Chase to Remove One Redemption Option for Credit Card Cashback
Chase has sent out emails today informing cashback credit card holders of a change in redemption options. More specifically, the credit card issuer soon stop allowing cashback to be redeemed as a deposit into an external bank account.
You will still be able to redeem cashback for a statement credit or a deposit into a Chase bank account.
Here’s the text of the email:
Beginning ‌3/27/2‌6, you will no longer be able to redeem for a cash back deposit from your Chase Freedom®, Chase Sapphire®, or Chase Ink® credit card(s) to an account held by a financial institution other than Chase. You can continue to redeem for a cash back deposit to an eligible U.S. Chase account or redeem your rewards as an account statement credit.
The change will go into effect on March 27 and likely won’t affect many Chase cardholders, and even those who may be affected will have a workaround.
If you still want to redeem cashback into a non-Chase account, then you can redeem for statement credit and then request a refund. That refund can go directly into an external account or you can request a check.
Let us know in the comments if you have used this redemption option in the past!
A digital age ‘run on the bank’…. Maybe a remake of It’s a Wonderful Life is in the making?
Seems like Chase keeps making devaluing changes at every turn. Maybe I have the goal of business all wrong, but isn’t it better to GAIN customers and not lose them?? Downgraded my United card, will be doing the same with my CRS in August and if these crappy 5% bonus catagories continue, I’ll be canceling a others.
Could not believe this hokey crap when I got the e-mail today. It’s hard to transfer points between cards, cutting redemption options…they’re lowering the value of UR. Might as well drop transfer partners too since airlines miles aren’t worth shite post-pandemic.
Dead program.
I used this two years ago to cash out 250,000 points into my Citibank account. This just makes it more of a pain to get the cash back. Waiting for them to cut you a check takes time. Losing the ability to transfer the funds immediately to your primary account means that Chase wants you to open an account with them. It’s keeps you in their ecosystem. It will affect those who are unaware of the work arounds to get it done.
Benjy? They read your article.