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I received a letter from Chase today about my Ultimate Rewards program:

Thank you for banking with Chase; we truly value your business. We are writing to notify you about some upcoming changes to the Chase Ultimate Rewards program that we are making as a result of recent changes in the law.

Congress recently enacted a new law known as the Durbin Amendment that significantly impacts debit cards. As a result of this law, we will be changing our debit rewards program. After July 19, 2011 you will no longer earn points on purchases you make with your Chase Ultimate Rewards Debit Card. Importantly, the points you have already earned will not expire. To take advantage of other great ways to get more value from your everyday banking just stop by any branch and talk to a banker for details.

WHAT IS CHANGING WITH YOUR CHASE ULTIMATE REWARDS DEBIT CARD PROGRAM:

  • After July 19, 2011, when you make purchases with your Chase Ultimate Rewards Debit Card you will no longer earn points in Ultimate Rewards.

  • You will no longer be charged an annual fee for your Chase Ultimate Rewards Debit Card. And since you've paid your annual fee to cover some time beyond July 19, 2011, we will deposit a refund of $13.25 directly in your checking account on April 19, 2011.


YOU WILL NOT LOSE THE REWARDS POINTS YOU'VE EARNED:

  • The points you've earned will not expire

  • To view your current point balance or redeem your points, please visit Chase.com/ultimaterewards.



So earn all you can by July 19, 2011 (charges must by posted by July 22). Then cash in your points before they change the "points will not expire" rule!

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