Chase credit card 3% cashback no more

Sunny Sarkar · Post by **Sunny Sarkar** » Mon May 11, 2009 8:16 pm

Just received a notice from Chase that 3% cashback rewards (on top 3 categories) on their Freedom card is being terminated. It's now reduced to 1% flat.

They're all going away, fast.

Lbill · Post by **Lbill** » Mon May 11, 2009 8:19 pm

Thanks for the heads up. I was considering applying for that card - won't need to bother now.

TheEthicalAdvisor · Post by **TheEthicalAdvisor** » Mon May 11, 2009 8:29 pm

Yeah, I got downgraded today from my old Chase Rewards card that had 5% on gas, grocery, and Rx to this new 1% horrible excuse of a rewards card...it was a great run while it lasted. It saved me about $2000 over the last 7 years.

Opponent Process · Post by **Opponent Process** » Mon May 11, 2009 8:53 pm

guess it's on to the Fido card for me, then.

pjstack · Post by **pjstack** » Mon May 11, 2009 8:57 pm

Bummer! I haven't got my notice yet, but now I know it's coming!

yobria · Post by **yobria** » Mon May 11, 2009 9:09 pm

Dont forget Schwab, 2% back, no foreign txn fees.

Nick

sport · Post by **sport** » Mon May 11, 2009 9:13 pm

Sunny wrote:Just received a notice from Chase that 3% cashback rewards (on top 3 categories) on their Freedom card is being terminated. It's now reduced to 1% flat.

They're all going away, fast.

Sunny,

What date is this change effective?

Jeff

sport · Post by **sport** » Mon May 11, 2009 9:26 pm

I just logged on to my account on the Chase web site. It still shows the 3% bonus categories and makes no mention of discontinuing the policy.

Jeff

Opponent Process · Post by **Opponent Process** » Mon May 11, 2009 9:32 pm

jsl11 wrote:I just logged on to my account on the Chase web site. It still shows the 3% bonus categories and makes no mention of discontinuing the policy.

Jeff

it's a big company. more so now. these things take a while, and some people may even slip through the cracks and never be moved from 3%.

sar · Post by **sar** » Mon May 11, 2009 9:33 pm

I got the letter in the mail today. They're also killing the $50 bonus when you wait until $200 to withdraw.

KarlJ · Post by **KarlJ** » Mon May 11, 2009 10:02 pm

I got a letter late last month from Chase saying that my Chase Freedom was being upgraded to Chase Visa Signature with extra free services but that the rewards program, which was at the 3% level for the top three categories, would not change.

About the same time I got a letter concerning my Schwab FIA card telling me that my credit limit was being lowered about 30% without a specific reason, but I guess it might be due to not charging much and paying off the balance each month.

Sunny Sarkar · Post by **Sunny Sarkar** » Mon May 11, 2009 10:17 pm

jsl11 wrote:
Sunny wrote:Just received a notice from Chase that 3% cashback rewards (on top 3 categories) on their Freedom card is being terminated. It's now reduced to 1% flat.

They're all going away, fast.
Sunny,

What date is this change effective?

Jeff

Letter for program terms change will come "around end of June" - so I guess that's when.

Mister Moolah · Post by **Mister Moolah** » Mon May 11, 2009 11:27 pm

I also have the chase freedom card, but I haven't received a notice. I logged into my account now and don't see anything there either... oh boy. I guess I might have to find another card to use.

bearwolf · Post by **bearwolf** » Tue May 12, 2009 12:29 am

TranceLordSnyder wrote:I also have the chase freedom card, but I haven't received a notice. I logged into my account now and don't see anything there either... oh boy. I guess I might have to find another card to use.

I just checked mine too. No apparent changes yet. Still shows 3% on top 6 of 15 categories. Guess I'll just wait for notification. I'm not too far from my next $200 rewards level. I hope I make it so I get the extra 50.

BearWolf

sport · Post by **sport** » Tue May 12, 2009 12:56 am

bearwolf wrote:I just checked mine too. No apparent changes yet. Still shows 3% on top 6 of 15 categories. Guess I'll just wait for notification. I'm not too far from my next $200 rewards level. I hope I make it so I get the extra 50.

BearWolf

My arrangement is 3% of the top 3 of 15 categories. It seems that they have different rules for different customers. Perhaps only some are being discontinued.

