Chase Freedom® Empowers Customers to Earn More Cash Back, Save More by Avoiding Interest on Everyday Purchases

Provides Simple, Straightforward Way to Earn 5% Cash Back in Popular Seasonal Categories, Full 1% on All Other Purchases

WILMINGTON, Del., March 3, 2010 /PRNewswire/ — Chase Card Services, a division of JPMorgan Chase & Co. [NYSE:JPM], today announced major enhancements to the Chase Freedom® credit card, the industry-leading cash back card that provides consumers a simple and straightforward way to earn cash back on everyday purchases. Chase Freedom is increasing the cash back rate to 5 percent on popular seasonal spending categories, like home improvement, gas and department stores. In addition, customers will earn a full 1 percent cash back on every purchase — with no tiers, no caps, no annual fee.

"Chase Freedom empowers customers to earn more cash back throughout the year, keep more by avoiding interest and get more enjoyment from redeeming rewards with no tiers or expirations,” said William S. Wallace, president, Chase Card Services. “We’re offering a stronger cash back program from the very first dollar spent, as well as the ability to avoid interest on everyday items when customers use Blueprint Full Pay.”

The enhanced Chase Freedom enables customers to:

  • Earn More Cash Back Throughout the Year: Effective April 1, customers earn 5 percent cash back on the most popular spending categories, like dining, drug stores and grocery stores, through seasonal promotions. Customers also automatically earn a full 1 percent base cash back on every other purchase — with no tiers, no caps, no expirations. Unlike many cash back cards that require consumers to spend thousands of dollars before receiving the maximum base cash back level, Chase Freedom immediately rewards customers with the maximum cash back rate.
  • Keep More by Avoiding Interest on Everyday Purchases & Saving on Larger Purchases: Chase Freedom is the only cash back card in the industry that includes free account features that dramatically improve the way customers manage their spending and borrowing with BlueprintSM. For example, Full PaySM enables customers to decide which purchases they want to pay in full every month, so they can ensure everyday items like groceries, gasoline and prescriptions are automatically set aside to avoid paying interest. With the SplitSM and Finish ItSM features, a customer can save more cash by saving interest when they set up a plan to pay down their balance or larger purchases sooner versus making the minimum payment.
  • Get More Enjoyment from Rewards: Customers can easily & conveniently use rewards to either have their statement credited, or redeem rewards for gift cards, checks and just about anything else you see in life through Ultimate RewardsSM, the world-class rewards program that offers virtually limitless opportunities to earn and redeem rewards — without airfare blackout dates or points expiration.

“Consumers tell us they want more control, simplicity and predictability,” said Wallace. “That’s why we’ve designed Chase Freedom to be simple and straightforward, making it easier for our customers to earn and redeem rewards while better managing their finances.”

Chase Freedom’s approach to rewards is straightforward with consistent cash back without earning tiers, minimums, expirations or limits. The average consumer charges $5,700 annually and would just begin to qualify for the full earn rate on many current cash back programs that require up to $3,000 or even $6,500 in spending before earning the maximum base cash back level.¹ Chase Freedom customers earn a full 1 percent with the first purchase.

Beginning March 15, Chase Freedom customers can enroll in second quarter promotions for 5 percent cash back at home improvement stores, lawn and garden outlets, home furnishing retailers and drugstores.

Chase Freedom is Chase’s largest proprietary rewards card, in addition to being the fastest growing cash back card in the marketplace. To learn more about the benefits of the enhanced Chase Freedom, visit www.chase.com/freedom.

About BlueprintSM

Unlike other card companies that may offer tools to analyze spending, Blueprint is fully integrated into customers' accounts, enabling them to create customized payment plans either online or on the phone working with a Chase advisor, and track their progress on every statement.

Recently recognized as "Most Innovative New Program" by CardRatings.com, a leading consumer education Web site, Blueprint consists of four distinct features:

  • Full PaySM: Enables customers to decide which expenses they want to pay in full, set those purchases aside and avoid paying interest by paying them in full each month.
  • SplitSM: Provides customers a way to better manage larger purchases like home improvement projects or a new appliance.
  • Finish ItSM: Gives customers the flexibility to create a plan to pay down their current balance faster, allowing them to choose a goal date for pay-off.
  • Track itSM: Provides customers a snapshot of all of their Chase card purchases.

To learn more about Chase Blueprint please visit www.chase.com/blueprint, which was recently awarded the highest honors by the Service Industry Advertising Awards.

About Ultimate RewardsSM

Chase Freedom provides access to Ultimate Rewards, which enriches the rewards experience with millions of redemption options that customers can use today. Customers can view rewards activity, earn bonus points for shopping via the Ultimate Rewards Online Mall, 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. To learn more about Ultimate Rewards, please visit www.ultimaterewards.com.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries and the company has approximately 145 million credit cards in the United States and Canada. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

¹Data from 2009 Lightspeed Research Annual Consumer Credit Card Survey.