Chase Freedom Card Switches to Rewards Points
I have been using Chase Freedom Card for a while and like it quite a lot because its 3% cashback rewards program. Though I don’t use the card for every purchase, I do charge the card at gas stations and grocery stores to make sure that they are in the top three categories so I can earn the maximum 3% rebate. Another reason I like the card is that it’s a cash rewards card, not a rewards point card. Somehow I don’t like rewards points, though rewards points work in the same way as cashback: You earn 1 point for every dollar spent, which is equivalent to 1% cashback and you can redeem rewards points you earned for such things as gift cards, cash, etc. I’d rather have the rewards credited right to my account instead of having to redeem it.
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Anyway, it seems that Chase decided to change the Freedom card rewards program. I received a mail from Chase tonight and it seems that Chase has already switched Freedom Card’s cashback rewards to rewards points While I can still earn triple points in the top 3 out of 15 categories as before, the way the points are redeemed has changed, especially for cardholders with small balance in their rewards program. According to new rules, you can start to redeem your rewards points when you have as less as 200 points in your account. However, that 200 points can only be exchanged for $1 statement credit, instead of $2 under the old program. From there, redemptions can be made at 200-point increments to up to 4,800 points, which is equivalent to $24 statement credits, not $48. If you choose to keep accumulating your rewards points, then after reaching the 5,000 points mark, then 100 points is worth $1 again.
In addition to statement credits, you can also redeem your points for gift cards, such as 5,000 points for a $50 Target gift card or 3,000 points for a $25 Shell gift card.
And the worst part of the new changes is that you can no longer request a $250 check for every $200 cashback earned
Personally, I don’t like this new program at all. And it seems that every time they announced an exciting change, the change is never exciting to the customers.
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