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?