Chase, the consumer banking arm of JPMorgan Chase & Co. (NYSE: JPM), has added a new redemption option to its Ultimate Rewards program that allows eligible cardmembers to convert points into cash for investment in a J.P. Morgan Wealth Management account.

The feature, called "Invest Your Points," is accessible through the Chase Mobile app and Chase.com. Cardmembers can direct redeemed points as cash into a J.P. Morgan Self-Directed Investing account or into a taxable investment account managed with a J.P. Morgan advisor.

"Cardmembers already have a lot of ways to use Ultimate Rewards, from travel to cash back, and every new option makes the program even more valuable," said Chris Reagan, President of Branded Cards at Chase. "Now, they can also put their rewards toward investing and their financial goals, in one connected digital experience."

Ultimate Rewards points are earned through Chase Freedom, Chase Ink, and Chase Sapphire card portfolios. Existing redemption options include travel, cash back, statement credits, and gift cards.

J.P. Morgan Self-Directed Investing accounts offer commission-free online trades on stocks, ETFs, mutual funds, and treasuries, though options trades carry a $0.65 per-contract fee. New customers who open and fund an eligible account with qualifying new money can receive up to $1,000.

"Giving clients the ability to invest with Ultimate Rewards points helps them manage their financial lives – and their investments – all in one place," said Paul Vienick, Head of Online Investing at J.P. Morgan Wealth Management.