(Bloomberg) -- Attention credit-card fanatics: JPMorgan Chase & Co. wants you to ditch your spreadsheet.
The firm is rolling out a new small-business credit card with Hyatt Hotels Corp. that automatically rewards customers with bonus points for the categories in which they spend the most each quarter. The feature, called “adaptive accelerator,” is a first for JPMorgan, the country's largest credit-card issuer.
For fans of hotel points and airline miles, figuring out which credit card will give them the most rewards for their spending can become an almost full-time job. Many have turned to lengthy spreadsheets to stay on top of the best perks and offers available during any given period.
With its new perk, JPMorgan is joining rivals including Citigroup Inc. in trying to make some of that work a little easier for customers. For banks, it's all about making sure their cards stay “top of wallet” -- meaning the card a consumer reliably turns to whenever they're checking out or paying for a purchase.
Small-business owners “don't have time to get spreadsheets out,” Ed Olebe, president of JPMorgan's co-brand cards business, said at an event announcing the launch. “Use the card and it happens automatically,” he said. “It's that simple.”
The $199-a-year card comes with $100 worth of statement credits and nine points per dollar spent with Hyatt, which has partnered with JPMorgan on credit cards for 11 years. The categories for the adaptive accelerator include dining, gas stations, social media and search-engine advertising, and shipping.
“We heard from members and business owners that they look to be rewarded in personalized ways for how they do business,” Amy Weinberg, Hyatt's senior vice president of loyalty, brand marketing and consumer insights, said Wednesday in a statement.
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
