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MINNEAPOLIS - United Airlines parent UAL Corp. is extending its credit card agreements with Chase Bank USA, generating a $600 million payment from the bank and increasing its cash position by about $1.2 billion.
| UAUA | 11.92 |  -0.64 |
UAL shares spiked $2.72, or 54.1 percent, to $7.70 in Tuesday morning trading.
Chase already has the contract for United's frequent-flier affiliated credit card. By extending those agreements, United says Chase will pay it $600 million for advance payment for frequent flier miles for the affiliated credit card. UAL said it also expects the new contract to improve cash flow by about $200 million in the next two years.
UAL also says Chase is shrinking the size of the holdback under its credit card processing agreement, freeing up about $350 million in cash that was restricted.
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