A couple of days ago, I called Chase to inquire about receiving a Chase-branded CC in the mail (I still have my WaMu Visa). After talking with the CSR, she transferred me to a young lady who said my account was eligible for a PT to the Freedom card or the Sapphire. I was happy to hear that because when I PT my WaMu Visa to the Perfectcard (3 months ago), I was told the Freedom was one of the better cards and I would have to apply for it and take a hit on my CR. Patience is a virtue, I guess, cause I was able to PT to the Freedom with no problems (my actual CL was not high enough right now to PT to the Sapphire). The young lady told me that I would be getting the better rewards soon as the Freedom card was moving to their new Ultimate Rewards program (this is the rewards program currently offered with the Sapphire). She said those rewards would start soon, but not right away.
Well, I just checked my account and my Perfectcard has officially been PT to the Freedom and I am currently under the new Ultimate Rewards program. I was totally shocked to see a $20 cash back reward waiting for me (I chose cash back instead of points, but this can be changed at any time).
The one gripe I have is that my account is not yet eligible for a CLI. But, I'll again be patient.
All in all, I am surely excited about the new rewards I'll be getting with this card.