In its second-largest acquisition, Amazon buys the company for $970 million.
J.P. Morgan Chase & Co. issues a credit card that rewards users with a 1% rebate that it encourages them to spend online.
New York-based J.P. Morgan Chase & Co. has launched a new credit card aimed at Internet users. Chase’s I-Card will give cardholders a 1% cash reward on each purchase made with the card. The program doles out cash in the form of web certificates instead of a check. And instead of having to wait until the end of the year to collect the reward, like other cash-back programs, Ecount, the company operating the rewards program for the Chase I-Card, will send cardholders an e-mail each time they reach $10 in rewards. The e-mail will direct cardholders to a cobranded Ecount/Chase web site where cardholders can access their web certificate. Ecount’s Webcertificate product is a reloadable, prepaid online debit card that cardholders can use to shop online anywhere MasterCard is accepted.
There is also an option on the web site that allows cardholders to receive a physical debit card that they can use in offline stores as well. Cardholders can add value to the debit card with funds from the Chase I-Card. “Consumers may want to buy something that costs more than what is on the card. So they can add more funds in order to make their purchase,” says Paul Raden, chief marketing officer at Ecount. The I-Card has no annual fee and an introductory interest rate of 2.99% for six months on purchases and balance transfers.