Chase FREEDOM - changing REWARDS structure to specific quarterly categories?

[Anonymous]

On this thread:  http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=127482

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@Anonymous wrote:

If you check the website for the regular Freedom card, you may see the rewards structure has recently changed, so you may want to go over it again first. I went with the Freedom Plus and the rewards are still intact. It does have the $30 AF, but IMO, it is well worth it.

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WOW - on Chase's website now they are definitely advertising the "new" Freedom that only has 3% back on particular categories each quarter, rather than the normal 15 category situation:

http://www.chasecreditcards.com/cash-back-cards.asp

Chase FreedomSM Credit Card

• 3% Bonus cash back on gas, groceries and fast food purchases for the first six months*
• 1% Unlimited cash back on everything else. No cap. No expiration.*
• 0% Intro APR* on purchases for up to 12 months.*
• No annual fee

I only got my card a couple weeks ago, and haven't had a first statement yet - does anyone know if this is applying to all cardholders or just new applicants?  Do I count as a "new applicant" even though I applied under different terms?

I was so excited to have gotten such a great card - Uugh!

The Chase Freedom Plus does appear to still have the old terms on the website.... I wonder if it would be possible to switch if this does end up affecting my card....

Anyone know what's happening?

[Anonymous]

This appears to be recent and shouldn't affect current cardholders. If you got in under the old terms you should be fine. (I hope!!)

[Anonymous]

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@Anonymous wrote:
This appears to be recent and shouldn't affect current cardholders. If you got in under the old terms you should be fine. (I hope!!)

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I really hope so too

This site http://chasefreedomrewards.com/ is still describing the "old" rewards scheme, so hopefully that's a good sign!

[Anonymous]

Chase has really been pushing the Freedom card and I don't understand why they would want to start tampering with the rewards on it.

It is definitely different than when it was being discussed (elsewhere) on Nov 8th. Since I have the Plus card and mine wasn't affected by the change, I didn't pay as close attention as I should have. It did state that the rewards were for the first 6 months and then it all went downhill. I remember that much of it and the quarterly changes.

[Anonymous]

Yeah I saw the new Freedom plus is crazy too.

http://www.chaseinformation.com/freedomplus/?cell=6H90&MSC=&AFFID=s6wX_2qIFSE-g2uWMboH18LLyDy5AtnHfw

According to the terms on my agreement the terms we all know and love are still in effect. If you log onto chase and go to your card and click on the rewards detail tab it will take you to a page where at the bottom you can click on View rewards program rules and regulations to see your agreement. Everything looks okay--Whew! Glad I got in when I did!

Edited for oopsies!

Message Edited by miahmarie on 11-11-2008 07:07 PM

Message Edited by miahmarie on 11-11-2008 07:08 PM

[Anonymous]

I'm thinking that Chase Freedom Plus cardholders won't see any changes to their rewards program, given that card has an annual $30 "Rewards Fee." 

However, I do believe existing, regular Freedom account holders will probably, at some point in the future, be receiving notification that the terms and conditions of their rewards program will be changing.  I'm just speculating.  

[Anonymous]

I've inquired to Chase as to the why of the change, though I suspect it's simply because they feel it's a cost-effective move given current market conditions. As far as I can tell, new Chase Freedom accounts will be under the new scheme (6 months of 3% in 3 categories, then quarterly 3% in 3 categories, no caps or expirations). Existing ones stand a really good chance of regressing to quarterly also. For those willing to shed a bit of blood on the $30 AF, the Freedom Plus will maintain the monthly 3% in 6 categories. It's probably just their way of rewarding their most "loyal" customers and putting the basic Freedom back on par with other rewards cards while wetting one's appetite for the Plus for those first 6 months.

Chase's reply:

As your credit card company, we value your business and want you to be completely satisfied with your credit card account. We appreciate this opportunity to respond to your concerns with the Cash Plus Reward program changes.

We realize that this Change In Terms may be disappointing. These changed were made to balance Cardmember and business needs. The Credit Card Industry is highly competitive with many issuers and products. We feel that the changes being made to the Chase Freedom Rewards program are comparable to other programs available.

Your account [Freedom Plus] is currently earning the one mile for every $1 spent in net purchases three miles for every $1 spent in eligible net purchases in the Customers top 6 spend categories (out of a pre-defined set of 15 categories). (3 miles = 2 miles additional plus 1 mile base earnings).

Message Edited by jackelope on 11-24-2008 12:36 PM

[Anonymous]

Well, an interesting development on my account is that not only is the original rewards structure still in place, they actually sent me both an email and a letter describing how great the rewards structure is. 

So, it seems odd for them to do that if they were going to turn around and change things.... very interesting.

[Anonymous]

I got a letter, too. It did encourage you to keep spending to continue earning the rewards and it reiterated the original terms of the rewards. I have the PLUS version though so maybe that's why. I'll gladly pay the $30 fee for the year, I earned my $250 check in just 5 months!

[Anonymous]

My Signature Freedom maintains its rewards structure... 15 categories/ 3%.