No More Chase Disney Debit Card Reward Program

[famsen]

I just received notice in the mail and I confirmed it online and with a phone call to Chase, that as of July 19, 2011 they will no longer offer ANY debit card rewards programs INCLUDING Disney Rewards.
My letter states that the points I currently have will not expire but I received a different story over the phone where the operator told me I had to redeem my points by October 31, 2011. I assume they are still doing the Disney Reward Credit Card program.

This just stinks.. I just signed up Disney Rewards at Chase not even a year ago and have already earned about $200 in points to use on our Disney trips just by paying my bills and making normal purchases. After July 19th, no more ways to get points for Disney. I did not qualify for a Disney Credit Card from Chase.

Chase claims they can not afford to do rewards programs anymore because of the credit card act that the government passed which protects consumers.

I am really upset about this. I thought I would post this here because this board gets the most action. Mods, feel free to move it to the appropriate place.

 

[chodnett]

I certainly hope they don't discontinue the rewards for the credit card. I use it for everything!

 

[lfwhipp]

I certainly hope they don't discontinue the rewards for the credit card. I use it for everything!

Me too!! i think i would completely flip!

 

[Leajess99]

Unfortunately there will be a lot of debit cards that will lose their rewards due to the new act. The retailers will be making big bucks off the debit card uses while banks and credit unions will have to pass the losses onto their consumers.

Time to start writing to your Congressmen and Senators in hopes to get that act changed.

 

[DebbieB]

How does a Chase Debit card work? You have the money in a checking or savings account with Chase? On credit cards, don't the retailers have to pay a fee, that's where the bank makes money? How about on debit cards?

 

[akl432]

Unfortunately there will be a lot of debit cards that will lose their rewards due to the new act. The retailers will be making big bucks off the debit card uses while banks and credit unions will have to pass the losses onto their consumers.

Time to start writing to your Congressmen and Senators in hopes to get that act changed.

This is absolutely correct. Thank your "helpful" congressmen for this destructive legislation that "helps" consumers.

If we all write, perhaps we can get them to see the true impact of the legislation, and hope for a repeal!

 

[akl432]

How does a Chase Debit card work? You have the money in a checking or savings account with Chase? On credit cards, don't the retailers have to pay a fee, that's where the bank makes money? How about on debit cards?

The bank makes money (called interchange) off of debit and credit card transactions. The difference is that the Dodd-Frank legislation explicitly applies to debit cards. Banks will be, by law, required to get reimbursed for only a tiny fraction of the interchange fee they normally get from retailers. Banks have to make up the revenue somehow, or they will have to start cutting costs (closing branches, which will cost jobs and leave us with fewer branches to choose from).

Credit card interchange was not included in the Dodd-Frank bill, which is why credit card rewards are probably safe for the short term. I wouldn't be surprised if the same thing eventually happened with credit rewards, due to other credit card legislation (called the CARD act). But it looks like, for the time being, credit card rewards are safe (crosses fingers).

 

[d1gitman]

...Credit card interchange was not included in the Dodd-Frank bill, ...

heaven forbid a politician do anything to discourage something that enables debt

 

[mlittig]

I certainly hope they don't discontinue the rewards for the credit card. I use it for everything!

So do I I really hope they do not discontinue the Disney Visa Rewards Card

 

[DebbieB]

I can see offering rewards on a credit card, most people pay interest and if they are encouraged to spend they are more likely to pay interest. But a debit card has no interest, so less reason to offer rewards.

 

[doggydoc]

Unfortunately there will be a lot of debit cards that will lose their rewards due to the new act. The retailers will be making big bucks off the debit card uses while banks and credit unions will have to pass the losses onto their consumers.
Time to start writing to your Congressmen and Senators in hopes to get that act changed.

Whoa you you have some serious misconceptions. Retailers won't be MAKING any money on this. The limits are on what retailers are CHARGED for processing transactions. All these rewards that people are so fond of are not paid by your bank or creditor they are paid for by ridiculous fees paid by retailers each and every time you use a credit or debit card. As a small business owner I can tell that I pay a significant amount each month in Merchant Fees and any sort of "Rewards" cards are processed a higher rate. You've been paying these extra fees that you say the banks will pass on to you by paying more at every retailer you shop at. Any cost of doing business, like merchant fees, are passed on to the consumer in order to stay profitable.

 

[CLR4321]

As soon as I saw the Congressman quote, I knew this would turn into a political debate.