Jeff

Mister Moolah · Post by **Mister Moolah** » Tue May 12, 2009 1:03 am

6 categories! You're lucky! I've only got 3 also. I'm also pretty far away from my next $250 check. I just cashed in 2 months ago. Seems I'll lose out if this is changing for everyone. I wonder if they're making changes based on credit scores?

kramer · Post by **kramer** » Tue May 12, 2009 3:05 am

yobria wrote:Dont forget Schwab, 2% back, no foreign txn fees.

Nick

I have been confused by this one. I have a Schwab debit card on my Schwab One brokerage account. I use it as my main ATM card overseas and am very happy with it. But I don't think I get anything back for using it like a credit card.

But there is a separate Schwab credit card that offers 2% back?

I remember that I searched on their site a while back and could not find anything. Thanks for any information.

Can I get a 2% back credit card with a Schwab One brokerage account?

Kramer

Live Free or Diehard · Tue May 12, 2009 7:35 am

TranceLordSnyder wrote:6 categories! You're lucky! I've only got 3 also. I'm also pretty far away from my next $250 check. I just cashed in 2 months ago. Seems I'll lose out if this is changing for everyone. I wonder if they're making changes based on credit scores?

You get your top 5 categories if you open a checking account with Chase and link it to your Chase Freedom card. This also allows you to redeem your rebate in smaller increments. I believe you can get more categories if you pay an annual fee. Well, that's how it worked until this change becomes effective.

Live Free or Diehard · Tue May 12, 2009 7:40 am

kramer wrote:I have been confused by this one. I have a Schwab debit card on my Schwab One brokerage account. I use it as my main ATM card overseas and am very happy with it. But I don't think I get anything back for using it like a credit card.

But there is a separate Schwab credit card that offers 2% back?

I remember that I searched on their site a while back and could not find anything. Thanks for any information.

Can I get a 2% back credit card with a Schwab One brokerage account?

Yes. The 2% of your new purchases goes into your Schwab One brokerage account each month. Here are the details:
http://www.schwab.com/public/schwab/ban ... redit_card

TheEternalVortex · Post by **TheEternalVortex** » Tue May 12, 2009 7:54 am

There's also the Orchard Bank card that gives 2% on everything and doesn't require any extra accounts.

wde · Post by **wde** » Tue May 12, 2009 8:15 am

I received the letter from Chase yesterday.

No more 3%; only 1% back. And no more $50 bonus. As far as I can tell, it's company wide - not credit based. Everything goes into effect June 30, 2009.

But, hey!, you can use your bonus money to buy Starbucks and iTunes giftcards. I guess that's what the literature is referring to when it says "All other account benefits...".

So what's the next card?

My Costco Amex gets me 2% back and the added perks of American Express - free rental car insurance, electronics warranties, etc.

Anyone else?

tibbitts · Post by **tibbitts** » Tue May 12, 2009 8:32 am

I sometimes wonder whether I should have kept that "no annual fee for life" AT&T card, in that maybe in a few years, we'll all be paying to use any credit card. But I forgot to use it regularly and the account was closed.

Paul

wde · Post by **wde** » Tue May 12, 2009 8:40 am

tibbitts wrote:I sometimes wonder whether I should have kept that "no annual fee for life" AT&T card, in that maybe in a few years, we'll all be paying to use any credit card. But I forgot to use it regularly and the account was closed.

Paul

I'm sure they would have reneg'd at some point. I wouldn't kick yourself.

discman017 · Post by **discman017** » Tue May 12, 2009 8:52 am

I just applied for <a href="https://www.citicards.com/cards/wv/card ... =927">Citi Platinum American Express</a> to replace my Chase card. 5 ThankYou points for every $1 spent at grocery stores, gas stations, drugstores. 3 ThankYou points on everything else for the first 2 years. No annual fee for the first year, $125 thereafter. Some other benefits, too. ThankYou points are redeemable for gift cards at 1 point = $0.01.

tonythered · Post by **tonythered** » Tue May 12, 2009 9:14 am

I just signed up for the Schwab 2% back card yesterday. I sure hope that bonus stays in place.... I also like the 0% foreign transaction fees.

