New Rules Regarding Chase Freedom

[plasticguy]

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

[Anonymous]

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

[FICOADDICTED]

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.

[Anonymous]

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. 

[Anonymous]

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@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. 

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Sounds like a plan...

[Anonymous]

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.

[plasticguy]

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

[thrasher865]

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

[Anonymous]

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@thrasher865 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

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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

[Anonymous]

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.