Chase, Hyatt team up on credit card offer
Hyatt Hotels and J.P. Morgan Chase recently announced a new partnership to develop a credit card that would allow consumers to earn points toward rewards, such as free flights and hotel stays. Industry analysts say 
the two companies are hoping to catch up to American Express, who already has agreements on credit card offers with Hilton Hotels and Starwood Hotels and Resorts.
Reuters reports Chase hopes to increase its number of wealthy clients. American Express has gained notoriety in the industry for having members who can afford to use their cards frequently. Chase CEO Gordon Smith told the newswire that since the 2008 recession, the company has eliminated more than half of their partnerships in an effort to focus on more long-term contracts.
Analysts expected more issuers to develop rewards programs after the passing of the Credit Card Accountability, Responsibility and Disclosure Act. The legislation put restrictions on rate and fee hikes, which credit card companies had heavily relied on for profit.
FOX News advises consumers to read the fine print on rewards programs. A study conducted by IdeaWorks in May found between 25 and 45 percent of frequent flier mile points could not be redeemed at several major airlines.
5-7-2012
by Chris Martin
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4-6-2012
by Dan Seitz
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by Neil Hayashi
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