I plan to use that with Discover Open Road, which gives 5% back on gas (though they just increase my rate from 8% to almost 14% for no reason other than "economic conditions" - I don't carry a balance ever but I of course would prefer lower APR in case a major emergency ever arises).

mikep · Post by **mikep** » Tue May 12, 2009 2:15 pm

I had the Chase cash back rewards plus which paid 5% on gas, groceries and Rx. Worked great with our HSA plan paying for full cost prescriptions. Got a letter yesterday they are changing me to Chase freedom which is 3% on gas, groceries and fast food and with a $30 annual fee. Only looks like it will get worse from there as they will likely cut the 3% to 1% etc etc. Time to cash in my rewards and close out. We're kind of moving away from credit cards anyway so I really don't mind closing it.

SoonerSunDevil · Post by **SoonerSunDevil** » Tue May 12, 2009 2:24 pm

I still have the 5% back on gas, grocery, drug stores, and 1% back on everything else from Chase. I hate Chase and can't wait to cut all ties with them, but this card is too good not to use for a few purchases.

I will never pay an annual fee for a credit card, so if anyone tries to institute this, I'll simply cancel the card and fine one that doesn't charge an annual fee.

dratkinson · Post by **dratkinson** » Tue May 12, 2009 4:10 pm

bearwolf wrote:
TranceLordSnyder wrote:I also have the chase freedom card, but I haven't received a notice. I logged into my account now and don't see anything there either... oh boy. I guess I might have to find another card to use.
I just checked mine too. No apparent changes yet. Still shows 3% on top 6 of 15 categories. Guess I'll just wait for notification. I'm not too far from my next $200 rewards level. I hope I make it so I get the extra 50.

BearWolf

BearWolf, if you are close to your $200 rewards point, you could buy a gift card from your favorite grocery store and lock in your $50 bonus now.

I received the same notice. Guess I'll go back to my 2%/1% CitiBank Mastercard and use it until it goes away.

bearwolf · Post by **bearwolf** » Tue May 12, 2009 4:31 pm

TranceLordSnyder wrote:6 categories! You're lucky! I've only got 3 also. I'm also pretty far away from my next $250 check. I just cashed in 2 months ago. Seems I'll lose out if this is changing for everyone. I wonder if they're making changes based on credit scores?

It's 6 out of the top 15. There is a $30 annual fee, waived the first year so I haven't had to pay it yet. I have cashed 2 $250 checks so far and am working on my third. If they keep the extra $50 for every $200 in place it will be worth paying the $30 annual fee. Since they waive the first year I am already ahead. And even if they cancel the extra $50 later after I pay next years $30 fee I will still be ahead. I'll just cancel the card or move it to the non annual fee version of their current rewards card. I may even look into another card instead. I'm considering firing Chase because of poor savings and CD rates anyway, but I will probably keep the credit card until they degrade it too much.

BearWolf

bearwolf · Post by **bearwolf** » Tue May 12, 2009 4:33 pm

SoonerSunDevil wrote: I will never pay an annual fee for a credit card, so if anyone tries to institute this, I'll simply cancel the card and fine one that doesn't charge an annual fee.

Would you never pay an annual fee even if the cash back is much higher than the fee? For $30 I will have received $150 so far. Seems a bit extreme to me.

BearWolf

Sunny Sarkar · Post by **Sunny Sarkar** » Tue May 12, 2009 4:51 pm

SoonerSunDevil wrote:I will never pay an annual fee for a credit card, so if anyone tries to institute this, I'll simply cancel the card and fine one that doesn't charge an annual fee.

I don't see why credit cards need to enforce fees on all users. Even those of us who never paid a single penny of interest or annual fees to credit card companies, we are paying them fees indirectly, because they take a cut from every transaction, and although it looks like the cut comes out of the merchants' pockets, it's the buyer who really pays it (like sales tax).

The scam that the card companies were able to pull off was to legally stop merchants from charging a lower price if buyer is paying by cash. They were thus able to curve out a system where there is a disincentive of paying by cash (neither a lower price, nor rewards like credit cards). Wall street doesn't just influence Washington, they own that place.

sport · Post by **sport** » Tue May 12, 2009 5:01 pm

wde wrote:My Costco Amex gets me 2% back and the added perks of American Express - free rental car insurance, electronics warranties, etc.

