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Under: Best/Worst Financial Products
Bad Chase, Good Chase...
  • jenwilliams1971
    As everyone knows, Chase bank was one of financial institutions that ended their debit rewards program. I felt the pinch as I ALWAYS used the giftcard option for Christmas presents, allowing me to never feel the holiday crunch. Much to my relief, I realized that I had a credit card with Chase that was STILL enrolled in a rewards program AND also had a cash-back bonus! I am now using that credit card to pay all of my expenses and then pay the credit card in full 1 week prior to the due date by transferring the money from my checking to the credit card. I am basically earning points again for each dollar I spend and pay the card in full to avoid interest costs.

    As a bonus, my credit score will be even higher as it will show that I am actually using credit (this card had not been used since 2008) & doing it responsibly.

    What do you think?
  • MariaLin-EIC
    Nice strategy using your giftcards around the holidays to pay for gifts - I love that idea. As long as you pay your credit card bill in whole and on time every month, we think that using credit cards for reward points and building credit is a great idea. It's those who let their credit card spending get out of control who should try to stay away from them, rewards or no.
  • zebra
    I am always cautious when dealing with chase. I keep them open because they are an old credit line and my credit score would take a hit if I closed the account. Myself and family have had experiences with them lowering credit limits before letting us know, sending out new cards but with different rules attached to the new cards, etc. The resulting lowering of credit limit also impacts credit scores. As with any business dealing, don't just trust, check paperwork and hard facts.
  • slweal
    I attempted to close off all my business with big banks, but then Chase had the Freedom card, so I opened it. And a checking account to get the bonus points. Right now I am happy so far (after about 3 months). I've earned between 20-30$ cash back each month so far and that is nice. I transfer it into my Chase checking- which is essentially a savings account carrying the minimum balance to avoid a monthly service fee.

    I am a bit concerned about the huge investment lost they took recently. Mostly because it reminds me I am dealing with the bad guys and giving them my business :-(

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