Monday, March 28, 2011

Chase Is Elminating Rewards Points & Blaming it On The Government

Chase Eliminating Rewards From Their "Ultimate Rewards" Card

For a number of years, I've consulted with the 2nd largest global bank on card and other loan products -- many targeted at the sub prime market.  After several years of work, I was disgusted and haven't done any work with them since.  

To add insult to injury, the monstrous JP Morgan Chase bank which contributed in causing our  economy to virtually implode, are now eliminating all rewards on the card they themselves refer to as ... get this "Chase Ultimate Rewards". Their Senior Vice President, Billy Sheley blames the move on the Federal Government -- specifically... the Durbin Amendment.

Further, Chase isn't offsetting this loss to their customers in any manner. You still have to live with all the other terms and conditions of this debit card.  So, Bill's value add is to eliminate all the rewards from his Ultimate Rewards card and not provide any offset. Now, there is a real marketing and customer service genius.

What's Really Behind This

What Bill failed to tell card holders in his letter today, is that Chase (and other banks) may be... thats may be required to lower the current exorbitant fees they charge from an average of 44 cents per transaction to a maximum of 12 cents.  They're jumping the gun and plan to get back at their customers by eliminating rewards effective April 19, two days before the proposed law goes into effect.  

So in effect, the Fed has tried to encourage Chase to start treating consumers fairly and before a proposed change is enacted, the slippery bankers (Mr. Sheley is this particular case), are forcing consumers to pay for it.  

I for one will do away with my card and plan to find a new local bank -- ideally a local credit union who has the consumers interest more at heart.
If you would like to let Bill know what you think about Chase you may contact him directly at

No comments:

Post a Comment