A lot has changed in credit card issuing over just the past several years, according to David Gold, General Manager for JPMorgan Chase Card Services, who spoke to PYMNTS.com this week.
It used to be that really only one company (American Express) was heavily invested in marketing and rewards programs. No longer is that the case; at Chase, for example, programs like Chase Freedom and Sapphire are among the company’s most popular card products.
The increase in spending on rewards and marketing has been accompanied by a shift in Chase’s focus as well. Simply growing account balances is no longer the goal at the end of the road, Gold explains; now it’s simply an outcome of achieving another, more specific goal: being the card of choice for the world’s best customers.
To be that card of choice, Chase will have to keep an eye on global card trends, like digital wallets (the company has partnered with Isis) and EMV (it already issues several EMV card options to business customers that travel frequently). But those aren’t the primary battlegrounds for winning the top spot in consumers’ wallets: that main front is still rewards, Gold says, where there remains room to compete on offering the most compelling giveback.
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