topic Re: New Rules Regarding Chase Freedom in Credit Cards

New Rules Regarding Chase Freedom

Anonymous — Mon, 11 May 2009 18:59:11 GMT

Received letter stating that the following will take place in June 2009

Cash back rewards will never expire

Earn 1% cash back, everywhere on all purchases with no caps or expiration dates

The triple cash back rewards you earn on everyday spending categories will no longer be available. However, there will be opportunities to earn 3% in new categories

You will continue to earn up to 10% cash back when you shop online at http://www.chase.com/rewardplus

Pay yourself back by making a purchase with your card and redeeming for a credit to your account

Continue to redeem for checks which now start at $50 Note: The $50 bonus when redeeming $200 in Cash Back Rewards will no longer be available after June 30th

On or about June 30, 2009 your account will be automatically updated with the benefits listed above. You'll receive a Welcome kit explaining all your new rewards

The update will not affect your account number or any terms

Re: New Rules Regarding Chase Freedom

Anonymous — Mon, 11 May 2009 19:03:55 GMT

Okay, I don't know if this applies also to the PLUS version, but I was just saying to my Fiance the other night, "let me cash out my $200 for $250 check tonight before they change the terms, I know it's coming soon!" Really, the way I have been raking in money on that card, the joke is totally on them. I've made about $1000 on them in less then a year just on my Freedom Plus card.

Anyway, do you have the regular or the plus version? Either way, I was prepared for this to happen. I guess it's back to plain ole 1% for most of my rewards cards then. Suppose it was good I apped for that Home Rebate card, atleast I can buy down my mortgage principle if all my rewards are gonna suck now! LOL

Message Edited by UpUpUp on 05-11-2009 03:03 PM

Re: New Rules Regarding Chase Freedom

FICOADDICTED — Mon, 11 May 2009 22:25:34 GMT

As soon I read the OP's post I sent an e-mail to Chase (I have Freedon Plus Card) to inquire about these changes and they confirmed that these changes will apply to my card as well but they said that they will send out communication ahed of time about the changes. I have not receive any letter from Chase about these changes.

Re: New Rules Regarding Chase Freedom

Anonymous — Mon, 11 May 2009 23:31:41 GMT

I received the same letter today regarding one of my two Chase Freedom accounts (I have the regular cards). I called Chase asking if my other card would also be affected. The rep said it would, but not until August. Chase is implementing these changes in stages to cardholders: So, on my one account, the changes will be made on June 30th, and the other will be affected sometime in August.

I was also told that there will be accelerated rewards available, for an annual fee. However, many details haven't yet been disclosed. The rep told me that Chase Freedom Plus will also be changed.

It looks like I'm going back to my CITI Dividends Platinum Select MC soon, where I'll be able to consistently earn 2% back on supermarket, gasoline and drugstore purchases.

Re: New Rules Regarding Chase Freedom

Anonymous — Mon, 11 May 2009 23:50:43 GMT

@Anonymous wrote:

It looks like I'm going back to my CITI Dividends Platinum Select MC soon, where I'll be able to consistently earn 2% back on supermarket, gasoline and drugstore purchases.

Sounds like a plan...

Re: New Rules Regarding Chase Freedom

Anonymous — Tue, 12 May 2009 00:00:42 GMT

Welp, I guess I'll also be doing a product change to one of their cards that has no AF or "program fee" or whatever they call the $30 per year fee on the Plus card. No sense in paying $30 a year for the same rewards I get with other cards for free. So sad. I SO loved this card.

Re: New Rules Regarding Chase Freedom

Anonymous — Tue, 12 May 2009 10:45:29 GMT

From what I am hearing , this will cause people to cut back on their usage of the Freedom card, thus giving Chase a chance to CLD people for not using the card

Re: New Rules Regarding Chase Freedom

Anonymous — Tue, 12 May 2009 12:38:18 GMT

CLD me all you want, but I won't be using my Freedom Card any more. I wonder if the terms on my Blue Cash are as good as they were when I originally got it. After this, it would earn me a much better return on my purchases than Freedom. It was already borderline. I may even app for the PenFed card now. I've had a savings account with them for like 6 months now, because I chickened out on applying for the card.

This is really discouraging. This has been my go to card for the past year. I've put about $20000 through the card in the year I've had it. Usually between $1k - $2k / mo.

Message Edited by thrasher865 on 05-12-2009 05:38 AM

Re: New Rules Regarding Chase Freedom

Anonymous — Tue, 12 May 2009 13:03:50 GMT

@Anonymous wrote:
CLD me all you want, but I won't be using my Freedom Card any more. I wonder if the terms on my Blue Cash are as good as they were when I originally got it. After this, it would earn me a much better return on my purchases than Freedom. It was already borderline. I may even app for the PenFed card now. I've had a savings account with them for like 6 months now, because I chickened out on applying for the card.

This is really discouraging. This has been my go to card for the past year. I've put about $20000 through the card in the year I've had it. Usually between $1k - $2k / mo.
Message Edited by thrasher865 on 05-12-2009 05:38 AM

I agree. I've put atleast $2-3k a month through this card (sometimes $4k) won't be using it much anymore either.

Thrasher if you save up for the $250 checks like I do, better cash out quick before they are gone!

