So I have a Chase Freedom card that offered cash back and the most exciting part of that was I was able to redeem 200 cash rewards for a $250 check. I used to get:
3% cash back on my top five spending categories and
1% cash back on all purchases.
That meant I was getting a BONUS $50 because all the other redemption points were at a rate of 1 to 1 as follows:
redeem 10 cash rewards for a $10 check
redeem 50 cash rewards for a $50 check OR
redeem 200 cash rewards for $250 check
This made me wait until I got up to the 200 cash rewards because I really wanted that extra $50. I was able to cash in on it twice since getting the card and ended up putting that bonus $50 in the snowflake fund and then later using it to pay off debt.
I just received a letter from Chase saying they had been rolling out a new point system to all consumers and the final changes to EVERYONE would happen in November.
They are doing away with the $250 check for 200 cash rewards and now ALL redemptions will be a on a 1 to 1 basis. I am so MAD right now about losing that bonus and since I have about 23 points right now I am not even close to being able to cash out before November.
Chase has now become like Discover (which I also use) and just gives the straight 1% on everyday purchases with a 5% on rotating categories that you have to go the site and sign up for every quarter. Grrrrr.
Oh well, I should not have been counting on that money because it is a bonus after all and not a guarantee. It was something nice to look forward too and it is sad that Chase is just cutting that bonus totally. I think a nice gesture would have been to reduce it to 200 points for a $225 check or something…don’t just leave loyal customers who loved that bonus just hanging.
It was just a nice little bonus and it made that Chase card very special because I did not have any other card that gave such a generous bonus.
I’ve always sort of thought of it as ‘don’t look a gift horse in the mouth’. I have a Citi card which has gone to the same rewards structure, but since I pay the card off every month yet still get a minimum of 1% cash back, they’re still paying me to use their card. While it was nice back in the day when I was getting 5% on gas and groceries and all that, piling up mad rewards, the fact that I still get a check every once in a while for buying things that I was going to buy anyways is still pretty sweet.
Think of it this way, the letters one day could harken back to the old days of “No rewards….and, oh by the way, here’s the charge for your annual fee to use our card.” Wouldn’t these 1% days look pretty good then? 🙂
That is very true!!! If I ever have a card that decides to charge an annual fee I will stop using it. I do not make enough in rewards to pay to use a card.
Oh no! Don’t say that. I have $180 dollars in reward dollars accumulated and I only need just a few more months to get over $200 mark and get $250 check. I hope the new rule does not apply to EVERYONE. I have been a faithful Chase customer for past 20 years and in addition to credit card, have checking, student loan (paid off), personal loan (paid off), car loan (paid off), mortgage and HELOC with them.
Well the letter I got said the change was rolling out to all customers in November so you might be getting that letter soon. It might also show up on the website soon. Check carefully and log in to review your terms because you might have already been switched. Try to see if the $250 check is an option.
Website still shows I am earning 3% on top categories and $250 for redeeming $200 reward. But I also found following so we will see.
Right to Change/Modify/Cancel: The Program and benefits are offered at our sole discretion. We reserve the right to alter or waive any Program feature or benefit prospectively or retroactively, including, without limitation, participation fees, rebate or point accrual or redemption criteria, or to cancel or temporarily
suspend the Program at any time without prior notice.
It shows that on mine too but I am sure on the date mentioned it will change. I am far away from the $200 and I will not be able to make it in less than a month so I guess I just have to live with that.
That is no good. I can’t believe they didn’t give you more of a warning or allow you to be grandfathered in.