Chase Introduces Ultimate Rewards
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.
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… 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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As a chase freedom customer I’m not very excited about this new program. It likely means the end of my current program without a fee. There are others rewards cards and if they cut me off I’ll take my business elsewhere.
Chase can take their cards and SHOVE IT where the sun don’t shine. They are nothing but LIARS. They tack on all sorts of fees to the card and paying the minimum or even half of the card balance isn’t good enough for them. They will just close your account after a couple of times of you only paying half the card balance, report you to the credit bureaus as “delinquent” and send 10 different debt collectors after you. I’m not kidding about this.
There is NO negotiating with them. It’s either you pay the card in full or you will be paying through the nose with their miscellaneous fees. I wouldn’t recommend Chase to a dog for Christ sakes.
Don’t get a card with Chase and certainly DO NOT open a bank account with Chase. You will be SORRY beyond belief if you have an account with Chase. Chase will close your bank account without warning if you don’t keep more than $12 in it at any given time. $12 that goes towards their “monthly service fee”. And after they close your bank account, your name gets listed in Chex System and you have NO choice but to get a second chance checking account. There is NO way of getting your name out of the Chex System.
If you have an account with Chase, CLOSE IT NOW. DO NOT WAIT. DO NOT PATRONIZE THEM. Don’t patronize businesses that practice deceptive tactics. I will HATE Chase forever and a day. I don’t want anyone to go through what I went through with Chase. It’s mind blowing the way they operate.
I am so mad about the change. I feel that i am cheated by Chase. I will close the credit and change to another one. They are all same, i had Citi bank for 5% reward for a while, then they discountinued the program. I swtiched to Chase Freedom, not Chase changed the program again. I might go to Discover or American Express.
Chase said something about offering 3% on Groceries, gas and fast food after the switch but that’s not in the welcome pack I got from them yesterday. A year ago I referred 3 people at work to the chase Freedom card for the cash back. Yesterday I signed up for a PenFed.org cash back card. It’s now the best one out there. No annual fee, 1.25% back on everything and 2% on groceries and 5% on gas. I would recommend switching. Chase is punishing their good customers for the mistakes of their bad customers.