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Chase Leverages Sapphire Brand for New(ish) Checking Account

Tatjana KulkarnibyTatjana Kulkarni
August 22, 2018
in Banking, Payments
Reading Time: 2 mins read
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JPMorgan Chase announced that it was rolling over customers with a Chase Premier Platinum checking account to its better-known consumer brand, Chase Sapphire.

Customers with the Chase Sapphire account will be able to keep their Premier Platinum account numbers and card numbers with the added benefit of free ATMs, free outgoing wire transfers as well as no charges for foreign exchange adjustments on ATM withdrawals or debit card purchases.

New customers can also apply for the new Sapphire account.

Additionally, customers with this account will get unlimited free stock and ETF trades through You Invest, a free digital investment platform that JPMorgan Chase unveiled yesterday. You Invest, which goes live next week, allows users to invest in 100 free stock or ETF trades in the first year. If they exceed that number, they will be charged $2.95 per trade.

The move to roll customers over to Sapphire is indicative of JPMorgan Chase’s efforts to build the Sapphire brand name, which is already a user favorite. In fact, consumers have consistently ranked the Sapphire credit card among the top five credit cards in various reports. 

Speaking of brand building, JPMorgan Chase recently completed rolling out its digital bank Finn across the nation. The challenger bank is part of JPMorgan’s effort to reach out to a younger technology-savvy audience (More on this here).

Whether through Finn, You Invest or the Sapphire brand, the strategy of appealing to this younger, digital-savvy audience makes perfect sense for JPMorgan Chase, which currently has highest number of digital users among the top banks, by far. JPMorgan Chase had 31.6 million active mobile users for the quarter ending June 30, while Bank of America has 25.3 million, Wells Fargo has 22 million and Citigroup 10 million.

Tags: Bank of AmericaCitibankExclusiveFinnJPMorgan ChasePremiumWells Fargo
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