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eilros
- Broke Member
rated:
posted: Sep. 21, 2009 @ 12:02p 
SuperG03 said:Just got word of more downgrades:
Apparently, on October 30, 900,000 Customers that are on the OLD Exclusive program (i.e. 3% Top 5 Categories & $250 for $200) (which means, those WITH a Chase checking account) will be moved to the NEW Exclusive 10/10 program (i.e. 1 point / dollar, no $250 for $200) w/ Ultimate Rewards. Letters should be received NEXT WEEK. Also, as a NOTE, this apparently does NOT apply to those who have had their CC for under 1 year.
Just wanted to pass along the news.
SuperG03 I just got that letter today. I only have an awards balance of $146.01 so I won't be hitting the $200 mark before it switches. Time to look for a new card I guess. |
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craig10x
- Senior Member - 3K
rated:
posted: Sep. 21, 2009 @ 12:03p
eilros said:Add another to the list that received the 10/10 letter. My account will be updated to Ultimate Reward on October 30th. I only have an awards balance of $146.01 so I won't be hitting the $200 mark before it switches. Time to look for a new card I guess. you may want to hang on to it...not too many choices left these days to do better then 1%.....except for the Schwab 2% card (but that requires having the brokerage account as well..even if not actively used)...AMEX Cash only gets you 5% on amounts above $6500 a year...and Discover's 3% is rotating catagories (plus discover doesn't give nice perks like extended warranty).... and although certain people here do not like me to "speculate" even those that still have 5% cards with Chase obviously won't have them forever (myself included) and they aren't available to new customers anyway...and now that The Associated bank 5% cards along with all their other cards have been sold to US Bank (presently still managed by Citi for them, but goes under US Bank's possession in 6 months) who knows how long that one will last now too..... bottom line is...if you have a good line with Chase, you might want to think twice about getting rid of it....
weigh all factors...not just the rewards itself...as most places are trimming down with these programs...i'm sure you have noticed that  |
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peter1377
- Member
rated:
posted: Sep. 21, 2009 @ 12:23p
I'm kinda confused about the new "Exclusive" rewards I get for being a Chase checking customer. The way I read it I get 1% CashBack on all purchases, then a 10% bonus on that 1% -- so that's really 1.1% CashBack -- but then what's this "10 bonus points for each purchase" part? Since one point = one penny CashBack, is that to say that EVERY transaction basically gets an additional 10c CashBack? ucb11 said:Chase Freedom/Chase Freedom Exclusives <1 year: You will keep your current card and program. Nothing will change (At least until the next batch of conversion)
Chase Freedom/Chase Freedom Exclusives >1 year: You will get converted to the new 1% Cash Back program. Exclusives: 10 bonus points for each purchase and 10% bonus more POINTS on each purchase
Chase Freedom PLUS: Has been discontinued. Still unsure what will happen to current card members, so I would advise you keep yours until further notice. |
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eilros
- Broke Member
rated:
posted: Sep. 21, 2009 @ 12:23p
craig10x, I don't plan to cancel my Chase card. I'll have to do some calculations to see if it's worth using anymore. I'm going to check out the Schwab and PenFed cards. |
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craig10x
- Senior Member - 3K
rated:
posted: Sep. 21, 2009 @ 12:38p
eilros: Good move...i see you have thought it out...... peter1377: yes...you get an additional 10 points for each purchase (regardless of the amount of the actual purchase) plus of course, the other two parts you mentioned (the 1% and the 10% of the actual purchase).....also i believe there is supposed to be opportunties to get 3% on certain catagories throughout the year (similar to the Discover card).... so, i guess , when you add it all up...while certainly not as good as the old 3% deal....perhaps better then just a straight 1% card.... |
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peter1377
- Member
rated:
posted: Sep. 21, 2009 @ 12:45p
craig10x -- my thoughts exactly (about it being not as good as the old 3% game, but still not that bad). I just did some calculations using the transactions from my statement last month and it does beat any other card out there. That 10-cent bonus per transaction is what saves the day. I just hope we're reading it correctly. But if I'm willing to go with two cards, I looked at a card at National City (soon to be PNC) that has 4% on gas, 3% on movies (that's a dumb category), and 2% on groceries, restaurants and fast food. If I used that National City card just for the special categories and the Chase card for all else, I'd boost my CashBack by about 15% over just using the Chase alone. |
