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March 06, 2009

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I read in the WSJ earlier this week that American Express is dumping a lot of their cards that allow a balance and going back to their core business model, and only offer cards that require the balance to be paid in full. I don't know if this will affect their rewards cards but it might. They are cancelling lots of accounts.

THAT's where I read it! I knew I had seen it somewhere.

Wow, bummer @ the Chase Freedom. I usually recommend that card to friends/family.

I wonder if they will eventually change all the freedom cards to this program. If so, mine will be sock drawered.

I heard this the other day, thankfully they kept the existing program for existing cardholders. But I used to recommend this card to people, guess I can't do that anymore.

I'm so glad I saw this post! I planned to drop my AmEx Blue Cash after I got the cash back, and switch to Chase Freedom. I figured I could get a lot more cash back from Chase, but now I know I cannot with this altered program. I'm keeping my AmEx card.

Thanks a bunch!

Figures. I had used their zero % balance transfer offer to consolidate debts. Now that it's paid off, I was going to start using the card for purchases to accrue the reward points. Looks like I'll be sticking to my Discover card for that.

There is a Charles Schwab card that gives you 2% on everything and sweeps the bonus into a brokerage account at the end of every month. Sure, there is one more hoop to jump through, having to remove the money from the brokerage account but it's 2% on everything with no cap on cashback and no forex fees for people who travel. It's a pretty sweet card!

@Corporate Barbarian,
Discover also reduced their cashback percentage. It used to be 0.25% for the fist $1,000, 0.5% for the second $1,000 0.75% for the third $1,000 and 1% for anything over that. It was essentially 0.5% for the first $3,000 and 1% after that if you spent more than $3,000 in a year. Now it's 0.25% on the first $3,000 and 1% after that. They basically made a $7.50 cut to everyone's cashback. It doesn't sound like much but it adds up for them.

Rants --

The Schwab card will be part of a three-way comparison I'll be doing in a week or so. Stay tuned!

I read this in Money too, but I missed the new customer clarification. I've had this card for awhile so I guess I qualify as old. I went to check my account and I noticed that the rewards details of the card hadn't changed. When I received my statement it had the categories listed where I had gotten 3% back, but it did not list the dollar amount. I was able to determine I had been credited extra money based on what I had last month, but it was strange it wasn't listed in my rewards details. I hope they're not gearing up to change this for everyone, this is by far the bet rewards card I've ever had!

If you have the Chase Freedom card, keep your rewards money until you have at least $200. Then you can redeem it for $250 in money back. I just did this--that's a great reward!

Uh oh... Got something in the mail yesterday which basically describes that my pre-existing Freedom account will be switching to this new points scheme described here.

Sounds like everyone loses now.

"If you have the Chase Freedom card, keep your rewards money until you have at least $200. Then you can redeem it for $250 in money back. I just did this--that's a great reward!"

This ends on June 30, 2009. After that point, just straight up $50 increments.

It was my favorite card til now.

I will use it only for groceries now; with a measly cap of $600 per month, we will hit that easily. In fact, I think I will try to limit to that amount period.

For all of the other charges I am using Chase for today, I am moving these back to my CostCo AMEX True Earnings card, which overall is now a much better deal (and always was a pretty good deal).

I wasn't loving Chase much recently anyway; the exception WAS the Freedom Card. They acquired WaMu who held my mortgage, and I can't say I care for the new Mortgage arm at Chase. They have eliminated the no-cost refis (no cash out) that Wamu let me do back in 2002/2003, which was offered to me as a good customer who always paid on time, and with an excellent credit rating. By contrast, I feel that Chase takes me for granted, and cares nothing for retention.

Just as I will now leave them for a better rebate credit card, I am thinking of finding another mortgage company too.

Chase is just Blech mispelled.

I was credited 200,000 reward points by mistake so I redemed them and recieved a 2,000.00 check in the mail the next day. feeling guilty I called them and they told me somehow they credited me too much. After that the chek was canceled.

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