FYI: Chase Debit Card holders

Based upon previous threads there seems to be many here who have Chase bank accounts so heads up - if you're planning to use your Chase debit card to purchase camera gear with the intention of earning "Ultimate Rewards" points at the same time, be advised Chase is making changes to the rewards program - read below.

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 continue earning points in Ultimate Rewards for purchases made with your Chase Freedom Credit Card - see enclosed insert for additional details.)

You will no longer be charged an annual fee for your Chase Ultimate Rewards Debit Card.

http://www.myfoxtampab​ay.com …debit-card-perks-03222011

damn that sucks !

I hope Amazon doesnt cancel theirs to !

That does suck.

Wow, another way the gov't gets involved in businesses. If everyone agree's to the transactions fees how come they have to ban them? Banks/credit card companies have to make a profit. They are certainly not non profit. It costs a lot of money for billing, collections, etc....how do you expect them to survive when you cut their profits so significantly?

Use a credit card (not a debit card), pay the balance in full, and still get the rewards!

Chase is discontinuing the rewards points because they want to, not because the govt is forcing them to. Chase wants people to use their credit card and not pay it off each month. It's always about the money.

DanThoman wrote in post #12090463
Chase is discontinuing the rewards points because they want to, not because the govt is forcing them to. Chase wants people to use their credit card and not pay it off each month. It's always about the money.

True.

Of course, Chase never claimed that the government is forcing them to cancel the rewards. The issue is that the Durbin amendment reduces the fees that larger banks can charge merchants for transactions using their debit cards. Therefore, it is less advantageous for the banks to have their cards used. Therefore, there is less incentive to entice consumers to use their debit cards. Therefore, there is no need for rewards to consumers for using their debit cards.

The fees that banks can charge for credit card transactions aren't affected by this amendment, so it's more attractive for the banks if consumers use credit cards instead of debit cards, whether they pay off the balance each month or not.

Yeah, same thing happened with my Chase Continental Card. Since they're not allowed to charge a yearly fee for the debit card anymore, they're canceling the program.

ha, i only used my chase credit cards this year and have 200,000 points...and i paid it off every month.