New Chase Blueprint credit card program: would it benefit you?

JP Morgan Chase has launched another salvo in the credit card wars, this time across the bow of American Express in the battle for high-value customers. When the smoke clears, its Blueprint program offers a couple of interesting features that the un-savvy cardholder might find useful, but probably not.

The new card program has four elements:

Full pay: Normally, when you buy a 12-pack of Coke at Sam's Club on the fifth of the month via your credit card and you don't pay off that purchase at the end of the month, the bank will charge interest on that Coke from the date of purchase. With Full Pay, the cardholder can choose one or more of 14 categories of purchases for which the bank will waive the interest on the interval between the date of purchase and the billing due date, even if you don't pay it off at the end of the month. Interest does resume on it at the start of the next billing cycle, though.