I use my Chase debit card constantly and love the rewards I get with it. I met with a Personal Banker at Chase yesterday who mentioned the Chase Leisure Rewards program which gives you more points per dollar spent but also costs $25.00 a year. Is anyone a member of this program, and do you think the benefits are worth the fee? It's tough for me to justify spending money for a rewards program...
Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
You will get 4% back with the Leisure program and you get a bonus 2,500 points when you sign up which equals the fee for the first year. I say go ahead and try it. Just make sure you keep signing for your purchases and don't use it like a debit card or on transactions where you enter your pin. Those won't qualify for the 4% back.
what 4% are you talking about?
You get one point for $1 spent when you sign for your purchases. Redemption choices are nothing to write home about...
fotomaniak said:what 4% are you talking about?
You get one point for $1 spent when you sign for your purchases. Redemption choices are nothing to write home about...
I'm pretty sure you get 4 points per dollar spent. However, it seems like you need 4x as many points to get the leisure rewards as the rewards in the regular program. Sounds like it may be a wash but what the heck, it's only $25.
Myers215 said:fotomaniak said:what 4% are you talking about?
You get one point for $1 spent when you sign for your purchases. Redemption choices are nothing to write home about...
I'm pretty sure you get 4 points per dollar spent. However, it seems like you need 4x as many points to get the leisure rewards as the rewards in the regular program. Sounds like it may be a wash but what the heck, it's only $25.So you get 1% Cash Back, a $0 bonus, and a $25 annual fee after the first year, without the protection credit cards provide. No thanks.
jayK said:So you get 1% Cash Back, a $0 bonus, and a $25 annual fee after the first year, without the protection credit cards provide. No thanks.
In addition to that, you must keep $ in non interest(or super low interest) bearing checking account(loosing at least 5% before tax). And if you happened to make a charge in foreing currency you'll pay 2-3% conversion fee on top of 1% standard Visa/MC fee.
If you do decide to use the leisure debit card you only need 2000 points to get a reward, 2000 points equates to a check for $4. So if you spend $500 a month (4 points/$1) using your debit card you get $4 back --> $4 x 12 = $48/year.
$48 - 25 = $23 back when you spend $500/month on average.
akashd84 said:If you do decide to use the leisure debit card you only need 2000 points to get a reward, 2000 points equates to a check for $4. So if you spend $500 a month (4 points/$1) using your debit card you get $4 back --> $4 x 12 = $48/year.
$48 - 25 = $23 back when you spend $500/month on average.With a regular 1% credit card, you would make $60/year with the same amount spent. Plus you would get the benefit of a 30+ day interest-free loan, and additional consumer protection from the credit card company.
jayK said:akashd84 said:If you do decide to use the leisure debit card you only need 2000 points to get a reward, 2000 points equates to a check for $4. So if you spend $500 a month (4 points/$1) using your debit card you get $4 back --> $4 x 12 = $48/year.
$48 - 25 = $23 back when you spend $500/month on average.With a regular 1% credit card, you would make $60/year with the same amount spent. Plus you would get the benefit of a 30+ day interest-free loan, and additional consumer protection from the credit card company.
Not disagreeing with you - just pointing out the straight calculations of the rewards on the card 
the clerk told me that $25 can be waived if one has a premier account.
By the way, the followings is information from bankrate.com:
The largest national banks offer rewards programs for debit cards, but their offerings vary and the annual fee runs from zero to $65, depending on the rewards. Bankrate surveyed the top five banks and the top five thrifts in the 10 largest markets. This table shows only those banks that offer rewards programs for debit cards.
See the Debit Card Study to get details on all of the institutions we surveyed.
link is here
I contacted Chase Leisure Rewards customer service this morning and the representative told me that the point values for the rewards for the Chase Leisure Rewards card ($25 annually) and the Chase Visa Extras card (Free) are exactly the same. The difference between the 2 cards is that you receive 4 points per dollar with the LR cards vs. 1 point per dollar with the Visa Extras card. In our case, it is worth the $25 annually that my husband and I each pay for our cards as we have already earned $300 in gift cards and have only been with this program since April of 2006. If we would have had the Visa Extras cards, we would have only gotten $75 in rewards so far. Also, our first annual fees ($50) were paid for by the $75 bank bonus we received when we opened our checking account with Chase last April. I would recommend this program for those who use their debit cards all the time and for pretty much everything. And remember to do your purchases as credit card purchases, not debit card purchases.
IMO, this is a much better way to earn points if you use your debit card for as much as you can. My kids were totally excited to get a Wii for Christmas and I was totally excited that the free $250 in Toys-R-Us gift cards that we got through the LR program paid for it.
Just my 2 cents... =)
I have a leisure reward card I have already made my $25.00 fee and then some. After my first purchase I automatically earned 2500 points plus the dollar amount 4 points per dollar. Remember you need 11000 points for a $20.00 gift card to Olive Garden, TGIF, Red Lobster, Chilis, Macroni Bar and grill etc.... What I do is simply pay for my gas and I pay about 4 bills over the phone (at no charge and posts immediately unlike a check or auto draft). Its a no brainer. Make sure and choose the credit option in lieu of debit! You will not earn points on debit. As far as your checking account is concerned it deducts the money in the same manner.
Anthony DuQue
stealther07@yahoo.com
I use my card to pay utilities, my student loan payment, etc and the points add up fast. I received a $100 gift certificate in about 4 months. I redeemed points 4 weeks ago and am already to 13,000 new points. Well worth it in my book!
|
 |
|
|
While FatWallet makes every effort to post correct information, offers are subject to change without notice. Some exclusions may apply based upon merchant policies.
