In March, JP Morgan Chase launched the Stockback MasterCard from Chase, a co-branded credit card with a cash rewards program that allows consumers to automatically invest in Stockback's mutual fund. But three days after the announcement of the new card, Stockback filed a preliminary proxy statement with the Securities and Exchange Commission seeking to liquidate the fund.

Cardmembers would earn 1% cash back on all purchases (11% for participating merchants), which they have the option of keeping or investing in the Stockback Fund, managed by Merrill Lynch. Stockback created the mutual fund in order to be able to offer it through its credit card alliance with Chase, the firm's primary business.

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