Chase credit card 3% cashback no more

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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preserve
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Post by preserve »

Sunny wrote:
jsl11 wrote:there is no need to shred the no-fee card if you switch to another bank. Just put it away and use it only once every 6 months so they don't cancel it. This will prevent any negative effect on your FICO score, and it will actually cost Chase a little to keep the account open.
You guys are brutal :lol:
It saves chase money. Otherwise they would be paying money to know where you live and that your still alive.
Mister Moolah
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Post by Mister Moolah »

I still haven't received a piece of mail or e-mail saying anything is changing. I hope I slip through the cracks!
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menthol
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Post by menthol »

TranceLordSnyder wrote:I still haven't received a piece of mail or e-mail saying anything is changing. I hope I slip through the cracks!
Same here, although I'm not optimistic.
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teacher
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Post by teacher »

Jeff wrote:
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.
Plus, they automatically send the checks. You don't have to remember to ask for the rebates.
Plus, Costco has it's own 2% Executive Member rebate which at least pays for the membership.

I LOVE Costco.

Teacher
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bearwolf
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Post by bearwolf »

teacher wrote:Jeff wrote:
Plus, they automatically send the checks. You don't have to remember to ask for the rebates.
Plus, Costco has it's own 2% Executive Member rebate which at least pays for the membership.

I LOVE Costco.

Teacher
I would love to love Costco, but we don't have one here. Is there a procedure for asking Costco to build a store in your area? Anyone know?

BearWolf

Edit: I went to the costco site and found a contact us link. I asked them when they were going to build a store in Oklahoma. They said they don't give out competitive info about future stores but they would pass the suggestion along to the correct people.
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teacher
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Post by teacher »

I will put in a good word for you. :wink: Seriously, I will. If my sister-in-law can shop at UK Costco in London, you should be able to in Oklahoma. That's a given.

Teacher.
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bearwolf
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Post by bearwolf »

teacher wrote:I will put in a good word for you. :wink: Seriously, I will. If my sister-in-law can shop at UK Costco in London, you should be able to in Oklahoma. That's a given.

Teacher.
Granted Oklahoma is not a huge place population wise, but the OKC metroplex has a million plus population. I would think that should qualify for a store.

BearWolf
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teacher
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Post by teacher »

We have 13 Costco stores within 50 miles of my home. Our county population is less than 1.5 million. This is really curious. Thirty five states have Costco. At least some of those states have Walmart so it can't be due to the 'big-box' dispute.

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tibbitts
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Post by tibbitts »

teacher wrote:We have 13 Costco stores within 50 miles of my home. Our county population is less than 1.5 million. This is really curious. Thirty five states have Costco. At least some of those states have Walmart so it can't be due to the 'big-box' dispute.

Teacher
Here in Oklahoma I would l think Costco might need to start with many stores, not just one. So it might not a matter of justifying one store, it might be a matter of justifying many.

I'm just guessing, but maybe Walmart shares distribution logistics with Sams, making it easier to adding a Sams to the existing Walmart base.

Paul
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teacher
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Post by teacher »

Here's a post with far more insight on Costco in Oklahoma than I could generate. As far as the concept of Costco competing with Sams, we have a new Costco within spitting distance of a new Sams, less than a half mile of each other.

http://www.okctalk.com/okc-metro-area-t ... -city.html

Teacher
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bearwolf
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Post by bearwolf »

teacher wrote:Here's a post with far more insight on Costco in Oklahoma than I could generate. As far as the concept of Costco competing with Sams, we have a new Costco within spitting distance of a new Sams, less than a half mile of each other.

http://www.okctalk.com/okc-metro-area-t ... -city.html

Teacher
That was a great link. I hadn't even thought about the liquor issue. Since I don't see it in the stores unless we go out of town it is kind of out of mind. Maybe Oklahoma will crawl out of the 19th century some day.

BearWolf
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Fbone
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Post by Fbone »

I just applied and recvd Fidelity AMEX Investment Rewards Card. They will deposit the 2% rebates (when $50 reached) into a mySmart cash acct. This is basically a free checking acct, no minimums, free ATM card with surcharges refunded, billpay, etc. You can transfer money out also. FDIC insured. Paltry 0.20% interest.
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Post by mathwhiz »

Fbone, you also have the option to have a money market fund as your core account for Fidelity with basically all the same privileges like check writing, bill pay, etc.

