Chase Freedom Visa Credit Card

My Chase Freedom Visa credit card terms got changed for the worse recently. If you are unfamiliar with the Chase Freedom credit care, it is a rewards based credit card. Before the terms changed, the rewards were very generous.



Here's what was so cool about my Chase Freedom Visa credit card:



1. I earned 1% cash back on all purchases.

2. I earned triple cash back rewards on specific spending categories such as food purchases.

3. After earning $200, I could cash it in and get $250.



I recently got a letter from Chase that highlights the changes.



First they start off with the good news: Earn 1% cash back every day, everywhere, on all purchases with no caps or expiration dates.



My comment: No caps or expiration dates, that sounds good.



Then comes the bad news: The triple cash back rewards you earn on Everyday spending categories will no longer be available. However, there will be opportunities to earn 3% cash back in new spending categories throughout the year.



My comment: The new opportunities will probably be something like -- if you buy a new Canon camera in the next week, we'll give you 3% cash back. I'm betting these opportunities will have some random purchase attached that very few people will use.



Then even more bad news (cushioned with some good news): Continue to redeem for checks, which now start at $50. Note: The $50 bonus when redeeming $200 in Cash Back Rewards will no longer be available after June 30th.



All good things come to an end eventually.