JP Morgan Chase unveiled the Chase Sapphire last night, a new credit card aimed at high-end consumers. Bloomberg has more:
Chase Sapphire, targeted at households with incomes exceeding $120,000, has no pre-set spending limit and holders earn a point for every dollar they spend. Chase is seeking customers beyond its 152 million cards issued in North America.
“Our desire is to make sure we have exactly the right product in the hands of our customers,” Gordon Smith, chief executive officer of the card division, said in an Aug. 17 interview. “If we cannibalize ourselves and move customers from one product to another, but we capture more of their business, then we’re absolutely fine with that.”
The Sapphire card will be available on the Visa Inc. and MasterCard Inc. networks, an advantage for JPMorgan because those cards are accepted in more places than American Express, Smith said. Visa was accepted at 8 million U.S. locations last year compared with 7.9 million for MasterCard and 4.6 million for American Express, according to the Nilson Report, an industry newsletter.
To find out more about the card, visit the Chase Sapphire website.
Is it enough to make AmEx, the current leader in the luxury credit card market, quake in its boots?
I don’t know if Amex is quaking in its boots, but lots of very attractive customers have been cancelled by Amex – probably creating some goodwill destruction in their attempt to manage new levels of financial risk …
BTW – I enjoy the Business Pundit blog very much.
Chase can take their cards and SHOVE IT where the sun don’t shine. They are nothing but LIARS. They tack on all sorts of fees to the card and paying the minimum or even half of the card balance isn’t good enough for them. They will just close your account after a couple of times of you only paying half the card balance, report you to the credit bureaus as “delinquent” and send 10 different debt collectors after you. I’m not kidding about this.
There is NO negotiating with them. It’s either you pay the card in full or you will be paying through the nose with their miscellaneous fees. I wouldn’t recommend Chase to a dog for Christ sakes.
Don’t get a card with Chase and certainly DO NOT open a bank account with Chase. You will be SORRY beyond belief if you have an account with Chase. Chase will close your bank account without warning if you don’t keep more than $12 in it at any given time. $12 that goes towards their “monthly service fee”. And after they close your bank account, your name gets listed in Chex System and you have NO choice but to get a second chance checking account. There is NO way of getting your name out of the Chex System.
If you have an account with Chase, CLOSE IT NOW. DO NOT WAIT. DO NOT PATRONIZE THEM. Don’t patronize businesses that practice deceptive tactics. I will HATE Chase forever and a day. I don’t want anyone to go through what I went through with Chase. It’s mind blowing the way they operate.
i’ve had great experience with chase so far. Got the sapphire card, which is slightly better construct than normal plastic cards, but nothing special. Chase is pretty strict in managing their credit cards, so if you miss a payment then you will pay fees and credit line will get smaller, but they have the best website. I set mine so that it pays minimum automatically if I forget to make the payment. As a result I’ve never missed a payment for couple years. I can’t say to same about citicard. In fact, I hate citicard with the same passion the above poster has about chase. long story, but citicard tried to screw me over with wrongly charged fees, I got all of it back, but getting through the citi’s service to correct the problem was a royal pain. Had to call them three times. Anyway, I think Amex is a good card, but they burnt many many good customers in the past year or so. I know a doctor who makes $500k a year whose line was cut after he made one late payment on his platinum card. crazy.
No chase card here ! You advertised during the Eagles Game.
Will not purchase any thing associated with Vick the dog killer.
Dan,
I was accepted for one of these recently and on mine it said i will not receive it until after September 30th. So i am wondering how you already have yours?
Is that Julia Roberts in your commercial?
I have had a chase card for years and have had a good experience. I would like to comment about Citibank. I was a customer of theirs for 15+ years when someone in another state opened up a Citibank credit card in my name. This person used the internet and had an out of state address, getting a card and ran up several thousand dollars worth of bills. Here’s were it get scary! Citibank contacted me about the delinquent account (after 3 months of non payment) told me I was responsible for said fraud. Even with a police report about identity theft, they still pursued me to pay. I had to go though a lot more steps and verification to prove that I didn’t open the account, than the thief did to open the account. With Citibank you are guilty until proven innocent. After I finally won the battle (after 2 years and some media help), they canceled all of my accounts with them with no justification. Citibank is one of the main problems with today’s financial woes.
EVERYBODY LISTEN UP, DON’T DO IT . BECAUSE IT’S NOT BERRY GOOD. IT’S BERRY LOUSY. JUST DO WHAT I DO, PAY EVERYTHING IN CASH ! (: boo
I agree with Ace that Chase is a HORRIBLE bank to deal with; I used to have most of my IRA in their mutual funds about 10 years back but took them out because they treat people like criminals when withdrawing cash from regular accounts. Anyway, I’ve had their Freedom Visa card since late ‘07. Got $100 cash back with my first purchase, but waited till I accumulated $200 to get the $250 check (twice). I tried to use it for EXACTLY $600 in purchases every month in three 3% categories without going into the overage at a flat 1% for all other purchases so Chase would make nothing (or lose money) with me, which they did. The last straw was when I got notice a couple months back that I was being “upgraded” (are they freakin kidding!?!) to their completely worthless Sapphire card, which pays 1 POINT per $1. Try and find a worse deal without going to AmEx! No more $250 check for $200 in rewards either. Cashed out my last $100 (exactly, since it’s only available in $50 increments) in rewards today. If they had at least admitted that the Freedom card was getting too expensive for them, fine, but to treat their customers like complete idiots by telling them that the rewards program is being “improved” while it’s being gutted like a fish is just too much. Good riddance to the Corrugated Bagel.
I have the Chase Sapphire Card. Three people in my household are on the plan. It’s a phenomenal card…great rewards including cash back.