JPMorgan Chase Unveils New Loans for In-Store Transactions

JPMorgan Chase Unveils New Loans for In-Store Transactions


  • The American institution JPMorgan Chase recently unveiled two new loans for their credit cardholders.
  • For starters, they will provide My Chase Plan subscribers with a means to choose from their prior $500+ purchases and have them financed over a longer period; monthly fees will apply.
  • JPMorgan Chase also plans to launch My Chase Loan: a service enabling targeted customers to borrow against unused credit-card lines.
  • How it works:
    • The customer opens theirm-banking app to specify the amount of the loan they want to apply for
    • The customer has already been scored and approval has been granted beforehand, the amount is transferred to his bank account. It will be repaid as a personal loan
  • These loans are only granted for high amount purchases (e.g.: restoration work).


  • Increase their market share in point-of-sale financing. With these lending offers, JPMorgan Chase intends to capture a larger portion of the $250Bn in-store financing sector.
  • This market has been growing strong over the past years: American customers tend to leave behind traditional credit cards and, instead, favour instant credit facilities for in-store and online purchases.
  • JPMorgan Chase aims for their existing cardholders with potentially attractive payment facilities. In doing so, they also avoid increasing risk levels.
  • Better meet competition. These offers should contribute to improving their competitiveness on a market reshaped by emerging online lending companies, including Affirm, Klarna or PayPal.


  • JPMorgan Chase follows in another card giant’s footsteps: in 2017, American Express introduced Pay It, Plan It, enabling their customers to pay for individual purchases over periods from 3 months to 2 years, or right away for smaller amount transactions.

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