JPMorgans Chase UK bank launches first credit card

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JPMorgans UK digital-only bank is expanding into lending after launching its first credit card to customers and amassing more than $20 billion in deposits in three years.

JP Morgan, the largest bank in the US by assets, launched Chase UK three years ago to shake up the British banking market.

Chase UK initially only offered current accounts with a rewards program before adding savings and investment products. On Tuesday it will offer its first credit card to 25,000 UK customers, following a testing period with bank staff.

Chase UK has attracted more than 2 million customers since its launch, enticing customers with cashback offers and competitive discount rates. The credit card has a 0% interest rate on purchases and no foreign exchange fees or annual fees. Chase UK also allows customers to check their credit score in the bank's app.

The JPMorgan-owned digital bank has fewer customers than its London-based rivals Revolut and Monzo. Each has about 10 million people. However, it has a larger deposit base because its savings products attract wealthier customers and it has leveraged the Nutmeg platform, which it acquired in 2021, to offer investment products.

The move comes as JPMorgan presses ahead with plans to expand internationally in retail banking even as rivals such as Citigroup are scaling back their international networks.

The strategy is betting that JPMorgan, which has more than $4 trillion in assets, can ultimately build a digital-only retail bank that can rival its non-U.S. peers.

JPMorgan has long resisted entering the regional retail banking market because the costs of setting up brick-and-mortar branches are prohibitively high.

But investors have raised questions about the company's approach to CEO Jamie Dimon in the past, while JPMorgan warned the push could result in losses of more than $1 billion. The bank said in January this year that it was targeting Chase UK profitability by 2025.

The U.S. bank is also looking to expand retail lending into Europe, but has not confirmed a launch date.

JPMorgan is next expected to launch retail banking services in Germany. ING has made a series of hires in the market, including bringing in Daniel Llano Manibardo, ING's head of retail, to lead the German retail bank in Berlin.

In the UK, Chase received a boost last month from the British government's decision to raise the so-called ring-fencing threshold to 10 billion. This means it could recover $35 billion in customer deposits before separating its retail operations from riskier segments.

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