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Chase Bank Ending Debit Card Rewards

submitted on March 22, 2011 by pablos17 in "Member's Lounge"
Looks like Chase is becoming even more customer un-friendly and stopping their rewards program. Like it's not bad enough that they have put the new $5 ATM fee in place.

JPMorgan Chase & Co. (JPM) will stop offering debit-card rewards for almost all of its customers in July to reduce losses from a proposed cap on interchange fees.

The company is mailing letters to customers announcing the change, said Tom Kelly, a spokesman for the bank. New York-based JPMorgan said in November it would end rewards for new customers in February, while keeping programs for existing clients.

“Congress recently enacted a new law known as the Durbin Amendment that significantly impacts debit cards,” said one of the company’s letters to customers. “As a result of this law, we will be changing our debit rewards program.”


http://www.bloomberg.com/news/.....e-cap.html
     

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  • 108185
    roxytang
    professor
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    Posted by roxytang on March 22, 2011
    [reply] 3 0
    I am so glad I am no longer a Chase customer.
      108226
    • clover
      professor
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      Posted by clover on March 22, 2011
      [reply] 2 0
      Me too Roxytang! I know someone that has this reward program and I don't want to hear her "Wah!" Never ever get credit cards from your bank if you have a checking account, savings account, car loans etc at the same establishment!!!
  • 108189
    mommy25
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    Posted by mommy25 on March 22, 2011
    [reply] 2 0
    It sounds like chase is really cutting back on their customers. Glad i don't do business with them.
  • 108261
    CouponNut
    deity
    23 14 8
    12 10 2
    Posted by CouponNut on March 22, 2011
    [reply] 1 0
    Well I won't be needing their Continental Airlines card any more since their airfares are out of this world.

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