The only thing the mysmart cash account gives you is the FDIC insurance. My 2% AMEX card rebates go into my core money market fund.
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Post by Sunny Sarkar »

mathwhiz wrote:Fbone, you also have the option to have a money market fund as your core account for Fidelity with basically all the same privileges like check writing, bill pay, etc.
The mySmart checking account is actually a brokerage account, so you can buy a money market fund in the mySmart account itself without having to open the usual Fidelity brokerage/core account (called "The Fidelity Account").
The only thing the mysmart cash account gives you is the FDIC insurance.
...and the unlimited ATM fee reimbursement (the check card from the core account will not).
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Fbone
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Post by Fbone »

mathwhiz wrote:Fbone, you also have the option to have a money market fund as your core account for Fidelity with basically all the same privileges like check writing, bill pay, etc.

The only thing the mysmart cash account gives you is the FDIC insurance. My 2% AMEX card rebates go into my core money market fund.
Thank you for that information. I probably will only use the mySmart acct to hold the rebate until I transfer it to my CU. Although, my CU is losing significant money and it's future is in my mind doubtful. May investigate if mySMart is practical as a household account.
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Sammy_M
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Post by Sammy_M »

Received my notice on Friday. My cherished Chase Perfectcard with 5% cash back on gasoline with no caps is being canned.
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menthol
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Post by menthol »

Sammy_M wrote:Received my notice on Friday. My cherished Chase Perfectcard with 5% cash back on gasoline with no caps is being canned.
I'm still waiting for the axe to fall - no letter yet. I'm up to $183 in rewards and REALLY want to get to $200 before they yank the $50 bonus away.

Must ... buy ... stuff ...
Ron
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Re: Chase credit card 3% cashback no more

Post by Ron »

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.
I return home this week after spending a few weeks "down under". At all hotels/food/taxi's, there is a surcharge for use of any credit card, ranging from 1.5% for hotels & restaurants up to 10% for taxi's.

I just did an ATM withdrawal and paid cash to get around the surcharge. My bank charges a 1% foreign conversion fee, so it limits the "fine" a bit, but I do see this "surcharge" quite common in many cities in Australia.

May be a sign of the future for the US credit card market? If so, maybe cash will make a comeback.

- Ron
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dratkinson
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Post by dratkinson »

menthol wrote:
Sammy_M wrote:Received my notice on Friday. My cherished Chase Perfectcard with 5% cash back on gasoline with no caps is being canned.
I'm still waiting for the axe to fall - no letter yet. I'm up to $183 in rewards and REALLY want to get to $200 before they yank the $50 bonus away.

Must ... buy ... stuff ...
Just go buy a grocery store gift card in the amount necessary to max out your $200 reward total and collect your $50 bonus. Collect your reward and bonus today, spend your gift card tomorrow.

Can you buy a gasoline gift card?
TheEthicalAdvisor
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Post by TheEthicalAdvisor »

This might be of interest to those of us who are losing their 5%/3% with their current cards:

https://app.firstusa.com/ICAppServlet/? ... &CELL=6J43

It seems as though Chase is offering a form of the Freedom card still with the 3% on 3 categories EVEN for people who are not checking account holders with Chase. If you are checking account holders then you get the 3% on 5 reward categories. Seems odd to me since I thought this was all going to be phased out. I am going to call Chase in July and have them convert my card over to this.

-Evan

EDIT: Make sure you read all of the fine print and click on the 3% logo on the left to see what you qualify for. It seems as though you are only going to get up to 3% on $600 worth of purchases each month.
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Post by Sunny Sarkar »

Since many Bogleheads tend to own more than one card, but use only one or two regularly (which they pay off each month) I thought this excerpt from a recent Fido article on the changing credit card landscape deserves some attention...
Don't let cards lie dormant in your desk drawer. In the current economic climate, an unused credit line represents nothing but risk to the issuer, who may close your account, shaving points off your credit score in the process. "I've heard that the cut can be in the 50-point range," says Woolsey.

https://news.fidelity.com/news/article. ... edit-cards
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Post by Sunny Sarkar »

The above article also lists some of the best deals in credit card rewards...
  • Pentagon Federal Credit Union Visa Platinum Rewards card - no annual fee, 5% rebate on gas, 2% on groceries and 1.25% on everything else, and balance-transfer offer with a 2.99% rate good for the life of the balance and a maximum transfer fee of $100.

    IberiaBank Visa Classic card - 0% balance-transfer offer is good for six billing cycles, and there is no transfer fee.

    BP Visa gas card - 5% rebate on gas, 2% on travel and dining, and 1% on everything else

    American Express Blue Cash - After $6500 charged, 5% on groceries, gas and drugstore items, and 1.25% on the rest.

