JPMorgan accountholders who deal with more credit card debt than most others will soon receive a new type of card that will ease their transactions overseas.
Just a day after Wells Fargo announced plans to begin distributing credit cards with microchips embedded in them to some 15,000 regular overseas travelers, JPMorgan Chase said it would do the same, and have the cards in the hand of its wealthiest customers before its competitor, according to a report from Bloomberg News. The first such cards will be distributed solely to consumers who have the JPMorgan Palladium card, which carries an annual fee of $595, beginning in June.
David Porter, general manager for Chase Card Services, told the news agency that JPMorgan Chase would "absolutely" get its cards into customers' hands more quickly than Wells Fargo. He also revealed customers with Chase-branded cards would also receive similar products soon after.
Credit cards with microchips embedded in them will be helpful to consumers who regularly travel overseas because many countries have all but abandoned the magnetic strip technology still used across the U.S.