The moves come as the company has attracted about GBP 20 billion in deposits since it started its UK retail bank in 2021. The growth has put the UK division on track to become profitable in 2025 and it’s made J.P. Morgan one of the country’s biggest digital banks.
The new credit card will join investment products from J.P. Morgan’s digital wealth-manager Nutmeg on its UK retail app. Nutmeg has attracted over 200,000 customers, which JPMorgan says makes it the largest of these online platforms in the UK.
J.P. Morgan’s credit card offerings in the US range from fee-free cards like the Freedom Unlimited — offering 1.5 points per dollar spent — to the USD 550-a-year Chase Sapphire Reserve, which offers premium perks on travel and dining. It also has co-brand card partnerships with major retailers including Amazon and United Airlines Holdings. The lender is also exploring taking over Apple’s credit card portfolio that rival Goldman Sachs Group has been trying to ditch.
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