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Press Releases
Chase Announces Clearer, Simpler Credit Card Pricing Approach
Chase Will No Longer Increase Rates Based on Credit-Bureau Information
WILMINGTON, DE (November 19, 2007) - Today, Chase Card Services announced the expansion of Chase Clear & Simple, an ongoing program designed to help Chase customers better understand and manage their accounts, with the adoption of new, clearer pricing practices.
Chase is eliminating a practice, commonly used in the industry, of increasing interest rates for individual cardholders when their credit-bureau scores decline. This change is effective on March 1, 2008.
"Chase's clear and simple approach has been developed to make us easier to do business with, helping us to build lasting, loyal relationships between ourselves and our customers," said Gordon Smith, CEO of Chase Card Services.
"As the founder of a leading consumer advocacy organization that has specifically focused on the card industry for about 10 years, I would like to commend Chase on taking such a strong stance on such an important and controversial industry practice," said Curtis Arnold, founder of U.S. Citizens for Fair Credit Card Terms and cardratings.com. "This is a major step forward for consumers. Chase's Clear & Simple program is a bright spot in the card industry and illustrates just how serious Chase is about being a consumer-friendly card issuer."
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 countries. The company has more than 154 million credit cards issued. Under the Chase and JPMorgan brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. Information about the firm is available at www.jpmorganchase.com.
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