Previously, I mentioned that Chase is changing the rewards program on its Chase Freedom Card. This is true, according to the Wall Street Journal, but it appears they are doing it slowly through the year.

Here is a description of the new rewards program:

“Under the points-based program, dubbed Ultimate Rewards, customers will earn points for every dollar spent on certain Chase credit cards, with no earnings caps or expiration dates. Points can be redeemed for travel, cash, statement credits or gift cards, generally on a one-for-one basis with each point worth one penny. Users can also redeem points for merchandise, although the redemption rate is slightly less than one percent.”

And what they are going to do:

“For Chase, the move is also a way to replace older versions of its Freedom card, some of which had offered richer cash-back rewards and bonus opportunities. Throughout the year, all Chase Freedom cardholders will be moved to the rewards program, where they will earn 1% cash back (or one point) for every dollar spent and 3% cash back (or three points) for every dollar spent in categories that change each quarter. Chase had already moved to those terms for new customers last November.”

In my last entry about this, I had not received a letter from Chase in regards to the change. For me, this means that Chase has not gotten around to changing my reward program. Hopefully, I will have a couple more months before they do, so I can still get a check for $250 for $200 in rewards since I am so close. I realized now, I also don’t have to cancel my Chase Freedom card since I can just go with the reduced (standard) rewards version:

“The standard Freedom and Sapphire cards — where users earn one point for every dollar spent — don’t have annual fees. However, some Chase Freedom cardholders who want to earn a fixed 3% bonus for spending in grocery, gas and fast-food categories, will soon pay a $30 annual fee.”

Labels: credit cards