Credit - Limits Of Chase's Cash Back Credit Cards

[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]

We have a Chase Visa credit card that gives us 5% cash back on gas, grocery and drug store purchases and 1% on all other purchases. From Jan till date, we have already received $300 cash back bonus from this card. Now we had purchases worth $14000 coming up. Before going ahead with the purchases, we called up Chase's Customer Service and asked them specifically if there were any limits on our reward points. We were told that we were fine, could go ahead with the transactions and would be rewarded our cash back points. Since the customer service told us that we could go ahead with the transactions we did so.

But to our utter dismay when our credit card's monthly statement arrived this month, it showed zero reward / cash back points. We immediately called customer service and they said that we had already reached their maximum of 30000 cash back / reward points, so no more points shall be added to our account!

This was outright cheating. We informed the representative that before going ahead with the transaction we had called their Customer Service and specifically asked about the status of our reward points. After the customer service representative had assured us that we were okay and were eligible to receive 1% cash back for the transactions we had gone ahead with them. Chase curtly informed us that it was their policy that limited the maximum cash back points for these cards at 30000 per year and they could do nothing about it. They apologized and told us that we were misinformed!

Well, corporate America can cheat to get hold of our dollars. We learnt this the hard way. We lost $140 due to Chase's cheating. We could have easily done the transaction with our Citibank Cards and earned 14000 Thank You Network points. Also, note that Citibank's credit cards generally have a limit of 100,000 Thank You Points per annum.

We hope that our readers will be careful before big purchases during the holidays. Please check the limits on your cash back rewards, track the amount of rewards you have already earned in the current year till date, and read the fine print.

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