After February 8th, Chase isn’t letting any more people into the debit rewards program. Citing shrinking margins due to recent legislation, Chase is closing off all new enrollment.
The program, free and open to anyone with a checking account lets you get 1 point for every five dollars you spend. You can also pay a $25 annual fee to earn 4 points per $5 spent. The points can be spent on merchandise, gift cards, travel, dining, hotels and other crap.
The program will still continue for current members, they’re just not letting anyone new in.
The question is, now that Chase has made their move, will Bank of America, Citi and Wells Fargo follow? As of now, they say they haven’t decided yet.