Consumer Payment Card News

Chase & CARD Act

Chase will no longer enroll its cardholders in its debit rewards program thanks to shrinking margins because of the recent CARD Act legislation. Closing off all new enrollment after February 8th, the program will continue for current members, but this is sure to usher in similar moves by similar issuing banks, such as Bank of America and Citi, and smaller operations such as Key Bank and First Niagara. The Chase rewards program awards 1 point for every five dollars spent or a $25 annual fee to quadruple point earnings. Free and open to anyone with a Chase checking account, your window of opportunity is fast shutting.

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