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fwall
- New Member
rated:
posted: Sep. 21, 2009 @ 12:54p
One can call 800-493-3319 and opt out of the "upgrade" to Sapphire. I did a few weeks ago, but I am still unclear if my rewards program will be downgraded on October 31. I think it will at some point, and I am ready to start using other cards at that time. |
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eilros
- Broke Member
rated:
posted: Sep. 21, 2009 @ 1:24p
Add me to the list of those not impressed with the new rewards program. Last month, I made 28 purchases worth $1610. My reward was $28.21. If I calculated correctly, I would only get $20.51 back based on the Ultimate Rewards program. |
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CCLeech
- New Member
rated:
posted: Sep. 25, 2009 @ 7:01p
I learned today that you can change your statement date (actually your payment due date) and force one more statement period before the dreaded Oct 30 arrives. I just got "the letter" after returning from travel today, Spending enough to reach the $250 for $200 level before my Oct. 2 statement was going to be problematic. After my call to Customer Service however, I will now get another statement in late October and should have no problem reaching the $200 level. Hope this info helps a few other folks who are relatively close to the $250 for $200 level. |
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ProfessorEd
- Senior Member
rated:
posted: Sep. 28, 2009 @ 12:44p
A cost to changing the statement date may be a long payment period and being unable to earn a high reward rate on certain purchases. If there were to be 2 regular periods before the reward rate drops you might get 3% on $1200 in spending. With one long period, you would be subject to the $600 cap and get the 3% only for one period. Those very close to $200 may benefit from more time to reach $200. However, these payment date changes often take a while to be done, and may not take effect until after you have been down graded. |
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LongDongSilver
- Senior Member - 3K
rated:
posted: Sep. 28, 2009 @ 2:19p
Would you still recommend signing up for this card now? I just want the $50 sign up bonus after first purchase and 1% rebate for everything else. Thanks! |
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goldenkidx
- Member
rated:
posted: Sep. 29, 2009 @ 6:05a
SuperG03 said:Chase Freedom "Exclusive" does NOT automatically = $50 bonus for $200. The term exclusive denotes if the CC is getting a specific benefit because of having a Chase checking account.
The CCs are as follows:
Chase Freedom Exclusive w/ Ultimate Rewards (AKA Chase Freedom 10/10 Exclusive) (NEW) (MUST HAVE CHK ACCT) = 1 point per dollar on everything, no caps. Additional 10% of points per purchase. Additional 10 points each time you use the CC, regardless of amount spent. NO BONUS $50 for $200. Example of the extra points. You buy an item for $100, you will receive 100 points (1 point per dollar) + 10 points (10% bonus of the 100 points) + 10 points (10 points for just using the CC) = 120 points. Another example. You buy an item for $10, you will receive 10 points (1 point per dollar) + 1 point (10% bonus on the 10 points) + 10 points (10 points for just using the CC) = 21 points.
Hope that helps.
SuperG03 Anyone know if you still have an option of Cash Back instead of points with the NEW Chase Freedom Exclusive w/ Ultimate Rewards card? The application makes no mention of Cash Back, just points... |
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tvholic
- Member
rated:
posted: Sep. 29, 2009 @ 8:39a
goldenkidx said:
Anyone know if you still have an option of Cash Back instead of points with the NEW Chase Freedom Exclusive w/ Ultimate Rewards card?
Yes, "starting at $50 for 5,000 points". |
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frugalmoi
- New Member
rated:
posted: Oct. 19, 2009 @ 1:24p
Hello Fat Wallet fans. This is my very first post. I am a Chase customer. I have both Chase Checking and the Chase Freedom Card. I never received any kind of notification that the rewards were changing. It has been my understanding that I receive 3% Cash Back on my top 3 categories and 1% on everything else.
If I accumulate $200 then I receive a check for $250 (which I have already done)
Is this downgrade that others have spoken about one for certain customers? |
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