Chase Freedom Credit Card
October 16, 2009 By 48 Comments
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Interesting. Is Chase eliminating the $200/$250 deal only for new customers, or will this be taken away from existing customers?
I’ve had this card for a while now, and have cashed out the $200/$250 many times. In fact, I just cashed out last week…and they still offered the deal.
Does anyone know?
(I’d call the CSR, but don’t want to initiate this conversation if they’re going to pull the deal).
We’re cancelling this card at the end of the month. After two great years with this card, we got a letter a couple weeks ago saying that as of October 31st this year our rewards would be a “vanilla” 1% cash back, that the $200 for $250 check option was going away, and that the $10 check redemption option for Chase checking & credit customers was going away too. Basically they took away all of the good stuff. So we’re taking away our business now.
Is this Visa or Master Card? Thanks!
Yep, same as Scott. Got a letter about a month ago reflecting the changes to the card.
The $250 for $200 still shows up for me as an available reward:
https://www.choosemyrewards.com/ItemDetail.aspx?AwardID=18330
This card has been my most effortless profitable card yet, so I hope they don’t kill it for me. I did move to Costco for Gas/Restaurants, which were my two biggest categories every month, so it’s gone down a bit in rewards lately. Still a good program.
Also same as Scott, but embedded in the details of mine was an additional annual fee, waived for the first year. I’m cancelling mine, too.
I have a Chase business card (even though I don’t have a business) and I earned 1% for purchses up to $2k 5% for $2k – $2,500 and 1.25% for everything over $2,500 each billing cycle (I never spent under $2,500) but they are making it just 1% for everything. I called and the customer service guy spent at least 10 minutes looking for an opt-out code and talking to his supervisor, but couldn’t do anything about it. Chase seems like they made all their rewards cards pretty similar benefits now. I’ll probably just change to the Freedom card since they don’t give business cards any advantage anymore.
@Scott Exactly, I got the same thing. I stopped using the card about 5 months ago and switched back to Starwood AmEx for almost everything.
I particularly loved how they made it all seem like an “improvement”
I received the email from Chase back in May saying they were axing the $200/$250 deal in June plus charging an annual fee (waived for the first year). Apparently Chase is segmenting out all their customers and doing different deals for each segment. I actually have 2 chase freedoms, and one was converted from the cash back to a points program. I asked to change chase cards, but was told that due to new federal regulations I would have to close the account and apply for another chase card. Don’t really want to do that to my line of credit since I’ve had that line of credit for about 15 years now. This may sound like a good deal now, but be warned that chase has no qualms about changing the terms on even it’s loyal customers.
I also got the same letter mentioned above, but in the fine print there was something along the lines of “Call this number by Oct. 15 if you wish to decline this “upgrade”.” I called the number and the guy on the phone said that everything would remain the same with the Freedom Card. Who knows if he is right or not, but this is what I was told. Anyone else have this eperience?
Beware of Chase! They changed the bonus reward so that you can not have the money credited directly to your statement on the balance owed, now you have to request a check to be snail mailed to you. They sent my $50 check to a year-old address! They have managed to send my last 13 statements to the correct address, but the check they send to my old address. Why couldn’t they just credit it to my balance? So they could lose the check!!! That was August 7th and I am still trying to get my $50 that they sent to the wrong address!!!
Didn’t get the letter but just redeemed $250. Phew!
Anonymous – great tip. Annual fee? Glad I replaced the card already. Kind of in anticipation of all this.
Yeah, I did the Chase Freedom promotion 2 years ago and they changed the 3%-5% cash back to just 1% like everyone else mentioned. Not too happy about it but they did give me the promotion bonus money.
On another note, I just went in to cash out my thank you points and they don’t have $100 gift cards you get for 10,000 points anymore. How horrible. Now what’s the best thing to redeem your points on?
All, it looks like they just changed the way to search for a gift card that redeems 10,000 points. You have to first click on the merchant, the the drop down to see what cards are availabe, by default it will only display the lowest point amount. Here’s a list of what’s available.