The Costco Amex card rebates 3% for gasoline and restaurants, 2% for travel (hotels, plane tickets, car rental, cruises, etc.) and 1% for everything else. If you operate a business, the business version has the same rebates, except the gasoline rebate is 4%. The rebate check is mailed to you once a year, with the February bill. There are no annual fees for either card, but you have to be a Costco member.

Jeff

sport · Post by **sport** » Tue May 12, 2009 5:05 pm

Sunny wrote:I don't see why credit cards need to enforce fees on all users.

Sunny,
They do it because they can. Banks will charge fees whenever they feel they can get away with it. If no one would pay the fees, they would not charge them.

Jeff

Juan · Post by **Juan** » Tue May 12, 2009 6:03 pm

Ah. My girlfriend tried to redeem her $200 + $50 deal, and they gave her the runaround, gave her some non-answers, and essentially told her to try next month. This would explain why that occurred.

I wasn't going to cancel my card (just stop using it), but if it's true that they've scammed her like that, I will.

KCJayhawker · Post by **KCJayhawker** » Tue May 12, 2009 6:25 pm

tonythered wrote:I just signed up for the Schwab 2% back card yesterday. I sure hope that bonus stays in place.... I also like the 0% foreign transaction fees.

I plan to use that with Discover Open Road, which gives 5% back on gas (though they just increase my rate from 8% to almost 14% for no reason other than "economic conditions" - I don't carry a balance ever but I of course would prefer lower APR in case a major emergency ever arises).

The Open Road card is capped at a ridiculously low amount each month (I don't recall specifics). PenFed gives you 5% on gas, 2% at grocery stores and 1.5% everywhere else.

tonythered · Post by **tonythered** » Tue May 12, 2009 6:54 pm

KCJayhawker wrote:
tonythered wrote:I just signed up for the Schwab 2% back card yesterday. I sure hope that bonus stays in place.... I also like the 0% foreign transaction fees.

I plan to use that with Discover Open Road, which gives 5% back on gas (though they just increase my rate from 8% to almost 14% for no reason other than "economic conditions" - I don't carry a balance ever but I of course would prefer lower APR in case a major emergency ever arises).
The Open Road card is capped at a ridiculously low amount each month (I don't recall specifics). PenFed gives you 5% on gas, 2% at grocery stores and 1.5% everywhere else.

Yes, they did cap it to $100 in gas purchases every month (so a max of $5 back in gas each month). It suits my needs for now, I rarely spend more than $100 in gas a month.

I do like the PenFed card, but went for Schwab instead since the 2% flat enticed me. I even asked them if I could buy a car with it and they said sure, no reason not to. Awesome.

sport · Post by **sport** » Tue May 12, 2009 7:24 pm

tonythered wrote:I even asked them if I could buy a car with it and they said sure, no reason not to. Awesome.

Now, all you need to do is find a car dealer that will accept a credit card payment. I tried that the last time I bought a car. The dealer said they would accept a credit card, but only for the first $2000.

Jeff

Die Hard · Post by **Die Hard** » Tue May 12, 2009 7:32 pm

sar wrote:I got the letter in the mail today. They're also killing the $50 bonus when you wait until $200 to withdraw.

What a bummer. I was almost there. I'll just keep using my AMEX cash rewards with anyone who accepts it. It only pays my reward once per year, but that OK. I'll keep it.

Die Hard · Post by **Die Hard** » Tue May 12, 2009 7:36 pm

dratkinson wrote:
bearwolf wrote:
TranceLordSnyder wrote:I also have the chase freedom card, but I haven't received a notice. I logged into my account now and don't see anything there either... oh boy. I guess I might have to find another card to use.
I just checked mine too. No apparent changes yet. Still shows 3% on top 6 of 15 categories. Guess I'll just wait for notification. I'm not too far from my next $200 rewards level. I hope I make it so I get the extra 50.

BearWolf

BearWolf, if you are close to your $200 rewards point, you could buy a gift card from your favorite grocery store and lock in your $50 bonus now.

I received the same notice. Guess I'll go back to my 2%/1% CitiBank Mastercard and use it until it goes away.

Yep, I was thinking the same thing because I'm really close and I want my $50...

Die Hard · Post by **Die Hard** » Tue May 12, 2009 7:37 pm

Juan wrote:Ah. My girlfriend tried to redeem her $200 + $50 deal, and they gave her the runaround, gave her some non-answers, and essentially told her to try next month. This would explain why that occurred.

