Proactive Investors - JPMorgan Chase (NYSE:JPM) is pushing further into the UK retail bank market with the launch of its first credit card some three years after it started taking deposits.
The US’s largest bank and credit card issuer, JP Morgan is initially offering the card to 25,000 customers following a pilot with its staff.
Since its launch, Chase UK has attracted two million customers through market-leading savings rates and online functionality.
In a similar vein, Chase UK’s credit card will have a zero per cent interest rate on purchases and no foreign exchange or annual fees with an instant credit score rating available through the app.
Digital banking in the UK is reaching a tipping point with start-ups such as Monzo, Revolut and Starling attracting millions of customers though none have yet seriously challenged the entrenched big four of Lloyds Banking Group PLC (LSE:LON:LLOY), HSBC (LON:HSBA), Barclays (LON:BARC) and Natwest (LON:NWG).
JP Morgan's overseas retail expansion has not been without criticism with accusations it is a vanity project that could see losses in the billions.
In 2021, JP Morgan acquired online wealth manager Nutmeg, which targets customers through a system of risk ratings.
In January, JPM said it expects Chase UK it turn a profit in 2025 after which it is predicted to move into Germany by banking analysts.