JPMorgan Chase & Co will offer a richer cash-back credit card in April to better compete against products from Capital One Financial Corp and Citigroup Inc.

The new "Freedom Unlimited" card will pay back 1.5 percent on all purchases, a higher standard rate than its current Freedom card, Pamela Codispoti, president of Chase Consumer Branded Cards, said in an interview.

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Codispoti said the Freedom Unlimited card will available as an alternative, or a companion, to Chase's current Freedom card, whose standard cash-back rate is back 1 percent. It also offers quarterly specials of 5 percent back on changing categories of spending, such as groceries or gasoline, up to $1,500.

"I don't think we were late, per se," with the simpler, richer cash-back card, she said. Different customers like different offers and some like the current Freedom card, she said.