I wasn't going to cancel my card (just stop using it), but if it's true that they've scammed her like that, I will.

I had no problem a few months back getting my $200 plus $50. Chase mailed me a check. Maybe times have changed

SaturnV · Post by **SaturnV** » Tue May 12, 2009 7:54 pm

Live Free or Diehard wrote:
TranceLordSnyder wrote:6 categories! You're lucky! I've only got 3 also. I'm also pretty far away from my next $250 check. I just cashed in 2 months ago. Seems I'll lose out if this is changing for everyone. I wonder if they're making changes based on credit scores?
You get your top 5 categories if you open a checking account with Chase and link it to your Chase Freedom card. This also allows you to redeem your rebate in smaller increments. I believe you can get more categories if you pay an annual fee. Well, that's how it worked until this change becomes effective.

I get 5 categories too, because I have a Chase checking account. Do any of you that have gotten letters have a Chase checking account? Maybe this does not impact those that do. I hope so...

bearwolf · Post by **bearwolf** » Tue May 12, 2009 11:24 pm

IlliniGuy wrote: I get 5 categories too, because I have a Chase checking account. Do any of you that have gotten letters have a Chase checking account? Maybe this does not impact those that do. I hope so...

I have a "Premier Checking" account and have not received a letter yet. I should know tomorrow if I'll be able to get the next $50. My last statement should have put me over the $200 rewards and it closes on 5/12.

BearWolf

uspeed · Post by **uspeed** » Tue May 12, 2009 11:37 pm

I still have for gas only though.

Here is info from web site.

Your Chase PerfectCard™ is just that — Perfect. You earn rebates on all brands of gasoline — not just one brand.

With your Chase PerfectCard, you earn a 3% rebate on all eligible gas purchases at any gas station and a 1% rebate on all other purchases. Your rebate is automatically credited to your monthly statement - no forms to fill out, no keeping track of points.

Earn rebates on all your eligible gasoline purchases and everything else you buy. The more you use your Chase PerfectCard, the more rebates you'll earn and the payoff is fast and easy.

bearwolf · Post by **bearwolf** » Wed May 13, 2009 6:48 am

bearwolf wrote: I have a "Premier Checking" account and have not received a letter yet. I should know tomorrow if I'll be able to get the next $50. My last statement should have put me over the $200 rewards and it closes on 5/12.

BearWolf

Just looked at my latest statement, I had reached $200 level and was able to order the $250 check. Now I just have to wait and see if it shows up.

BearWolf

TheEternalVortex · Post by **TheEternalVortex** » Wed May 13, 2009 7:44 am

bearwolf wrote:
bearwolf wrote: I have a "Premier Checking" account and have not received a letter yet. I should know tomorrow if I'll be able to get the next $50. My last statement should have put me over the $200 rewards and it closes on 5/12.

BearWolf
Just looked at my latest statement, I had reached $200 level and was able to order the $250 check. Now I just have to wait and see if it shows up.

BearWolf

If you order the statement credit it shows up very quickly.

kramer · Post by **kramer** » Wed May 13, 2009 10:09 am

Live Free or Diehard wrote:
kramer wrote:I have been confused by this one. I have a Schwab debit card on my Schwab One brokerage account. I use it as my main ATM card overseas and am very happy with it. But I don't think I get anything back for using it like a credit card.

But there is a separate Schwab credit card that offers 2% back?

I remember that I searched on their site a while back and could not find anything. Thanks for any information.

Can I get a 2% back credit card with a Schwab One brokerage account?
Yes. The 2% of your new purchases goes into your Schwab One brokerage account each month. Here are the details:
http://www.schwab.com/public/schwab/ban ... redit_card

Thanks very much. I am retired and living on investments (no social security or pension at this time). What do retirees put down for income in such a situation? Just what you declared as income on last year's tax return?

Thanks,
Kramer

tibbitts · Post by **tibbitts** » Wed May 13, 2009 10:20 am

kramer wrote:
Live Free or Diehard wrote:
kramer wrote:I have been confused by this one. I have a Schwab debit card on my Schwab One brokerage account. I use it as my main ATM card overseas and am very happy with it. But I don't think I get anything back for using it like a credit card.

