Skip to content

Chase CEO details coronavirus relief measures

April 06, 2020
4 min read
Photo shows the exterior of a Chase bank branch in the Financial District in New York City.
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

The ongoing spread of COVID-19 has suppressed activity in nearly every sector of the economy. Today, in his annual letter to shareholders, JP Morgan CEO Jamie Dimon outlined some of the steps his bank will be taking to help affected customers.

For the latest travel updates, bookmark TPG’s coronavirus hub page and sign up for our daily newsletter.

JP Morgan's coronavirus relief measures

While we tend to focus on JP Morgan's credit card portfolio here at TPG, the company manages over $2 trillion across a wide range of financial products including mortgages and car loans. JP Morgan's relief efforts reflect this diverse array of business activity, including the following:

  • Providing a 90-day grace period for mortgage and auto loan/lease payments and waiving any associated late fees.
  • Removing minimum payment requirements on credit cards and waiving associated late fees.
  • Not reporting payment deferrals such as late payments to credit bureaus for up-todate clients.
  • Continuing to responsibly lend to qualified consumers.
  • Waiving or refunding some fees, including early withdrawal fees on certificates of deposit.

Reduced fees, payment flexibility and grace periods are sure to provide immediate relief to customers who may be out of work right now, but it's good to see Chase taking the next step and not reporting deferred payments to credit bureaus. This means that customers won't have to worry about any negative impact on their credit report if they choose to take advantage of one of these programs.

Many of JP Morgan's customers will qualify for some type or assistance here, but in most cases it won't be provided automatically. You can visit Chase's dedicated coronavirus webpage to request payment assistance, find updated branch hours, and get help disputing charges that have been affected by the coronavirus (including travel plans).

Dimon predicts a "major recession"

The annual shareholder letter covers a wide range of topics and includes detailed financial information about many of JP Morgan's subsidiary businesses, but it's also an opportunity for the chief executive to share his insight and outlook on prevailing market conditions. It's quite obvious that the coronavirus is negatively impacting the U.S. economy, but the full extent of that impact may not be known for months or even years. However, Dimon is predicting that the U.S. will face a major recession:

Sign up for our daily newsletter

"We don’t know exactly what the future will hold – but at a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008. Our bank cannot be immune to the effects of this kind of stress. "

However, it's not all doom and gloom. Dimon notes that JP Morgan is coming off record years in terms of both revenue and profit and has performed well in the Federal Reserve's annual stress tests and the banks own internal testing. The latest stress test showed that even in extremely adverse financial conditions, JP Morgan can continue to lend out an additional $150 billion to its clients. The bank voluntarily suspended stock buybacks recently to preserve capital and liquidity and may reduce or suspend its dividend payment if the situation deteriorates further.

Related Reading: Best Chase credit cards

Bottom line

JP Morgan is one of the largest companies in the US, with hundreds of thousands of employees, customers and clients. CEO Jamie Dimon projected strength in his annual letter to shareholders, noting that the bank is taking immediate action to help its customers and its well prepared to weather further economic challenges. For Chase customers, hopefully this news provides some relief during these uncertain times.

Featured image by MICHAEL BROCHSTEIN/SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGES

Top offers from our partners

How we chose these cards

Our points-obsessed staff uses a plethora of credit cards on a daily basis. If anyone on our team wouldn’t recommend it to a friend or a family member, we wouldn’t recommend it on The Points Guy either. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners.
See all best card offers

TPG featured card

Best premium travel card for value
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards

1 - 10X points
10xEarn 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards®.
5xEarn 5x total points on flights through Chase Ultimate Rewards®.
3xEarn 3x points on other travel and dining.
1xEarn 1 point per $1 spent on all other purchases

Intro offer

80,000 bonus points
Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,200 toward travel when you redeem through Chase Ultimate Rewards®

Annual Fee

$550

Recommended Credit

740-850
Excellent
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

If you are looking to take your premium rewards to the highest level, this card is really a no brainer in our eyes. Chase's Ultimate Rewards make points easy to redeem, with a wide range of 10 airline and three hotel transfer partners and a friendly user interface. Despite the high annual fee, Chase is consistently adding new benefits to keep the card competitive in a fierce premium rewards field.

Pros

  • $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year
  • Access to Chase Ultimate Rewards hotel and airline travel partners
  • Unlimited 3x points on the broad category of travel and dining
  • 50% more value when you redeem your points for travel through Chase Ultimate Rewards®
  • Broad definitions for travel and dining bonus categories

Cons

  • Steep $550 annual fee
  • May not make sense for people that don't travel frequently
  • You must spend the $300 travel credit before earning 3x points for travel and dining
  • No automatic hotel elite status
  • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,200 toward travel when you redeem through Chase Ultimate Rewards®
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
  • Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,200 toward travel
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more
Best premium travel card for value
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

10xEarn 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards®.
5xEarn 5x total points on flights through Chase Ultimate Rewards®.
3xEarn 3x points on other travel and dining.
1xEarn 1 point per $1 spent on all other purchases
  • Intro Offer
    Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,200 toward travel when you redeem through Chase Ultimate Rewards®

    80,000 bonus points
  • Annual Fee

    $550
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    740-850
    Excellent

Why We Chose It

If you are looking to take your premium rewards to the highest level, this card is really a no brainer in our eyes. Chase's Ultimate Rewards make points easy to redeem, with a wide range of 10 airline and three hotel transfer partners and a friendly user interface. Despite the high annual fee, Chase is consistently adding new benefits to keep the card competitive in a fierce premium rewards field.

Pros

  • $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year
  • Access to Chase Ultimate Rewards hotel and airline travel partners
  • Unlimited 3x points on the broad category of travel and dining
  • 50% more value when you redeem your points for travel through Chase Ultimate Rewards®
  • Broad definitions for travel and dining bonus categories

Cons

  • Steep $550 annual fee
  • May not make sense for people that don't travel frequently
  • You must spend the $300 travel credit before earning 3x points for travel and dining
  • No automatic hotel elite status
  • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,200 toward travel when you redeem through Chase Ultimate Rewards®
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
  • Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,200 toward travel
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more