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Chase Rolling Out 'Consumer-Friendly' Credit Card Features

  • USA Today, Tuesday, September 15, 2009 10:29 AM
JPMorgan Chase is taking the wraps off of new credit card features called "Blueprint" today that include such anomalies as allowing consumers to avoid interest on purchases such as groceries and to even accumulate interest on other purchases, Kathy Chu reports. Other new features allow consumers to track spending and create payment plans.

Linda Sherry, director of national priorities at advocacy group Consumer Action, calls Chase's new offering "revolutionary" because it "rewrites the rules on credit card use." The group previously has been critical of the banks fees and rates.

William Wallace, president of Chase's credit card services division, believes the new product will "go a long way" in helping consumers understand card debt. But some analysts say that the industry has a way to go before consumers believe it has their best interests at heart. Some borrowers "may not trust them in the beginning," says Robert Litan, a senior fellow at the Brookings Institution.



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