Chase Sapphire Enters the High-End Credit Card Market

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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?