JP Morgan Chase To Continue Visa,MasterCard Relationships
NEW YORK - (02/23/05) -- Ending months of speculation, JPMorgan Chase announced Tuesday it plans to continue issuing credit,debit and commercial cards through both Visa USA and MasterCardInternational. The banking giant also said it will retain its seaton the VISA USA board, consistent with association rulesprohibiting dual board representation. The bank's acquisition lastsummer of Bank One, the world's largest Visa issuer, spurredspeculation that JP Morgan Chase, already one of the largest Visaissuers, could reject one of the two major card brands in favor ofthe other. Chase will be the brand name for both the bank's creditand debit cards and Bank One cards will begin converting to Chasebrand over the next few months. Chase has about 96 million creditcards, making it the nation's largest credit card issuer, and 8.4million debit cards.