Red Door Spas Gift Card – $100
babyGap giftcard – $100
Brooks Brothers Gift Card – $100
T.J. Maxx® Gift Card – $100
GapKids giftcard – $100
Marshalls® Gift Card – $100
Gap GiftCard – $100
Old Navy GiftCard – $100
Nike Gift Card – $100
Motherhood Maternity Gift Card – $100
Foot Locker Gift Card – $100
Pottery Barn® Gift Card – $100
Bath & Body Works® Gift Card – $100
ServiceMaster® Gift Cards – $100
west elm® Gift Card – $100
PBTeen® Gift Card – $100
Pottery Barn Kids® Gift Card – $100
IMHO, $50 is too cheap for a hard credit inquiry that will be on your report for 2 years.
I happen to have been issued one of these cards without applying when I started the refi process in some special Chase program on one of my investment properties. They had already run my credit for the mortgage refi and didn’t run it again to open the card, so the account was basically opened inquiry-free.
I very much took advantage of the 6 months no interest and loaded about 25% of the rehab costs for another investment property to the card.
Just to jump on the bandwagon with everyone else – I love the old Chase Freedom card. The new one is just so-so and once I get up to the next $50 increment, my wife and I will stop using the cards (we’re switching to the Schwab 2% back on everything card).
For people that are wondering – you may still have the “redeem $200 for $250” option, but it is being phased out. My card was phased out of it in June (1 month before we got to 200!!), and my wife’s card is being phased out this month. When that happens, you lose your 3% cash back (either flexible, or gas, groceries & fast dining), and you only get what they choose to be at 3%.
I also read that if you choose to “decline” the upgrade, you CAN keep your usual 3% cash back (minus the redeem $200 for $250), but it adds an annual fee.
Anyways, I knew it was probably too good to last, but I’m sad they’ve decided to change their reward terms. So, I’m probably going to be on the Schwab 2% card for a long time to come.
I have 2 Freedom cards. One was opened to get a $100 bonus and the other was a 5% gas, grocery that was converted to a Freedom card without AFAIK any option to keep the those cash rewards in effect. Needless to say, I have stopped using those cards altogether. And the one Freedom card I did have where I banged my telecom charges for a 3% reward has now reverted to rotating categories. Still have a Chase card with 3% for gas and 1% for everything else I use. No telling when they will change the rewards on that card and institute an annual fee since I pay my balances in full every month.
The only problem with the Schwab or even the Fidelity cards that offer 2% back on every purchase is they are American Express cards. Not all places take AMEX…
“I also got the same letter mentioned above, but in the fine print there was something along the lines of “Call this number by Oct. 15 if you wish to decline this “upgrade”.” I called the number and the guy on the phone said that everything would remain the same with the Freedom Card. Who knows if he is right or not, but this is what I was told. Anyone else have this eperience?”
Anonymous -I didn’t think it through when I first read this. If you ever decline any credit card changes (it is always an option) they usually just close your card. Just as a general heads up if anyone thinks they can keep their old terms. Unlikely.
If my 3%/$250 goes away, I’ll close the card anyway. So I will also call to decline. Makes sense that they are doing it in waves – figured they had a lot of customers. Was nice while it lasted!
I anticipated this and have some other no fee/1% cash back cards that I will use instead. I got a credit union card earlier this year – figuring they may honor the original terms longer. Plus, was hoping for better customer service.
Wow. This sucks. I haven’t gotten that letter yet; I’m in California, where Chase is taking over all my WaMu stuff, too, maybe they don’t want to ruffle my feathers all at once.
I’ve been using the Chase Freedom for about three years and am happy with it. Last week the rewards balance went over 200, so I ordered a $250 check. Sounds like it was lucky timing.
And now I’ll start looking for a better credit card.
Just pulled out the letter. The language I was referring to states:
“If you prefer to keep your existing Chase Freedom Card, call # by October 15, 2009.”
Which I did. They told me that nothing would change with my existing card. James, you are saying that this will add an annual fee?
