Wanted to share this. I seldom open anything from Chase aside from statements for my Rewards card (the legacy one with 5% GGD and 1% on everything else); however, I happened to open this letter by chance tonight, and was very glad I did. It read:
Dear ____
We're pleased to confirm your upgrade to Chase Sapphire with Ultimate Rewards. It brings you the ultimate in rewards and service.
Your upgrade will occur on September 30, 2009. You'll keep the same account number and there's still no annual fee. Plus, we'll automatically transfer your current rewards balance to your new card.
Unlimited earning potential. With Chase Sapphire, you'll earn 1 point for every $1 you spend on purchases. Your points will never expire and there's no limit to how much you can earn.
etc...
Thankfully, you can opt-out of this "upgrade" by calling 1-800-493-3319 before September 15, 2009. This has also been documented on this FlyerTalk thread. It appears these mailers we just sent out this week, so I'm sure word is still spreading.
Seems similar to what was done a few years ago with the Cash Plus Rewards card (cf. old FatWallet thread).
EDIT: Didn't realize the thread above was still active and reporting on this very issue. It appears I should count my lucky stars that I wasn't automatically switched over to the Freedom card (or something else) a while ago. Yikes...
Message edited by: jmikola on 2009-08-23 00:05:57 CDT
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hellyea81 said:i had the chase cash plus rewards card (5% back gas/groc/drugstores) and just got "upgraded" to freedom ultimate rewards. program blows.
Was there an advance notice to opt-out, or it was involuntary? I did recall seeing older stories about people with the Cash Plus card that didn't receive the option - thankfully, they don't seem to be doing that now with the Sapphire card upgrade.
My brother also had a Chase Reward card. Two weeks ago, he suddenly noticed when he logged online that the Chase Reward's logo has changed to Chase Freedom. Today he just received a Freedom card. This happened without advance notice.
I got a letter in the mail from Chase saying that they are upgrading my Amazon Visa card to Amazon Visa Signature. I don't remember what all it said (aside from me getting 3 points/$1 on Amazon, 2 points/$1 on categories like gas/drugstores, and 1 point/$1 on everything else) but is this a good or bad thing? I skimmed through the terms and didn't see anything pop out at me but I could be missing something.
o no, i have the cash rewards one(gives 5% gas), freedom as whell as two others. I have them for thier special options'. I better not loose my 5% gas, ect.. thats not right to just change them. thanks op- i never open my stapements eithor, most are online and i never think about it. will look now!
Message edited by: crystal6218 on 2009-08-23 10:27:33 CDT
I received the mail a week ago as well. Just called the # OP provided, chase had no problem to keep my old terms for my reward plus card. Just 1 minute call.
I had 3 Chase cards including Chase Freedom. I was sent an email a couple of months ago to upgrade the one that I never used to the Chase Sapphire and in exchange I would be given 5000 points(=$50). I jumped on it. I suggest you sign up for e-statements, that way you would receive just these types of notices via email.
scottxmso said:I got a letter in the mail from Chase saying that they are upgrading my Amazon Visa card to Amazon Visa Signature. I don't remember what all it said (aside from me getting 3 points/$1 on Amazon, 2 points/$1 on categories like gas/drugstores, and 1 point/$1 on everything else) but is this a good or bad thing? I skimmed through the terms and didn't see anything pop out at me but I could be missing something.The Signature card may not report the Credit Limit on your credit report, rather they often report the Highest Balance used. It sux if you always maintain a very low balance on the card.
My old Freedom card (3% fuel and 1% other from 6-7 years ago) was just forcefully upgraded to Saphire last month (with advance notice but you couldn't opt out of it). I haven't recieved any news about my Chase Cash Plus rewards card being dumped yet (luckily since it gives me the 5% gas/groceries/etc and 1% everything else).
These guys do what they want, I recently applied for the Sapphire to beat them to the punch but then they revaluated my credit lines and dropped them by 30-40% beacause of income. They didn't bother to look at my assests wich could pay for the entire line that I had twice. But oh well, me and the wife eac soaked them for $250 ha ha. Chase rewards have been good to me, just have to thank Uncle Same for slapping on all the fine print regulations to help us - ha ha ha, while the people who did cary a lower rate balance are now seeing that rate skyrocket. More of lets help the stupid to pain the responsealbe.
I currently have the "perfect card" -- 1% everything, 3% gas. (I could've sworn I had a deal on groceries too. Maybe that removed that when I wasn't looking!) I got the sapphire notice in the mail today and called them. The rep said that she could keep me on my current plan for a while, but eventually everyone would be switched. Oh well, I guess this is a good time to switch over to the PenFed 5%/3%/1% card as my daily spender. I've been meaning to do that anyway.
Message edited by: dandan50 on 2009-09-04 13:10:21 CDT
I got the same letter for my Chase Rewards - 10 year old account that only gave 5% on gas 1% everything else. The the dates shifted a month. I called in and only got a opt-out confirmation number. Hope they don't come next year with more 'upgrayedd s' .
I spoke to Chase earlier today about this "upgrade." Chase is really pushing the Sapphire, which they claim is their top of the line card and not available to all, etc. The CSR did say that the Sapphire has great benefits, like price protection if you find an advertisement with a lower price withing 60 days of your purchase. He suggested that this is a great feature for Black Friday sales. I pointed out that my current card already has Price Protection, but apparently Sapphire increases this benefit to $500 per item with no annual limit. My current World Mastercard is limited to $250 per item, $1000 annual limit, but I've never been able to take advantage of even that yet. Their printed upgrade information doesn't go into that detail. Can anyone confirm what the terms are for the special Sapphire features like Price Protection, Extended Protection, etc.?
My card was originally a Shell Mastercard, then a Chase Freedom (3% gas/1% other credited back each month), then a Chase Perfect Card (same terms). Recently it was upgraded to a World Mastercard. (Lost Luggage Reimbursement, Baggage Delay Insurance, Purchase Security, Price Protection are nice features.)
The dedicated phone line is nice and got an answer to a real person on the first ring, but Chase is still in the promotion stage so who knows if that will continue.
I'm still not sold on the Sapphire, as I like the simplicity of just getting Cash Back credited to my statement. With the Sapphire, one has to wait for large amounts of Cash Back or spend time calling Chase each month for this. The CSR did say that the voluntary change became automatic as a result of the new regulations requiring 45 day notices. I still think there must be some reason why Chase is pushing Sapphire, and it's probably not to be more generous. My account was scheduled to be upgraded on October 31.
The customer service guy said that the $250 check for $200 rewards is ending the end of this month. But I oped-out anyway since the new program only benefits people who has travel expense. Plus, I'm not really into the idea of point instead of cash. "The current program (freedom) is probably the best for you if you don't do any traveling", customer service guy said.
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