NEW YORK—JPMorgan Chase, the largest U.S. credit card issuer, is rolling out new features as it seeks to capture more of the $250 billion that its customers borrow from other firms.
The company is unveiling "My Chase Plan" to better compete in point-of-sale financing, Bloomberg reported.
The tool allows card customers to select from past purchases of more than $500 and choose to finance them over a longer period with monthly fees instead of being charged interest.
The bank will also introduce "My Chase Loans," which allows targeted card customers to borrow against unused credit card lines. Clients can use the Chase mobile app to select a loan amount to be transferred into their checking accounts, explained Bloomberg.