Chase reward points to be spent as cash
Chase Card Services has unveiled a new 'statement credit' feature for its Chase Freedom credit card, allowing cardholders to apply their card's reward points to their next statement so they can spend points as if they were cash.
According to Joe Venuti, general manager for Chase Card Services, the new feature was added because customers said that they wanted the flexibility to shop using their reward points as if they were cash.
Earning rewards With Chase Freedom, customers earn 3 points (3%) per US$1 spent on their top three out of fifteen everyday spending categories, and 1 point per US$1 spent on all other purchases with the card.
The fifteen categories for which 3% rewards can be earned are:
- Gas stations & convenience stores;
- Grocery stores;
- Department stores;
- Drug stores;
- Fast food & quick service restaurants;
- Movie theatres (cinemas);
- Movie/video rentals;
- Dry cleaners;
- Health clubs & gym memberships;
- Beauty salons & spas;
- Pet supply stores & veterinarians;
- Local commuting;
- Cable/satellite TV and internet bills.
Burning rewards Reward redemptions start from US$50 for cash, or 200 points for statement credits. Chase also offers cardholders the ability to contribute to the World Wildlife Foundation (WWF) or the American Society for the Prevention of Cruelty to Animals (ASPCA).
The Chase Freedom programme, which was launched in 2006, also gives its members the option of switching between cash back rewards and reward points, whenever they choose. The Chase Freedom is also Blink-enabled, allowing cardholders to conduct contactless payment transactions at over 90,000 merchant locations.
A 'Chase Exclusives' version of the Chase Freedom programme is also being made available via Chase retail branches for cheque account customers, offering accelerated (3% instead of 1%) rewards for spending in each customer's top five everyday spending categories.