I use Discover More card for their 5% cash back on a rotating quarterly basis, you can turn the cash back into double the reward on some gift cards, essentially getting 10% cash back. My other cash back card is AMX Blue Cash, this is the absolute best card for big spenders (unlimitted 5% cashback on gas, grocery, and drug stores and 1.25% on everything else after $6,500 is spent in one year, 1% on gas and grocery before that, .5% on everything else).
Last year I received a $97 statement credit for AMX and cashed in over $100 in gift cards with Discover, all for just regular spending.
@ JC
The Schwab 2% card is Visa not AmEx…..
In CA, have Chase Freedom under the “good” old terms, no letter yet. I’m still using it for Gas and Groceries. Also using Schwab’s 2% cash-back on everything Visa Card, and the Citi Forward Visa card for 5% on restaurants and amazon.com (5% is in points tho…).
I too received a similar letter a couple of months ago and I called customer service twice to confirm that they are no longer giving out $250 checks for $200. Both times, the service rep told me it is true and it will be phased out by 12/31/2009. So if you have $200 before 12/31/2009, you can still get the extra $50. It may be different with each individual cardholder.
Good info. (Sorry for the polishing the apple post, but hey….)
I was told I was being upgraded to the Chase Sapphire card. (a horrible 1% card.) I canceled my “upgrade”, and kept my Chase Freedom card although the guy told me he wasn’t sure how long they would be supporting it. This was a few months ago.
I have been using my Chase Freedom card for at least 3 years. It it (was) a great card. I have not gotten the letter yet either, but it is inevitable. Unfortunately, I have requested at least 3 $50 checks (separately of course) because several months ago I read online that the $200/$250 bonus was ending. If I had waited, I probably would have been close to getting one now. As it stands now, I would be happy to get to 1 more $50 check before the rewards get nuked. Did you people receive this letter in email or snail mail? Also, did it come with your statement or separately?
They aren’t doing the 3% cashback for rotating categories anymore. Now it’s 1 point for each dollar in purchases + 10 bonus points per purchase. For small purchases it’s good.
I have already been phased out of the $200 / $250 deal. I would suggest cashing out ASAP if you still have the opportunity/
This is what the fine print says about the 3% back:
The current 3% cash back categories are discount stores, computer and electronic stores, and bookstores.
One thing they’ve added is $25 cash back. I plan to cash out and quit using it, although I’ll keep it open until I see an annual fee, which I didn’t see in my letter. I like having the option of an empty card with a high credit limit ICSH, plus keeping the card open longer will help my credit a bit.
Someone asked and mine is mastercard.
I hate rotating bonuses! Too annoying and too much work.
This is definitely not universal. My account still says (as of my last statement):
Mine’s a VISA.
There are no other important documents in my account. If someone has had the change happen to them, look online under statements. You should see a link for the change of terms. If you right click on it and select “copy link URL” you’ll get something like the following in your clipboard:
javascript:bolPopupURLClose(‘https://chaseonline.chase.com/resources/INW14042.pdf’)
The https://chaseonline.chase.com/resources/INW14042.pdf is the PDF describing the changes. The one linked for me is the most recent and it just covers some changes to fees, dates, etc. Nothing about the rewards (yet). Someone who has the change, please provide the PDF with the terms (it’s likely a generic document, that doesn’t require login but look it over first for any personal information!).
My Chase Freedom card still hasn’t changed. Still getting 3% on the 3 categories, plus just today I cashed out $200 for $250.
I’ve been emailing them since I got those messages and telling them that they are not to change the program. They come back trying to bs me that it’s such a great new thing. Unfortunately I can’t close this card as it is my longest going credit line. I’ve been relying more on my Discover/AmEx cards with better rewards lately but is there a good Visa/MasterCard that gives at least 3% on anything?
Luckily I was able to cash out my $250 (and an extra $10 since having a checking account allows me to redeem $10). I think I’ll just wait for another 0% balance transfer offer from Chase and move most of this credit line to the new card.
Just wanted to throw in my quick two cents about chase’s supposed ‘cash back’ bonuses.
I received a mailing awhile back saying I’d get $100 free if I opened a new checking account with them. It involved me faxing them my signature, a minimum initial deposit, and a few other minor tasks, but hey, $100 for free is pretty cool.
