JPMorgan Chase Explores Second-Look Credit Card Program

JPMorgan Chase explored the creation of a second-look program for co-branded credit-card applications to increase approval rates for its corporate partners. The initiative would have allowed third-party private-credit lenders to assume the risk for applicants the bank initially rejected.

The strategy aimed to reduce friction with major partners, such as United Airlines, which seek higher approval rates to drive customer loyalty and revenue. To gauge interest, the bank contacted over a dozen entities, leading to outreach with private-credit firms including Blackstone, KKR, Blue Owl Capital, and Sixth Street Partners.

While such a partnership would have provided private-credit firms greater entry into mainstream finance and helped the bank maintain exclusive partnerships, a spokesperson for JPMorgan Chase stated that the bank does not have a plan to launch a second-look program.