Yes Chase has this program. I actually just got my card so I did a little calculating in case anyone is interested.
You have to get $50 worth of cash reward before you can cash it. (I think Discover is only $20 - anyone know for sure?) So if you want to get gift cards (using points that is) worth less than $50 you seem to lose a substantial percentage of value. For instance, a Blockbuster $5 card takes 1000 points, meaning you only got 50% of its value. The closer you get to that $50 mark, the better you fare. Anything $50 and over is equal either way.
I guess the point is that Chase wants you to have to use their card substantially to get the full benefit, whether it's cash or rewards.
I will point out that the best deal I see is if you earn enough to get $200 in rewards, you get a $50 bonus. (This might be something they hope you shoot for only to find that some of your rewards have expired as you attempt this.)
Interestingly, in the fine print, the rebates expire 36 months after you earned them, but the points expire 60 months. So to be safe it seems a good idea to have them log points for you, rather than rebates, in case you miss that deadline.
What I don't know is if you try to transfer points beyond 36 months, but not yet 60 months, if you can keep them. I imagine they would automatically expire if you try. Does anybody know?
Please, anyone expound or refute anything that I have deduced. I got the card with the sole intent of making money off of a credit card company for once, instead of the opposite. (karma!)
Thanks all.
