Chase Freedom dropping 10% dividend

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Luxe
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Chase Freedom dropping 10% dividend

Postby Luxe » Tue Aug 19, 2014 2:55 pm

"After the closing date on your December 2015 billing statement, you will no longer earn the extra 10% annual bonus that you get on the cash back you’ve already received for new purchases."

They are also taking away a few other features like "all options to redeem for airline tickets based on a fixed amount of points will be discontinued." Granted those options may be used infrequently but it would be nice to get a new perk in return. The only maybe-good news is they are updating their website.

I'm thinking of getting the BofA card with their new rewards up to 1.75/3.5/5.25 if you invest with them. The Freedom's 5% categories are still great but the perks are trending in the wrong direction.

https://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/shared/marketing/page/ultimate-rewards-freedom-404-annoucement


MemberSince99
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Postby MemberSince99 » Tue Aug 19, 2014 4:06 pm

Cool so maybe their website will get up to looking like say 2008 or so as opposed to the retro 90s look it has now? Awesome.


You know, I knew they were taking that away. They took away the dividend from CSP and so it's not that big a shock they follow with Freedom. If I actually used Freedom, I might honestly care. I never use it not even for the 5% categories so I really don't care. I'm wondering why the hell I even keep it open. If anything is closed that card is on the short list.


I agree with you. Chase supposedly wants to compete with Amex but I only see them raising fees (CSP) and dropping rewards which doesn't favorably compete in my view.

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Aug 19, 2014 4:33 pm

Oh well. More swipes for Discover and Amex!
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
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Postby popamode72 » Tue Aug 19, 2014 6:00 pm

Oh man this stinks. I still want a Freedom card but who knows what else they will get rid of now. Barclays and their Sallie Mae Mastercard is sounding more and more attractive to me by the day. I think I know which bank is going to get my business next if this keeps up.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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djrez4
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Postby djrez4 » Tue Aug 19, 2014 6:59 pm

Eh. I never lost my 10+10 bonus, so this is even bigger news for me, but I really don't care. Most of my UR points come from bonus categories on both the Freedom and the Ink, between 3000-5000/month. My 10+10 points were always a small part of that. Most of my non bonus spend goes on the Everyday Preferred with its 1.5 base points. I guess it's one less reason to pull out the Freedom. On the bright side, at least we get plenty of warning.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

MB131174
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Postby MB131174 » Tue Aug 19, 2014 7:21 pm

I wonder how much of a boost this will bring Discover? Discover still seems like the underdog of the big 4.
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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Aug 19, 2014 7:53 pm

I'll still use Freedom for 5% categories - but Discover largely matches Freedom's categories this year. And Freedom now loses to Discover in a tie. With no 10% more, Discover's cheap gift cards become more attractive to plain cash back.

For long-time Freedom and It holders - are the categories usually as similar as they have been in 2014?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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otter
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Postby otter » Tue Aug 19, 2014 8:01 pm

Luxe wrote:I'm thinking of getting the BofA card with their new rewards up to 1.75/3.5/5.25 if you invest with them. The Freedom's 5% categories are still great but the perks are trending in the wrong direction.


You don't want to invest with Bank of America/Merrill Lynch. They are the absolute worst at executing trades quickly. I lost 10% on market orders on several occasions (these weren't lightly traded companies/penny stocks; they were large companies with high daily volume). Other brokers
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Aug 19, 2014 8:09 pm

Luxe wrote:I'm thinking of getting the BofA card with their new rewards up to 1.75/3.5/5.25 if you invest with them. The Freedom's 5% categories are still great but the perks are trending in the wrong direction.


Luxe,

I briefly thought to myself 'Gee, there's another thread you should read': http://creditcardforum.com/visa-mastercard/10230-new-bofa-0-af-up-5-25-gas-3-5-groceries-1-75-everything-else.html

Then I remembered you had started that thread and posted regularly. You've used Merrill Edge and know what's not to love about it.

Everyone else - I don't suggest using Merrill Edge.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

MB131174
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Postby MB131174 » Tue Aug 19, 2014 8:25 pm

CarefulBuilder14 wrote:I'll still use Freedom for 5% categories - but Discover largely matches Freedom's categories this year. And Freedom now loses to Discover in a tie. With no 10% more, Discover's cheap gift cards become more attractive to plain cash back.

For long-time Freedom and It holders - are the categories usually as similar as they have been in 2014?


Usually, yes, they are the same. Biggest difference is Chase seems to have done gas 2x a year, Discover 1x. Nothing is guaranteed. Now, in 4th quarter, Chase only does certain shopping 5%, but Discover does ALL online shopping for 5% off. Again, nothing is guaranteed forever.

I can redeem $40 of available cash back for a $50 Eddie Bauer gift card. So, really, that's 1.25% back since you get the extra $10 when redeeming $40. Different stores will vary though. To me, that makes my It Chrome 2.5% on gas/restaurants and 1.25% on everything else (vs the 2% on gas/eating out and 1% on everything else) if I redeem for that. I do buy a lot of my winter sweaters for work at Eddie Bauer, so that's a win.
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