J.P. Morgan Chase & Co., amid sliding credit-card spending, is launching a new card-rewards program.

For Chase — which is expected to announce the program on Thursday — the move is an attempt to create a flagship rewards program, similar to American Express Co.’s Membership Rewards loyalty program or Citigroup Inc.’s ThankYou Network program.

“With all of the challenges in this environment and changes in the economy, we do see that consumers are spending less than they have in the past,” said Eileen Serra, president of Chase Card Services.

Under the points-based program, dubbed Ultimate Rewards, customers will earn points for every dollar spent on certain Chase credit cards, with no earnings caps or expiration dates. Points can be redeemed for travel, cash, statement credits or gift cards, generally on a one-for-one basis with each point worth one penny. Users can also redeem points for merchandise, although the redemption rate is slightly less than one percent.

For now, consumers can earn points through the program on only two Chase cards — the Chase Freedom card and a new “Sapphire” credit card aimed at affluent customers — although the company plans to link other Chase cards to the program.

For Chase, the move is also a way to replace older versions of its Freedom card, some of which had offered richer cash-back rewards and bonus opportunities. Throughout the year, all Chase Freedom cardholders will be moved to the rewards program, where they will earn 1% cash back (or one point) for every dollar spent and 3% cash back (or three points) for every dollar spent in categories that change each quarter. Chase had already moved to those terms for new customers last November.

The launch comes at a time when banks have been paring their reward programs as they cope with rising delinquencies and new legislation that will, among other things, limit their ability to raise rates on existing balances, cutting into their profits.

Under Chase’s rewards program, customers earn bonus points if they book travel using the program’s online booking tool or if they shop through the program’s merchant partners. The standard Freedom and Sapphire cards — where users earn one point for every dollar spent — don’t have annual fees.

However, some Chase Freedom cardholders who want to earn a fixed 3% bonus for spending in grocery, gas and fast-food categories, will soon pay a $30 annual fee. Chase’s Sapphire Preferred card — where users can transfer points to other travel reward programs — has a $95 annual fee.