 

[ambertides]

I wonder if that means they're removing the $25 annual fee? The other perks aren't really worth $25 to me. :/ Guess I will have to work to get my points balance above $10 by July so I can transfer them.

 

[Lyons Family]

If you continue to read the letter that was delivered today, you will see that in the very very fine print you can transfer your debit points to your Chase credit card points..................So you don't have to make a mad dash to buy something yet.............................................This only effects the debit bonus part................so, start using your credit card instead and accumulate the points there................and forget the debit card!!!!

Safe travels.

 

[sharona]

The bank makes money (called interchange) off of debit and credit card transactions. The difference is that the Dodd-Frank legislation explicitly applies to debit cards. Banks will be, by law, required to get reimbursed for only a tiny fraction of the interchange fee they normally get from retailers. Banks have to make up the revenue somehow, or they will have to start cutting costs (closing branches, which will cost jobs and leave us with fewer branches to choose from).

Credit card interchange was not included in the Dodd-Frank bill, which is why credit card rewards are probably safe for the short term. I wouldn't be surprised if the same thing eventually happened with credit rewards, due to other credit card legislation (called the CARD act). But it looks like, for the time being, credit card rewards are safe (crosses fingers).

I haven't been inside a bank more than 10 times in the past 5 years. That's what direct deposit, online banking and ATMs are for. Yet for some reason, every other new building I see going up around here is a bank. I don't think we're in any danger of not having a convenient bank available.

 

[itsmetigress]

If you continue to read the letter that was delivered today, you will see that in the very very fine print you can transfer your debit points to your Chase credit card points..................So you don't have to make a mad dash to buy something yet.............................................This only effects the debit bonus part................so, start using your credit card instead and accumulate the points there................and forget the debit card!!!!

Safe travels.

Not everyone can get the credit card.

 

[creativeamanda]

Not everyone can get the credit card.

ANd not everyone wants a credit card.

Personally, a place really down south would freeze over before I ever had another Chase card. They were the first card to tack on the fees and do interesting things to a billing cycle a couple of years ago. The laws passed were to keep people like them from milking additional fees. I'm proud to say I have a credit card in my wallet, with no balance on it.

The Chase card? Cut up a long time ago.

 

[BAMLuvMickey]

ANd not everyone wants a credit card.

Personally, a place really down south would freeze over before I ever had another Chase card. They were the first card to tack on the fees and do interesting things to a billing cycle a couple of years ago. The laws passed were to keep people like them from milking additional fees. I'm proud to say I have a credit card in my wallet, with no balance on it.

The Chase card? Cut up a long time ago.

CHASE is the reason why my credit is messed up!!! NO JOKE! My Disney Visa limit was $5000 and I only had about HALF that limit on there. Then they raised all their darn fees and within a few months, my balance is way over my limit. I did not use the card often, and then I lost my job and could not afford what they considered affordable minimum payments. After calling them and seeing if there was a way to help, they treated me like crap and put a hold on my card until "my debt" was paid off. So I told them just to cancel the account....Fast forward to now. Months of me not being able to pay, they finally want to settle for LESS than what I originally had on there...I scraped together the cash to pay for it and basically told them to never contact me EVER again...I did the same thing to Capital One when they tried to pull one over on me a while back. Only Capital One said I owed them money when I didnt even have a balance on my card...

 

[asianway]

Whoa you you have some serious misconceptions. Retailers won't be MAKING any money on this. The limits are on what retailers are CHARGED for processing transactions. All these rewards that people are so fond of are not paid by your bank or creditor they are paid for by ridiculous fees paid by retailers each and every time you use a credit or debit card. As a small business owner I can tell that I pay a significant amount each month in Merchant Fees and any sort of "Rewards" cards are processed a higher rate. You've been paying these extra fees that you say the banks will pass on to you by paying more at every retailer you shop at. Any cost of doing business, like merchant fees, are passed on to the consumer in order to stay profitable.

Bravo! A smaller business is typically going to pay 2% on a normal credit card for interchange and more toward 3% on a rewards card. That extra percent pays for the rewards points we receive.

 

[Lyons Family]

WOW

If I would have known posters could ATTACK a simple posting the way they did.............I never would have posted the complete information. I was not selling the Chase card......nor defending their practices. Just stating the facts.
Hope all have a nice day, now that some of you vented your anger.

Remember we are on the site of the HAPPIEST PLACE ON EARTH.

Safe travels.