Chase debit rewards are history
Chase has been mailing customers letters informing them that as of July 19th, debit card reward programs will be discontinued claiming it is because of debit card interchange fee limitations imposed by the upcoming new federal rules.
Most shocking about that statement is that Chase is actually preemptively informing customers about a change.
Make sure they don’t keep charging you the $25 annual fee after the program has been discontinued.
Update: A Chase customer posted these exerpts from the letter she received:
We are writing to notify you about some upcoming changes to the Chase Ultimate Rewards program that we are making as as a result of the recent changes in the law.
Congress recently enacted a new law know 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.
So they are directly blaming the law in the letter to customers, possibly hoping to generate some political pressure.
Fees & charges | admin March 22, 2011
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By FC Los Angeles, June 3, 2011 @ 10:03 am
My thoughts exactly, when I received the same notice from Chase. It was extremely unprofessional and very Republican. Yet another reason that Chase sucks.