But there is a separate Schwab credit card that offers 2% back?

I remember that I searched on their site a while back and could not find anything. Thanks for any information.

Can I get a 2% back credit card with a Schwab One brokerage account?
Yes. The 2% of your new purchases goes into your Schwab One brokerage account each month. Here are the details:
http://www.schwab.com/public/schwab/ban ... redit_card
Thanks very much. I am retired and living on investments (no social security or pension at this time). What do retirees put down for income in such a situation? Just what you declared as income on last year's tax return?

Thanks,
Kramer

I don't understand the question, but if you are asking if rebates are taxable income, in my non-expert opinion they aren't, unless you deducted the item you paid for with the credit card, in which case they reduce your deduction.

Paul

kramer · Post by **kramer** » Wed May 13, 2009 10:47 am

tibbitts wrote:
kramer wrote:
Live Free or Diehard wrote:
kramer wrote:I have been confused by this one. I have a Schwab debit card on my Schwab One brokerage account. I use it as my main ATM card overseas and am very happy with it. But I don't think I get anything back for using it like a credit card.

But there is a separate Schwab credit card that offers 2% back?

I remember that I searched on their site a while back and could not find anything. Thanks for any information.

Can I get a 2% back credit card with a Schwab One brokerage account?
Yes. The 2% of your new purchases goes into your Schwab One brokerage account each month. Here are the details:
http://www.schwab.com/public/schwab/ban ... redit_card
Thanks very much. I am retired and living on investments (no social security or pension at this time). What do retirees put down for income in such a situation? Just what you declared as income on last year's tax return?

Thanks,
Kramer
I don't understand the question, but if you are asking if rebates are taxable income, in my non-expert opinion they aren't, unless you deducted the item you paid for with the credit card, in which case they reduce your deduction.

Paul

Paul, I was not talking about a credit card rebate. But how to state income on an application for such a credit card.

As an early retiree, I have savings and I draw down on that savings to live. That savings is a combination of taxable and tax deferred accounts. Although I do not touch the tax deferred accounts.

My taxable income is a combination capital gains, dividends, and interest.

Kramer

northend · Post by **northend** » Wed May 13, 2009 11:57 am

What do retirees put down for income in such a situation? Just what you declared as income on last year's tax return?

I spend about $40,000 a year. So I put down an income of $40,000.

Both my PenFed and Schwab cards were approved. So I guess it worked OK.

tibbitts · Post by **tibbitts** » Wed May 13, 2009 12:09 pm

kramer wrote:
tibbitts wrote:
kramer wrote:
Live Free or Diehard wrote:
kramer wrote:I have been confused by this one. I have a Schwab debit card on my Schwab One brokerage account. I use it as my main ATM card overseas and am very happy with it. But I don't think I get anything back for using it like a credit card.

But there is a separate Schwab credit card that offers 2% back?

I remember that I searched on their site a while back and could not find anything. Thanks for any information.

Can I get a 2% back credit card with a Schwab One brokerage account?
Yes. The 2% of your new purchases goes into your Schwab One brokerage account each month. Here are the details:
http://www.schwab.com/public/schwab/ban ... redit_card
Thanks very much. I am retired and living on investments (no social security or pension at this time). What do retirees put down for income in such a situation? Just what you declared as income on last year's tax return?

Thanks,
Kramer
I don't understand the question, but if you are asking if rebates are taxable income, in my non-expert opinion they aren't, unless you deducted the item you paid for with the credit card, in which case they reduce your deduction.

Paul
Paul, I was not talking about a credit card rebate. But how to state income on an application for such a credit card.

As an early retiree, I have savings and I draw down on that savings to live. That savings is a combination of taxable and tax deferred accounts. Although I do not touch the tax deferred accounts.

My taxable income is a combination capital gains, dividends, and interest.

Kramer

Sorry, I was focusing on the rebate. Taxable income might be misleading if you had certain types of distributions and/or deductions, so yes, I'd include what is reasonably likely to be sustainable income, like interest and dividends, from the previous year.

Paul

Bogleheads.org

Chase credit card 3% cashback no more

Chase credit card 3% cashback no more

Re: Chase credit card 3% cashback no more

Re: Chase credit card 3% cashback no more

disappointing but maybe inevitable

Re: disappointing but maybe inevitable

sorry