United Airlines has extended its credit card contract with JP Morgan Chase and Visa until 2029. Chase is the U.S. consumer and business bank business of JPMorgan Chase and Co. (NYSE: JPM), the world`s leading financial services company with a fortune of $2.7 trillion and global operations. Chase serves nearly half of U.S. households with a wide range of financial services, including private banks, credit cards, mortgages, auto financing, investment counseling, small business loans and payment settlement. Customers can choose how and where they want to drive the bank: more than 4,900 branches in 38 states and the District of Columbia, 16,000 ATMs, mobile, online and over the phone. For more information, see chase.com. The long-standing relationship between Chase and United will last for at least another decade, with the two companies announcing on Friday an extension of their Cobranded credit card partnership. The agreement continues a three-decade relationship that must now last at least until 2029 to ensure That Chase will continue to be the exclusive issuer of United MileagePlus credit cards. Most airlines have partnerships with credit card issuers that allow customers to collect attendance points or miles from credit card purchases.
Banks buy miles or points from airlines to give them to their card customers. The extended agreement will build on one of the world`s most powerful co-brand card portfolios with premium customers in premium markets. The card portfolio includes the new United Business Card, United Explorer Card, United Club Card, United Club Business Card and United TravelBank Card. Customers travelling with MileagePlus Eligible credit cards have access to benefits that make United`s leading network better than ever, including benefits such as free checked baggage, priority boarding and miles earned during daily expenses. Earlier this year, United and Chase launched a new business card and celebrated for the first time the highest bonuses of any United Co card. In 2018, United and Chase launched the award-winning United Explorer card with even more top-notch benefits, including a $100 global entry account or TSA pre-check and 2X-benefit for hotel stays and restaurant purchases. The agreement, which runs until 2029, builds on one of the industry`s most powerful co-brand card portfolios, with seven consecutive quarters of double-digit growth over the year and a long history that offers Card members additional benefits that reward those who navigate United`s vast global network. “The Company currently estimates that the new terms, expected portfolio growth and participation in Chase Ultimate Rewards will increase the company`s annual cash contribution by approximately $400 million in 2020, after the agreement has had a cumulative impact, and the modification of the agreement with Visa.” Statements by Chase and United executives highlighted the benefits of the extended agreement for consumers, including guidance on future changes. Ed Olebe, President of Chase Cobranded Cards, spoke of “exciting new offerings and experiences that our customers can look forward to in 2020 and beyond,” although it remains to be seen exactly what they would be and when they would take off.