    Fidelity Retirement Rewards American Express - 2% rebate in to Fidelity account.

    Schwab Bank Invest First Visa card - 2% rebate into Schwab account.

    Upromise World MasterCard from BoA - 1% rebate into Upromise 529, another 10% rebate on spending at drugstores and grocers.
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teacher
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Post by teacher »

Sunny shared:
Don't let cards lie dormant in your desk drawer. In the current economic climate, an unused credit line represents nothing but risk to the issuer, who may close your account, shaving points off your credit score in the process. "I've heard that the cut can be in the 50-point range," says Woolsey.
https://news.fidelity.com/news....edit-cards
That means if your credit card company arbitrarily changes rewards and/or %, you cannot chose to fire the company (cut up the card). You have to continue to keep the card alive or your FICO will be dinged "in the 50-point range". Nice.

Teacher
TheEthicalAdvisor
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Post by TheEthicalAdvisor »

teacher wrote:Sunny shared:
Don't let cards lie dormant in your desk drawer. In the current economic climate, an unused credit line represents nothing but risk to the issuer, who may close your account, shaving points off your credit score in the process. "I've heard that the cut can be in the 50-point range," says Woolsey.
https://news.fidelity.com/news....edit-cards
That means if your credit card company arbitrarily changes rewards and/or %, you cannot chose to fire the company (cut up the card). You have to continue to keep the card alive or your FICO will be dinged "in the 50-point range". Nice.

Teacher
That is the way the system has worked for quite some time. I have at least 3 "dead" cards that have been cut up but are still open lines of credit. Now, if there is an annual fee, then you really have to take the short term hit on the credit to avoid any future costs.

-Evan
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teacher
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Post by teacher »

I never have and never will have a credit card with an annual feel. Now I have even more reason to avoid a card with a fee. I never could understand the benefit of fee-based cards when there are so many that don't charge fees.

Teacher
TheEthicalAdvisor
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Post by TheEthicalAdvisor »

teacher wrote:I never have and never will have a credit card with an annual feel. Now I have even more reason to avoid a card with a fee. I never could understand the benefit of fee-based cards when there are so many that don't charge fees.

Teacher
I have never had a card with a fee either, but that does not prevent cards from beginning to charge one in the future. For example, the Chase Rewards card I have now is being converted to another card that will have a fee after the first year. I either need to change that card to another no fee card within Chase or cancel it in the near future to avoid the fee.

-Evan
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menthol
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Post by menthol »

dratkinson wrote:
Just go buy a grocery store gift card in the amount necessary to max out your $200 reward total and collect your $50 bonus. Collect your reward and bonus today, spend your gift card tomorrow.

Can you buy a gasoline gift card?
You read my mind. I've already bought a supermarket gift card.
Live Free or Diehard
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Post by Live Free or Diehard »

My Chase Freedom Card closing bill date was yesterday and I broke the $200 reward barrier. Today I signed on to the website and redeemed my rewards to get the $250. :D Yes!!!

I still haven't received any communication from Chase telling me that my Freedom Card Reward terms have changed; but I've been maximizing my 3% categories for the last two months to make sure I got to $200 before the end of June, just in case.
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Post by tfb »

teacher wrote:Sunny shared:
Don't let cards lie dormant in your desk drawer. In the current economic climate, an unused credit line represents nothing but risk to the issuer, who may close your account, shaving points off your credit score in the process. "I've heard that the cut can be in the 50-point range," says Woolsey.
https://news.fidelity.com/news....edit-cards
That means if your credit card company arbitrarily changes rewards and/or %, you cannot chose to fire the company (cut up the card). You have to continue to keep the card alive or your FICO will be dinged "in the 50-point range". Nice.

Teacher
It "can be" in the 50-point range but that doesn't mean it will be. I canceled my oldest credit card and gave up 1/4 of my total credit limit. My credit score certainly did not drop by 50 points. This is one of the most widespread myth about credit scores. Canceling my oldest credit card was a non-event for me. I speculate it probably will be for many other people as well.

Credit Scores After Canceling Oldest Credit Card
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TheEthicalAdvisor
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Post by TheEthicalAdvisor »

For all of you that are losing the Chase Cash Rewards card, now is a great time to go out and buy a lot of giftcards at your local grocery or pharmacy to use after the card expires next week. I am accumulating about $1,000 worth which would max out my total rewards with this card for the year.