Anyway, my $100 didn’t show up so I contacted them. Some fine print loophole something-or-other (I didn’t even bother to inquire further when I realized I wasn’t getting the money) disqualified me or something. IMO, they misrepresented themselves with the initial mailing claiming that I could get $100 free, and I wonder how many people who tried to do this actually got their reward.
And of course, there’s a hidden fee for withdrawing money in the first 90 days, so my initial deposit is stuck until then. I’m cancelling my credit card with them and closing the account as soon as I can.
I was also led to believe I would get ONE HUNDRED if I opened a checking account with them. I opened the account. Guess what? There was no money. LIARS
I have had my own history of problems with Chase, but recently canceled my other Bank of America account to stay with chase because of their better rewards.
One thing people should mention is if they have a checking account with chase also. This may change the T&C of your CC account.
I have a checking account and CC account with Chase.
I also had the problem as mentioned above about Chase trying to screw me out of the $100 for opening the checking account with a $100 initial deposit and set up direct deposit. I followed all of the requirements and yet no $100. After spending many days on the phone with them and filing complaints, I was able to get the $100. I don’t know if it was worth it given that I spent a total of ~6 hours on the phone with customer service.
For the CC, I still have the 3% cash back on my top 5 categories (I also have a checking account with them) and the option to get the $250 for $200 reward is still available under my account. I have not heard anything about this changing or received any mail.
Overall I have not had a pleasant experience and am only staying with them because of the rewards programs.
Not to mention the customer service in my local branch is HORRIBLE!!!
You’ve got to be careful about these credit cards offering cash back rewards. Please read the fine print because I have one of those horrible tales to tell too but it’s too involved for me to mention.
Just as an update, I am still receiving the same general deal with no issues at all. It still uses my top categories, and as of today I still have the $200 redeem for $250 check option. Hopefully it sticks around, since I’m sitting at $191.63 right now and no statement for 20 days.
Just redeemed another $250 – phew.
No – no checking account or other accounts with Chase. If they drop these rewards, I am dropping them entirely.
I just got the letter that the $200 redeem for $250 check option is going away effective March 1, 2010. Luckily I just reached 200.00.. ordering my last $250 check. :'(
Wanted to let everyone know that Chase is now profiling or discriminating to stay at home Moms. Having had a Chase savings, checking, visa debit card and mortgage through Chase and told I was pre-approved for a credit card. They denied me a card and stated that I needed to prove my residency and my birth with a birth certificate. I also have a credit score of 916. So I am good enough to be on 1/2 a mortgage with my husband and have my money there but not good enough to have a credit card since I only stay at home. Thanks.
Sorry about your situation Harley, I’ve decided to deviate from Chase. I don’t like the way they operate. That’s only my experience thought. Subjective. If you’re in uncomfortable debt, may I suggest consolidating your debts with Lending Club? I could personally fund you 😀
I finally got the dreaded letter where my rewards are going to turn into Ultimate Rewards about 4/30. What really sucks is I was at $121 on my way to getting the $250 for $200 deal. Now I have no chance of reaching that in time, so I just redeemed 2 $50 checks. I will have to use the crappy rewards for a while in order to get my last $50. After that I am probably done with this card. What are the rest of you guys using for grocery now and what % back are you getting?
I received the letter today congratulating me on my “upgrade” to the new Chase Freedom, starting April 30th, same as Eric.
Yay. :-/
Only sitting on $27 in rewards right now, so at least I’m not losing out on a big $250 check.
I got to redeem another $250, about the same time I recieved a letter that they were discontinuing my rewards.
Now I will get 1% on everything and 5% on “rotating categories.” (Many categories that we never use). No more $250 redemptions for 200 points.
Thanks to this thread, I already opened a replacement card last year. At the end of the month I am dropping Chase and I will let them know why. (I stopped using the card the day I got the letter – but wanted to make sure I got all my automatic charges moved over before I put it to bed).
As a funny aside, they sent me an e-mail today reminding me how they took away all my awesome awards. I don’t need reminding, but you think they would sneak that in with the fine print rather than shout it from the rooftops.