Chase Bank is now offering a new rewards program with their debit card! Here are the highlights of the fine print:
The program is free for customers with a Chase Check Card or the old BankOne The One Card. You can register your card at www.chase.com/visaextras. If you have multiple cards for one account, you’ll need to register each card separately. Points from different cards can not be combined. However, if your card is lost or stolen your points will be transferred to your new card. If you have multiple accounts, you can register all your cards (but the points will accrue separately on each of the cards and they cannot be combined).
You get one point for every dollar you spend, including tax. The points can take up to 90 days to be credited to your account. Points expire after 3 years.
Points are redeemable for rewards from select merchants. There is no charge to redeem your points. Points are not redeemable for cash.
You must sign for all in-store purchases you make with an enrolled Visa card in order for such purchases to be deemed Qualifying Purchases; do not use a Personal Identification Number (PIN) when paying for your purchases with your enrolled Visa card if you want to earn points for such purchases. When making an in-store purchase (at a store, restaurant, or other merchant location) with your enrolled Visa card and you are presented with a choice of “credit” or “debit/ATM,” choose “credit” to ensure you will be asked to sign for your purchase and earn Chase Visa Extras points for Qualifying Purchases. When making a purchase online with your enrolled Visa card, make sure you always select “Visa” if you have that choice to ensure you will earn Chase Visa Extras points for Qualifying Purchases. Some purchases that can be easily converted to cash, such as buying a gift card, will not count. Online payments through the Chase website don’t count, but payments made at retailer bill payment websites do. For example, you can’t pay your electric bill through the Chase website, but you can pay it through your electricity company’s website.
You’ll lose your points for any item that you return. Also, you won’t accrue points if you make a purchase while your account is overdrawn.
The redeemable cash value of the points seems to fall along these lines:
2,000 points = $5
4,000 points = $10
10,000 points = $25
80,000 points =$200
100,000 points =$250
So, the rewards are around .25%, far less than the 1-5% rewards available with many credit cards.