JPMorgan Chase & Co. credit card customers can now use their accumulated rewards points to pay down their account balance.
A new statement credit feature on the company's Chase Freedom cards allows people to redeem 100 points for a $1 credit toward purchases made with their cards.
The credits must be applied to specific transactions within the previous 60 days, rather than simply applied to their balance; if there have not been any purchases in the previous 60 days they cannot redeem points for a credit to their total balance, according to Elizabeth Gula, a first vice president with Chase Card Services.
"The intent is to open up the possibilities for rewards" beyond a catalog of products, she said. "Anything you can purchase with a card can be your reward. A catalog is somewhat limiting."
People can request a credit in any amount, for all or part of the selected purchase, and there is no limit to the number, or value, of the credits received.
Statement credits are not applied to the minimum amount due on cardholders' accounts. The feature, announced Tuesday, is offered only on JPMorgan Chase's Freedom card products