Requested My $250 Chase Freedom Card Cash Check

Yesterday, when I was doing my spending analysis, I noticed that my Chase Freedom Card has already accumulated more than $200 in rewards. I got the card almost two years ago and redeemed my first $250 Freedom cash check in June 2007. As you know, Chase Freedom Card has been one of my favorite since I acquired the card for its *generous* 3% rewards on certain categories. I am not the kind of person who leaves money on the table. So after seeing my rewards balance, I promptly redeemed the rewards for a $250 check. $200 for $250, that’s not bad.

But could this be the last one?

While I am still quite satisfied with the rewards program that *I have*, new card members are not going to be as happy as I am with the card, if judged by cash backs they receive. In early November, I talked about the revised Freedom rewards program for new card members. Basically, the changes limit 3% rewards for only the first six months after a new account is opened. Also, the new rewards program doesn’t include the $200 for $250 option. As far as I can tell, the new rewards program is significantly worse than the one that I am using. However, there’s no guarantee for how long I can still enjoy the 3% cash back. So I think I better use it when it’s available

Speaking of credit card rewards programs, Chase isn’t the only issuer scaling back card rewards. Yesterday, I read this article on The Wall Street Journal talking about how banks, amid the financial crisis. The article, Banks Make Rewards Plans Less Rewarding, listed banks that have revised their credit card rewards programs and the Chase Freedom Card is one of them. Others include:

• American Express: No double miles for shopping on everyday categories on Delta SkyMiles Card.
• Capital One: New No Hassle Rewards Card members can early double miles for monthly spending above $1,000.
• Citigroup: More ThankYou Points are needed to redeem airline tickets starting March and some cards require higher spending thresholds to earn bonus points.

Did you notice that the programs you use got downgraded recently?

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