-Evan
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Sunny Sarkar
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Post by Sunny Sarkar »

TheEthicalAdvisor wrote:
teacher wrote:I never have and never will have a credit card with an annual feel. Now I have even more reason to avoid a card with a fee. I never could understand the benefit of fee-based cards when there are so many that don't charge fees.

Teacher
I have never had a card with a fee either, but that does not prevent cards from beginning to charge one in the future. For example, the Chase Rewards card I have now is being converted to another card that will have a fee after the first year. I either need to change that card to another no fee card within Chase or cancel it in the near future to avoid the fee.
The good news here is that if you change your card to some other card product from the same company for any reason (more rewards or less fees or lower rates), your card number stays the same and the credit history does not get affected. The bad news is that Chase offers cards from two different companies under the Chase banner (Chase and First USA), and if you change from a Chase card to a First USA card, your old account will be closed and a new account with a different number will be opened. This will almost surely affect credit score adversely since it is basically like getting a new card from the credit history point of view. Just keep this is mind when you ask for a card switch - ask specifically if you can retain the same account number.

However, it may be possible to retain the credit history even with a new card number. My oldest card is a Citi card that suffered a security breach from Citi couple years ago. Citi promptly called me to notify about it and replaced it with a new card/account number. Knowing this is my oldest open credit account, I had to make sure that they report the account opening date for the new card number as the original account opening date of the old card. If I didn't think of it, my credit score with get affected exactly at the wrong time (was buying first home at that time). Bottomline: even with a new card number, it might be possible to retain the length of credit history for that account.
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Post by rockbottom »

I got rewards on my Chase card just recently; 3% for the top purchase categories is still in effect.
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SaturnV
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Post by SaturnV »

Live Free or Diehard wrote:I still haven't received any communication from Chase telling me that my Freedom Card Reward terms have changed
I still have not gotten any such notification either. Sounds like there are a number of similar folks. It seems odd, and random, but I'm not complaining!
Mister Moolah
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Post by Mister Moolah »

My statement period just closed 2 days ago and I still go the 3% on the top 3 categories and still no notification of any changes. In fact, the only thing I've received from chase as far as notifications is that my credit line was increased by 50%. Maybe we're special? Yeah right. haha
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Post by chipper »

So far I have not yet received any letter from Chase that says it is changing the cashback policy. I also have a Chase checking account, so I don't know if that helps to keep my current deal intact for a little longer.
Live Free or Diehard
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Post by Live Free or Diehard »

chipper wrote:So far I have not yet received any letter from Chase that says it is changing the cashback policy. I also have a Chase checking account, so I don't know if that helps to keep my current deal intact for a little longer.
Why aren't we getting the letters? Let's try to find the pattern here. IlliniGuy, chipper and I all have Chase checking accounts attached to our Chase Freedom Cards; but TranceLordSnyder doesn't. IlliniGuy and I both live in Illinois. I'm not sure where chipper and TranceLordSnyder live. If they live in Illinois that could be the pattern. I also have WaMu accounts; which will be converted over to Chase accounts next month. Do you guys have WaMu accounts? I opened by Chase accounts within the last year. I'm wondering if the pattern has something to do with trying to retain newer customers.
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Post by Sunny Sarkar »

Now I got a letter from FIA card services (provider of the Fidelity 1.5% card) that they are changing the interest rate from fixed to variable. No change in interest rate as of now.

However, frankly, I couldn't care less. They can apply whatever rate they want on my zero balance :wink:
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Post by SaturnV »

Live Free or Diehard wrote:
chipper wrote:So far I have not yet received any letter from Chase that says it is changing the cashback policy. I also have a Chase checking account, so I don't know if that helps to keep my current deal intact for a little longer.
Why aren't we getting the letters? Let's try to find the pattern here. IlliniGuy, chipper and I all have Chase checking accounts attached to our Chase Freedom Cards; but TranceLordSnyder doesn't. IlliniGuy and I both live in Illinois. I'm not sure where chipper and TranceLordSnyder live. If they live in Illinois that could be the pattern. I also have WaMu accounts; which will be converted over to Chase accounts next month. Do you guys have WaMu accounts? I opened by Chase accounts within the last year. I'm wondering if the pattern has something to do with trying to retain newer customers.
No WaMu account for me.
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Post by rockbottom »

Long-time Chase customer (used to be Chemical Bank around here); closed my WaMu account several years ago; got Freedom card in early '08, but had another card for years before that. Live in NYC.
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Post by tfb »

Live Free or Diehard wrote:Why aren't we getting the letters? Let's try to find the pattern here.
You are unlikely to find any. When Chase changed the terms on the 5% cards, some people weren't affected until years after the first report surfaced. It could be an oversight. It could also be deliberate tests: they put people in different programs randomly and measure how people respond and which program is more profitable to them. If you remain in the old program as a control group, don't say anything.
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Post by mudfud »

I finally got the notice: My Chase Cash Plus Rewards (5% on gas, grocery, drugstore) is being converted to the Chase Freedom card on July 31st. Oh well.

