching out to consumer advocacy groups, think tanks and academics for their input to develop sound
policies and programs that will help customers understand how to be responsible users of credit.
Chase is working with the Federal Reserve to establish best practices for disclosure.
"Chase has always had policies and procedures designed to provide the best products and services to our customers," Franke said.
"The Clear and Simple Initiative is just another example of how Chase is constantly evaluating our approaches to increase value for our
customers."
About Chase
Chase is the U.S. consumer and commercial banking brand of JPMorgan Chase & Co. (NYSE: JPM). Chase has 154 million credit cards issued and
serves consumers and small businesses through more than 3,000 bank branches, 8,500 ATMs and 280 mortgage offices as well as through relationships
with 15,000 auto dealerships and 4,300 schools and universities. It also serves more than 30,000 commercial banking clients, including corporations,
municipalities, financial institutions and not-for-profit entities. More information about Chase is available at
www.chase.com.
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