JPMorgan Chase is eliminating cash-back checks from its rewards program for Chase Sapphire, Chase Freedom and Ink credit card customers, according to American Banker.
Chase informed customers last week that, starting in November, they can no longer receive cash rewards for its Ultimate Rewards Program via mailed checks. Cardholders will still be able to receive rewards as a credit on their statements, or as a deposit to a linked bank account.
The bank said those electronic methods are faster and more reliable than mailed checks, which often go uncashed because the customer loses the check or mistakes the envelope for junk mail.
Chase is also changing the name of its Pay Yourself Back program, which lets customers use loyalty points to pay off each month’s credit-card bill. Too many customers were not sure what Pay Yourself Back really meant, said Manning Field, director of marketing and innovation for Ultimate Rewards, adding, “Like the paper check, it was just creating too much confusion not only with our customers, but in some cases within our servicing environment.”
In addition, Chase is rebranding its Ultimate Rewards Mall, where cardholders can spend points to buy merchandise, to be called “Shop Through Chase.”
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