“All you need to do is pay a $25 dollar enrollment fee, per year, and you will be enrolled in Chase Ultimate Rewards Program. Four reward points for every dollar that you spend. Just check out your online account for the most up-to-date point rewards balance.”
Who would have known that when JP Morgan Chase Bank initially began their debit card rewards program it would turn out to be such a negative step for the revised brand? Chase Bank Customers were able to sign up, free of charge, for the “Debit Card Rewards” program, which earned them one point for every dollar that was spent using their debit card. The “Ultimate Rewards” program required an annual enrollment fee of $25 guaranteeing them four points for every dollar spent. The only catch was that when checking out with their debit/credit card, they had to choose the “credit” option as their form of payment.
As of February 4, 2011 though, new Chase customers will no longer be allowed to enroll in the Debit Rewards Program. Chase Bank is not shutting down the entire program because they are still allowing the existing customers access to the rewards points. They are just not allowing new customer enrollment into the free or fee program.
In the long run though, will this elimination of such a hefty rewards program run off some of their best clients? Or will other banks follow and this rewards system just no longer be existent for debit/credit card holders. With the economy as it currently is, many customers with bank accounts are looking for great deals and coupons that will help them to more slowly spend their dwindling bank accounts.
Will this be a big adjustment for debit cardholders? Or will life go on, and this brief moment of bliss go forgotten?