Chase launches first-ever credit card offer to ‘pressure’ UK banks | Personal Finance | Finance

Chase, the digital bank by US powerhouse JP Morgan, has launched its first-ever credit card in the UK with a super-exclusive group of customers.

Due to the controlled rollout, only 25,000 customers will be able to get the card at first after the digital bank held a short pilot period with their staff.

The card reportedly has 0% interest rate on purchases and no foreign exchange fees or annual fees.

It will also provide cardholders with instant credit score rating through the Chase app.

The launch is expected to improve Chase’s grip on the UK retail bank market and put pressure on high-street favourites like Barclays, HSBC, and Lloyds.

Chase is still one of the newer lenders in the UK banking sphere despite being a tried-and-trusted retailer in the States.

Three years ago the digital bank started accepting deposits in the UK and has steadily climbed the ranks in savings and current account offers, attracting more than two million customers as a result.

While this is still a smaller customer base than UK digital banks like Monzo and Revolut, each of which has around 10 million customers, Chase boasts a larger deposit base.

This is largely due to its highly competitive savings offerings which often tops the list of trusted money moguls like Martin Lewis.

This Is Money has also touted the digital lender as the best digital bank in the UK for 2024 after it joined the Current Account Switch Service.

The outlet explained Chase’s superb ranking is due to the “standout perks and features” attached to its competitive products such as 1 cent cashback on card spending for 12 months and 1% interest for money held in current accounts.