Message Edited by UpUpUp on 05-12-2009 09:03 AM

Re: New Rules Regarding Chase Freedom

Anonymous — Tue, 12 May 2009 13:22:52 GMT

Noooo! Please say it ain't so. I have enough crappy 1% cash back cards.

Did this come as a statement insert, or as a separate correspondence? My statement came in the mail yesterday, and I didn't see a change in terms. However, I could have missed it.

Re: New Rules Regarding Chase Freedom

Anonymous — Tue, 12 May 2009 13:26:40 GMT

@Anonymous wrote:
@Anonymous wrote:
CLD me all you want, but I won't be using my Freedom Card any more. I wonder if the terms on my Blue Cash are as good as they were when I originally got it. After this, it would earn me a much better return on my purchases than Freedom. It was already borderline. I may even app for the PenFed card now. I've had a savings account with them for like 6 months now, because I chickened out on applying for the card.

This is really discouraging. This has been my go to card for the past year. I've put about $20000 through the card in the year I've had it. Usually between $1k - $2k / mo.
Message Edited by thrasher865 on 05-12-2009 05:38 AM
I agree. I've put atleast $2-3k a month through this card (sometimes $4k) won't be using it much anymore either.
Thrasher if you save up for the $250 checks like I do, better cash out quick before they are gone!
Message Edited by UpUpUp on 05-12-2009 09:03 AM

Unfortunately, I just cashed out a few months ago, so I only have about $100 saved up I guess I'll just have to get that out and move on.

Re: New Rules Regarding Chase Freedom

Anonymous — Wed, 13 May 2009 14:46:58 GMT

@Anonymous wrote:
Noooo! Please say it ain't so. I have enough crappy 1% cash back cards.

Did this come as a statement insert, or as a separate correspondence? My statement came in the mail yesterday, and I didn't see a change in terms. However, I could have missed it.

Hi FretlessMayhem!

This arrived as a separate correspondence. In fact, printed on the outside of the envelope: "GOOD THINGS ARE COMING FROM CHASE FREEDOM...ENCLOSED: News about improvements to your account."

I'd love to call customer service and ask how 1% cash back is an "improvement" over the current 3%.

You may not be receiving this notification just yet. As I mentioned in my previous post, they are not making these changes to all Freedom cardholders' accounts at the same time. Yours may not be affected for another few months.

Re: New Rules Regarding Chase Freedom

Anonymous — Wed, 13 May 2009 14:50:48 GMT

@Anonymous wrote:
This arrived as a separate correspondence. In fact, printed on the outside of the envelope: "GOOD THINGS ARE COMING FROM CHASE FREEDOM...ENCLOSED: News about improvements to your account."

I'd love to call customer service and ask how 1% cash back is an "improvement" over the current 3%.

Well, they were most probably looking at their own balance sheet when they wrote that. It's all a matter of perspective .

Re: New Rules Regarding Chase Freedom

Anonymous — Fri, 22 May 2009 08:19:52 GMT

I called Chase and the rep played dumb and told me there were no changes in effrct or coming for my freedom card. Hmmm

Re: New Rules Regarding Chase Freedom

Underh20 — Fri, 22 May 2009 09:08:47 GMT

What's the difference between Freedom and Freedom Plus? How do I know which card I have?

Re: New Rules Regarding Chase Freedom

Anonymous — Fri, 22 May 2009 14:42:26 GMT

@Underh20 wrote:
What's the difference between Freedom and Freedom Plus? How do I know which card I have?

The Freedom Plus has a $30 AF, however, instead of earning 3% back on your to 3 categories, you earn 3% on your top 6 categories.

Re: New Rules Regarding Chase Freedom

athensguy — Fri, 22 May 2009 17:09:15 GMT

I think that the flat 2% cards are going to keep their rewards structure, at least for now. I've made Schwab my primary card.

Unfortunately, Blue Cash requires enormous bonus category expenditure to be worthwhile (5 figures at grocery and pharmacy), and I just don't spend that much at those places.

A combination of Schwab or Fidelity with Penfed or Driver's Edge looks like a good deal to me now. I'm using Schwab with DE as my primary cards, and do some 5% on gas with a BP Visa. Remember that Driver's Edge is equivalent to 6%/2% until you match purchase rebates to drive rebates (at 1 cent per mile). If you are a low spender/frequent driver then you can get great % back with just Driver's Edge.

Message Edited by athensguy on 05-22-2009 01:09 PM

Re: New Rules Regarding Chase Freedom

Anonymous — Fri, 22 May 2009 18:12:44 GMT

@Anonymous wrote:
@Underh20 wrote:
What's the difference between Freedom and Freedom Plus? How do I know which card I have?
The Freedom Plus has a $30 AF, however, instead of earning 3% back on your to 3 categories, you earn 3% on your top 6 categories.

One more thing...on the Plus version there are no caps. So if you put several thousand through it a month, you can rack up the rewards very quickly.

Re: New Rules Regarding Chase Freedom

My2cents — Sat, 23 May 2009 04:47:07 GMT

I am sooooo, I have nothing else to say.

myzerocent

They are doing this to punish WaMu people. They wouldn't let my 200 build up so that I could get the 250.