What Chase’s new booking platform acquisition could mean for you
On Monday, JP Morgan Chase announced the acquisition of cxLoyalty Group's loyalty division, a third-party loyalty program that currently serves 70 million customers worldwide. The company's extensive client portfolio includes Citi, Capital One and Mastercard. The move gives Chase ownership of the company's technology, travel, gift card and point businesses.
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Chase has been expanding its reach in the loyalty world, so it is better positioned for success when the pandemic ends. In addition to this acquisition, Chase recently announced a new partnership with Aeroplan that will result in a new co-branded credit card and the addition of an Ultimate Rewards transfer partner next year.
If cxLoyalty sounds familiar, that's because the company operated the Chase Ultimate Rewards Travel platform until 2018, when Expedia replaced it. This acquisition means Chase will end its partnership with Expedia and we'll get a new Chase Ultimate Rewards portal.
That is welcome news since the Ultimate Rewards portal has been plagued with issues since the move to Expedia two years ago. The return to its pre-Expedia platform will hopefully eliminate many of the customer service and tech issues customers have complained about over the last two years.
Chase's acquisition of a loyalty program during a massive downturn in travel demand signals confidence in the industry rebounding next year. According to Marianne Lake, head of Chase's consumer division, "People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future. Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel."
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