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Valued Contributor
usmc58555
Posts: 1,668
Registered: ‎02-18-2009
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Chase terminating cash back on Freedom cards

[ Edited ]
 
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Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009
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Re: Chase terminating cash back on Freedom cards

I just got that e-mail, too.  Funny thing is it seems nothing more than a play on words.  You can still get, for example, a $20 cash rebate for 2,000 points.  2,000 points can be earned by spending $2,000 (less if you get 5% offers) just like spending $2,000 used to get you a $20 rebate. 

 

So what's the difference?

IAALBNYL
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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Chase terminating cash back on Freedom cards

Oh, fer... Just when they finally let me back in from the cold.

 

Anyway, here's the e-mail that I got. I still haven't figured out WTH they're saying:

 

Dear HTSU,
We are making enhancements to your Chase Freedom® credit card. Your card will now earn points instead of rebates. Nothing else changes...you will continue to enjoy the same great earning power and redemption flexibility you have come to expect from Chase Freedom.
HERE'S HOW YOUR REWARDS WILL BE UPDATED
• On or about July 31, 2010, your existing rewards balance will convert to points and all future earnings will accrue as points.1
Your rewards will convert at a rate of 1 point for every $0.01 in rebates. For example, $25 in rebates will convert to 2,500 in points.
• You will see your new rewards balance shown as points on an upcoming statement and when you log on to the Ultimate Rewards web site.
• You can use your points to redeem for cash back or from among the many other redemption items including gift cards, travel, merchandise, one of a kind experiences, online auctions and more...all at the same great value. Click here for rewards comparisons and sample redemption options.
Redeeming for Cash Back will remain the same: You can get a $20 check for only 2,000 points.
Discounted gift cards: Save up to 20% on popular gift cards this summer!
Earn 5% Cash Back in popular categories - Plus an unlimited 1%  Cash Back on all other purchases
You'll continue to earn a total of 5% Cash Back2 in quarterly categories that change. From July 1 through September 30, 2010, enjoy 5% Cash Back on purchases up to $1,500 in the following categories3: Gas, Airlines, Auto rentals and Hotels. Sign up now! Plus, continue to get an unlimited 1% Cash Back on all your other purchases with no tiers or expirations.4 See Full details at chase.com/freedom.
Sign Up Now
NOTHING ELSE IS CHANGING
Please be assured your account number, interest rate and credit limit are not impacted by this change. Plus, continue to explore more ways to get cash back at chase.com/freedom.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
thrasher865
Posts: 1,157
Registered: ‎05-21-2008
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Re: Chase terminating cash back on Freedom cards

Yeah I got a similar letter in the mail.  As far as I can tell nothing changed.  At least not since they did away with the good rewards program and went to this 5% on specific categories.  Although the spending caps are much much higher than discover and there is no tier for the everyday purchases CB rate, so its still better than Discover.


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Valued Contributor
Uborrow-Upay
Posts: 2,708
Registered: ‎10-16-2008
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Re: Chase terminating cash back on Freedom cards

"Enhancements" = "Changes to your rewards program that will greatly benefit JP Morgan Chase at your expense sans the complaints,  'cause you can't figure out what the hell we're getting at here..."

They conveniently left this part out:

 

-----------------------------------------------------------------------------

 

"Here's How It Works"

 

 

  • First, we enhance the rewards by changing to a point system...

 

  • Next, we spend money mailing and emailing each and every one of our customers to assure them that this doesn't make a bit of difference...that this is not really a change at all...it's just the same, isn't it, except now it's "enhanced"...and that's got to be good, right?

 

  • Then, several months from now, we devalue the points...


------------------------------------------------------------------------------


C'mon, folks!  This is Chase we're talking about here.

 

I'll give it until Halloween for this devaluation to happen (highly appropriate for Chase, they should wear masks!)

Just my "unbiased"  two cents (soon to be worth 1.5 cents).  Mark your calendars.





 

Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009
0

Re: Chase terminating cash back on Freedom cards


Uborrow-Upay wrote:

"Enhancements" = "Changes to your rewards program that will greatly benefit JP Morgan Chase at your expense sans the complaints,  'cause you can't figure out what the hell we're getting at here..."

They conveniently left this part out:

 

-----------------------------------------------------------------------------

 

"Here's How It Works"

 

 

  • First, we enhance the rewards by changing to a point system...

 

  • Next, we spend money mailing and emailing each and every one of our customers to assure them that this doesn't make a bit of difference...that this is not really a change at all...it's just the same, isn't it, except now it's "enhanced"...and that's got to be good, right?

 

  • Then, several months from now, we devalue the points...


------------------------------------------------------------------------------


C'mon, folks!  This is Chase we're talking about here.

 

I'll give it until Halloween for this devaluation to happen (highly appropriate for Chase, they should wear masks!)

Just my "unbiased"  two cents (soon to be worth 1.5 cents).  Mark your calendars.





 


And that, my friend, is the answer to my question as to why they'd do this when it seemed the same amount of spending earned you the same rebate.  Stupid me.

IAALBNYL
Moderator
MarineVietVet
Posts: 14,967
Registered: ‎07-14-2009
0

Re: Chase terminating cash back on Freedom cards

 


Uborrow-Upay wrote:


------------------------------------------------------------------------------


C'mon, folks!  This is Chase we're talking about here.

I'll give it until Halloween for this devaluation to happen (highly appropriate for Chase, they should wear masks!)

Just my "unbiased"  two cents (soon to be worth 1.5 cents).  Mark your calendars.





UBUB......your cynicism is shocking, SHOCKING!!!!    :smileyhappy:

 

Regular Contributor
Mark_in_Pasadena
Posts: 180
Registered: ‎12-11-2008
0

Re: Chase terminating cash back on Freedom cards

[ Edited ]

 


Uborrow-Upay wrote:

 

  • Then, several months from now, we devalue the points...

 


That's the only reason they would do this, you hit the nail right on the head!  Hurry up and cash out those $20 refund checks before they cost 3,000 points in the near future!

 

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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Chase terminating cash back on Freedom cards

[ Edited ]

Yep, that shoe finally dropped for me, too. It will soon be one of those deals where 3,000 points only gets you $25* and so on.

 

 

*eta: duh me, or gets you $20, as Mark-in-Pasadena just pointed out.

 

* goes in search of more caffeine *

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
Uborrow-Upay
Posts: 2,708
Registered: ‎10-16-2008
0

Re: Chase terminating cash back on Freedom cards

 


marinevietvet wrote:

 


Uborrow-Upay wrote:


------------------------------------------------------------------------------


C'mon, folks!  This is Chase we're talking about here.

I'll give it until Halloween for this devaluation to happen (highly appropriate for Chase, they should wear masks!)

Just my "unbiased"  two cents (soon to be worth 1.5 cents).  Mark your calendars.





UBUB......your cynicism is shocking, SHOCKING!!!!    :smileyhappy:

 


 

I know, I know...  Chase wouldn't really do anything like that...Chase is our friend...I love Chase, we all should love Chase...LOL  :smileyvery-happy:

 

 

 


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