JPMorgan Releasing "Freedom Unlimited" Cash Back Credit Card

March 1, 2016, Written By John H. Oldshue
Cash Back Card words on a credit card to illustrate incentives and money bonuses on a plastic charge account when you spend or borrow funds on loan

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JPMorgan Chase & Co. has announced it will release a new cash back credit card in April. The move will make Chase more competitive against current products offered by Citigroup and Capital One.

Pamela Codispoti, president of Chase Consumer Branded Cards, said in an interview with Reuters that the new Freedom Unlimited card will offer 1.5% cash back on all purchases, and will be an alternative to Chase’s current Freedom card, which offers 1% cash-back. That card also offers quarterly specials of 5% back on certain categories, such as groceries or gasoline, up to $1,500 in purchases during those three months.

“Different customers like different offers and some like the current Freedom card,” Codispoti said.

Currently, the Capital One Quicksilver card offers cash back rewards of 1.5% on all purchases for consumers with limited, fair or good credit. The Citi Double Cash card, which is intended for those with excellent credit, pays 2% on transactions: 1% when you make the purchase and another 1% when you pay.

In 2015, JPMorgan’s credit card division earned the bank a reported $3.9 billion, which accounted for 16% of its net income.



The information contained within this article was accurate as of March 1, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.