Say Goodbye to Chase Ultimate Rewards

I mentioned in my last post that I opened up a USAA rewards checking account and I wanted to use it as my main checking account because my Chase ultimate rewards checking is costing me $25 a year (that's the annual fee to participate). I called up Chase yesterday (does anyone else hate those stupid outsourced customer service centers?!) and told them I wanted to terminate my rewards card and get back to the original no-fee checking account. Now, I heard that Chase was going to be cancelling their rewards program for debit cards but I didn't know there was an actual date.

Say Goodbye to Chase Ultimate Rewards Program on July 19, 2011! What this means for me?

I am happy that I won't be charged the $25 fee for this year which means I only paid for it for 2009 and 2010, and I was able to get quite a few $25 gift cards (about $100 worth) so I think it's safe to say I got my money's worth. I have a few points racked up and will probably try to rack up more points until I can get another gift card since I will still be able to use the points after July. I just won't be able to earn points after that date.

Once the Chase rewards program ends, I will be using my USAA checking account for rewards and changing my paycheck direct deposit so that it goes into my USAA account and not into my Chase account. To avoid the $10 monthly fee on my Chase checking account I will need to maintain a daily balance of $1,500 which is easily doable and I can just keep that as my short-term e-fund since it's easily accessible if needed. Without that $1,500 balance and without one monthly direct deposit of $500+, Chase customers are charged $10/month which I think is freaking RIDICULOUS! Anyone else miss WaMu!?

On another note, Chase and USAA both have the overdraft protection program where they will take out money from your savings if you overdraft on your checking account which I think is a fabulous idea. Not that I ever overdraft but if I ever do, it's nice to know that $35 charge won't hit me.

I have heard that other debit card rewards programs will be terminating as well because merchants are now getting a break on the fees they are charged when customers use their debit cards as a credit purchase. Anyone affected by this program?


009e177c-68e7-11e0-abcf-000f20980440 said...Best Blogger Tips[Reply to comment]Best Blogger Templates

hey, i was just wondering what i will do now also, the ultimate rewards is going away for chase checking accounts but will still be in affect on certain credit cards, i guess chase wants to force people to use their credit cards instead of debit cards, i have another checking account elsewhere but it doesnt earn rewards, i may just stick with chase checking for my main account because i dont want to pay a fee and i get my checks directly deposited into the chase account

Rafiki said...Best Blogger Tips[Reply to comment]Best Blogger Templates

I'm not American but I have heard Debt Ninja complain about the same Chase taking over WaMu.

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