Chase Ultimate Rewards Review: The Ultimate Credit Card Rewards Program
- Credit Card Rewards Program:
- Chase Bank
Earn Ultimate Rewards Points with selected Chase credit cards, including the Freedom Card, the Sapphire Preferred Card, and the Ink Business Cards. Points never expire and there's no limit on the number of points you can earn. Redeems Points earned for cash, gift card, travel, and more at Chase Ultimate Rewards Mall.
A couple of days ago, I read an article on the Wall Street Journal about a new credit card rewards program Chase has just launched. The new program is called Ultimate Rewards, similar to Citibank’s ThankYou Network program and American Express’s Membership Rewards program. Basically, cardholders earn rewards points when using participating Chase credit cards to shop, 1 point for each dollar spent and 2 points for each dollar on airline flight. According to the WSJ story, right now there are only two cards eligible for the program, the Freedom card (new Freedom card has switched to rewards points a long time ago) and the Sapphire card, but Chase plans to expand program to include other cards.
Actually, what interested me the most isn’t the new rewards program, but what is mentioned in the story about possibly the fate of the Chase Freedom card rewards program that I have been enjoying for quite a well:
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.
… 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.
Just last week, I said that I am lucky because I still haven’t got the letter from Chase about reducing the cashback from 3% to 1%. If what said above is true, then I guess there won’t be much time left for me to keep getting 3% back and I won’t pay $30 annual fee to use the card.
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Chase Ultimate Rewards Program Highlights
Ultimate Rewards gives you the ultimate in program benefits. You’ll earn points every time you make a purchase with your Chase card. Points that never expire, and with no limit to the points you can earn or redeem. Use your points for merchandise, gift cards, restriction free travel, exciting experiences and even cash back. After all, they’re your points, you decide how to use them.
Following is a quick summary of program benefits. You will receive complete details upon opening your account.
- Points: Use your Chase card for everyday purchases and when you redeem, your options are nearly limitless. Select from a wide variety of travel services, merchandise, and gift cards. Even cash, if that’s your preference. After all, they’re your points. You should be able to use them however you choose.
- Travel: The Ultimate Rewards Travel Tool is a convenient site for planning travel. Book flights. Browse and reserve hotels, car rentals and more. When you use the Ultimate Rewards Travel Tool and pay with your Chase card, you earn double points for every dollar you spend on air travel. For example, purchasing a $600 ticket would usually earn 600 points, but with the Travel Tool and your Chase card, you earn 1,200 points. Same flight, same price, double the points.
- Cash back: Redeem your Ultimate Reward points for a check. Or turn a recent purchase of almost anything made with your Chase card into a reward.
- Gift cards: Ultimate Rewards offers dozens of gift cards redeemable for electronics, fashion, books, home décor, dining, entertainment and so much more. Redeem for a card to make your mother happy, delight a friend or reward an employee for a job well done. Even treat yourself.
- Ultimate Rewards Mall: Earn up to 10 bonus points for every dollar you spend online at the more than 400 retailers all conveniently located at the Ultimate Rewards Mall.
Chase Cards with Ultimate Rewards
Currently, Chase offers a few cards with Ultimate Rewards. If you are considering get a Chase credit card with the program, you can choose:
- Chase Freedom Cards: Chase offers two flavors of Freedom cards, Chase Freedom MasterCard and Chase Freedom Visa Card. Both cards currently give $100 cash back bonus after spending $500 in the first three month. Other benefits include: 0% Intro APR; 5% cash back in quarterly bonus categories like gas, home improvement and department stores, subject to quarterly enrollment and maximum; Unlimited 1% Cash Back on all other purchases with no spending tiers
Up to an additional 10% cash back when you shop online at select merchants through Chase; No Annual Fee.
- Chase Sapphire Preferred Card: You can also earn 40,000 bonus points after you spend $3,000 in 3 months. Other benefits of the Sapphire Preferred Card include: 2X points earned on airfare & hotel accomodations booked through Ultimate Rewards & 1 point for every dollar spent on all other purchases; Points never expire and there are no limits on how many points you can earn; 24/7 Dedicated service advisors (No voice recording); Premier travel and purchase protection benefits; No annual fee!
- Chase Ink Cards: Chase has three Ink Cards that come with Ultimate Rewards, Ink with Ultimate Rewards Card, Ink Bold with Ultimate Rewards Card, and Ink Plus with Ultimate Rewards Card. All these cards also offer $100 bonus for using the cards.
- $100 Bonus
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