Today I received word that one of the more popular rewards credit cards, the Chase Freedom Credit Card, is going to the rewards card graveyard (to live with several other cards, many from Citibank). In these days of bank stress tests and failures, the “giant monster mega banks” (as Clark Howard calls them) are trying to cut corners everywhere, and that means keeping more of the credit card earnings for themselves.
Here’s what is changing:
- Chase Freedom is eliminating the 3% reward on your top 3 spending categories in favor of a 1% reward on everything
- Chase Freedom is eliminating the $50 bonus when you cash out $200 in rewards.
It was a good card while it lasted, but now I must say: Goodbye, Chase Freedom Visa.
I’m on the search for possible alternatives. So far, Blue Cash from American Express looks interesting, but it doesn’t really kick in big until you spend over $6,500 on the card. Under $6,500 you can earn 1% on “everyday” purchases: gasoline, drugstores & groceries, and 0.5% on everything else. Over $6,500 you can earn a hefty 5% on “everyday” purchases, and 1.25% on everything else.
What reward cards look promising to you? Leave your comments below.
(photo: Rail Life)