So I have a Chase Freedom card that offered cash back and the most exciting part of that was I was able to redeem 200 cash rewards for a $250 check. I used to get:
3% cash back on my top five spending categories and
1% cash back on all purchases.
That meant I was getting a BONUS $50 because all the other redemption points were at a rate of 1 to 1 as follows:
redeem 10 cash rewards for a $10 check
redeem 50 cash rewards for a $50 check OR
redeem 200 cash rewards for $250 check
This made me wait until I got up to the 200 cash rewards because I really wanted that extra $50. I was able to cash in on it twice since getting the card and ended up putting that bonus $50 in the snowflake fund and then later using it to pay off debt.
They are doing away with the $250 check for 200 cash rewards and now ALL redemptions will be a on a 1 to 1 basis. I am so MAD right now about losing that bonus and since I have about 23 points right now I am not even close to being able to cash out before November.
Chase has now become like Discover (which I also use) and just gives the straight 1% on everyday purchases with a 5% on rotating categories that you have to go the site and sign up for every quarter. Grrrrr.
Oh well, I should not have been counting on that money because it is a bonus after all and not a guarantee. It was something nice to look forward too and it is sad that Chase is just cutting that bonus totally. I think a nice gesture would have been to reduce it to 200 points for a $225 check or something…don’t just leave loyal customers who loved that bonus just hanging.
It was just a nice little bonus and it made that Chase card very special because I did not have any other card that gave such a generous bonus.