JPMorgan Chase & Co. said it hopes a credit card rewards program it announced Thursday for its Freedom cardholders will increase customer spending.

Rob Rosenblatt, the banking company's general manager of customer loyalty, said the Ultimate Rewards program is designed to make Chase "a destination" for cardholders, giving them more ways to earn and redeem points. "These are interesting times, to say the least, and customers are being more careful about every dollar they spend, so we want to give them more reasons to use their Chase card," he said.

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