Also my 1% Chase Rewards Plus card is being converted to the Chase Sapphire card. Not a bad deal since I'm getting 25000 points for converting, which can be redeemed for $250 in cash.
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Post by KarlJ »

I got my upgraded Chase Freedom Visa Signature card. Enclosures indicate no changes to the rewards program; i.e., 3X cash back in 3 categories used the most out of 15 categories. However there is no specific mention of getting $250 for a $200 cash reward (hope I still have it).
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Post by kpanghmc »

teacher wrote:I never have and never will have a credit card with an annual feel. Now I have even more reason to avoid a card with a fee. I never could understand the benefit of fee-based cards when there are so many that don't charge fees.

Teacher
Depending on your spending habits, you may be shorting yourself some free money. I upgraded my Chase Freedom card because after running through the numbers, the extra $25 / year was negligible compared the extra cashback that I would receive from not having the cap on the 3% rewards and the addition of 3 additional top categories that earn the 3% rewards each month.

Just because a card charges a fee, doesn't mean it's a bad deal (e.g. a $1 / year card that gives you 100% cash back is obviously better than a free card that gives you 1% cash back). You have to crunch the numbers when it comes to fee cards, but you might find you come out ahead. Again, your mileage may vary.
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Post by Fbone »

Sunny wrote:Now I got a letter from FIA card services (provider of the Fidelity 1.5% card) that they are changing the interest rate from fixed to variable. No change in interest rate as of now.

However, frankly, I couldn't care less. They can apply whatever rate they want on my zero balance :wink:
Sunny, Fidelity has a 2% AMEX now. Can you use one of those?
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Post by AnimalCrackers »

FYI, I have been expecting the letter from Chase too. In anticipation, I signed up for the PenFed rewards card.

The Chase letter still hasn't arrived.

Obtaining the PenFed card was a slight hassle, but I'm looking forward to the automatic application of the rewards each month.

We're not using the Chase Freedom card at all anymore, so if we're in a "control group," I suppose we're skewing the expected results.
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Undo

Post by jeh »

Well I have had my Chase Freedom for not even a year, got the letter couple of months ago that many of you did that my 3 out of 15 category top spending would go away for 3% and I was to be "upgraded" to the one with the annual fee. My mother got the other notice that she would be changed to the one without annual fee (but with only rotating categories with higher reward chance).

Now today I basically received an "undo" letter from Chase saying nothing will change for me. I actually hit my $200 in June anyway and got my $250 check so I'm happy anyway. Interesting to see if Chase will come up with something else.
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Post by KyleAAA »

I haven't received anything in the mail about this and checking my most recent statement, I'm still receiving the 3% on qualified purchases. Perhaps the effective date is still in the future?
sozh
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Post by sozh »

There's currently a banner on Chase's website offering 3x rewards for July, August and September. When you click it, it takes you to a page to "enroll" but offers scant few details on this offer.
Use your Chase FreedomSM card between July 1st and September 30th on qualifying purchases to be eligible for Triple Rewards.
I emailed them asking for details. Anyone else run across this?
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jeh
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Post by jeh »

Well despite the fact that Chase sent me that "whoops we made a mistake" letter. I noticed yesterday when I logged in that my thing indeed shows the new "Ultimate Rewards" page instead of how it was.

Starting to make me really wonder what Chase is doing, guess I better contact them and straighten it out. :roll:
sozh
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Post by sozh »

Here's the response I received from Chase:
Dear ,

Thank you for contacting us regarding a promotional offer
that you saw on on our website.

With this spend and get promotion, you must opt in between
06/20/09 and 09/14/09 at chasebonus.com/freedom31 or call
1-888-866-0273. If you do this and qualify, you will
receive three percent ($30 max) on air, car rental, hotel,
and fine dining purchases when you spend over $750 in
these categories between 07/01/09 and 09/30/09.

Bonus points will post to your account six to eight weeks
after the end of the promotion.
Thank you,

Cheyenna Villarreal
Email Customer Service Representative
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