There are many credit cards out there offering a 1% rebate on purchases. And there are just a couple that pay you back 2% on everything. Now, imagine getting a business credit card that rebates 3% on all your purchases, with no cash back limit! Wow.
Keep imagining. At the bottom of Chase’s full screen ad (which you see after clicking “learn more”) is a not particularly conspicuous link labeled “*Ink Offer Details”. Funny, there was no asterisk in their headline qualifying their 3% claim.
*MOUSE PRINT:
So, the real deal is that you only get 3% back in selected categories (gas, hardware, home improvement, dining, and office supply stores). Otherwise, this is really just a 1% card. And they seem to exclude superstores, discount stores, and warehouse clubs. Hmm, isn’t Home Depot a superstore or discount home improvement store?
And as to the claim that you get “unlimited cash back”, in fact they will limit your extra cash back in the 3% categories to just an extra $40 a month.
So what appeared to be a credit card offering a flat 3% back with no cash back limits, is nothing of the sort.
Mouse Print* pointed out to Chase the potentially misleading nature of their advertisement and asked, “Will Chase revise its advertisements to more accurately say “up to 3% cash back” and qualify its “unlimited cash back” claim?”
Chase replied:
“We are committed to being straightforward in all of our advertising and customer communications. The small banner ad that you are referring to for Ink Cash is referring to the 3% cash back in specific categories and [sic] the then the unlimited cash back for the 1% on everything else.
Our team is reviewing the copy now and although limited by the small space on the banner ad itself, wants to ensure that all applicants fully understand the true value of the card and rewards.” –Chase spokesperson
Trying to cut through the “spin”, Mouse Print* replied to Chase: “There is PLENTY of room to add ‘up to’ in that ad! The question is ‘will you’?”
The company wrote back:
“Up to” is not accurate, though. Customers earn the full 3% on their spending in the select categories, so it’s not an “up-to” and then they earn a full 1% on everything else from the first dollar they spend. We will do our best to make sure that it is more clear.
I could have replied that “up to 3%” is absolutely accurate for the ad they published because there is no mention whatsoever in it about that rate only applying to certain categories. I resisted, and will just leave it to the reader to imagine whether Chase is really inclined to fix their ad.
One other word about the email exchange with Chase. Attached to one of the emails from Chase, clearly by mistake, was a document listing the times over the past several years that I was quoted in major media. It listed the full text of these articles including ones from local television, Chicago Tribune, Fox Business, Associated Press, Washington Post, New York Daily News, etc. Nice to know that Chase PR folks do a little investigation into the reporters or editors who pose questions to them before they respond.
Interesting that they do their research but do not bother to check grammar in their replies.
I have one of these cards, and you have not been fully accurate with your research and details here. You make too many bad assumptions.
True, they have a cap on the “bonus” points offered in any given month. I knew that when I applied for the card. I DO read the fine print before obtaining such things. However, they DO pay those bonus points out on purchases at places like Home Depot and Lowes. I max out on those points some times during the year, due to my many purchases at Lowes and Home Depot. I have also used the card to pay for things like lunch at fast food joints, and the bonus points apply to those purchases as well.
I just received a bonus check from CHASE last week, to the tune of $250.00. Not bad, since I don’t pay them any interest, and they pay me plenty to use the card.
Here is my latest conquest at Lowes:
They now have a “tax rebate” gift card promotion, where you buy a special gift card with your tax refund check. You don’t HAVE to use your tax refund check, but that is a good source of money for many folks this time of year. The link:
http://www.lowes.com/pd_59983-0-SPOCC-TAX_4294794068_4294925544_?catalogId=10051&productId=3323530&Ne=4294925544&identifier=Tax+Refund+Card&cm_cr=Homepage+1.2-_-Web+Activity-_-Homepage+A6+Activity+3.3.11-_-HomePage_Area6-_-10605_3_PROMO_6NPC_Tax
On March 18, Lowes will add another 10% of the INITIAL VALUE of the card to its present balance. Minimum purchase is $500, and max is $4000. I chose $2000, since that is the max amount that Chase will pay bonus points on. So, a card with an initial balance of $2000 will ultimately be worth $2200 in merchandise purchases.
Next, I went to a local post office, and got a change of address kit. Included in that kit is a coupon for 10% off at Lowes.
Then, I went to a Lowes store in DELAWARE, and bought $1800 worth of goods, and presented the 10% off coupon, and paid for it with the tax-refund gift card. Since I usually shop in Maryland, that netted an additional 6% in sales tax savings.
Got my CHASE bill, and it had over 6000 cash-back points, including the 4000 max’d out bonus points. 3% savings. Total savings on that one purchase? 29%!!
Top THAT one Ed.
I think that their “up to” explanation is BS. As the mouseprint shows, they cap how much you can earn at 3% per cycle, so even if they didn’t limit which stores give the 3% cash back, they should STILL include “up to” on the ad copy.
I hope this weasel worded ad and Chase’s reply gets seen by whoever investigates banks for their shady lending practices. Dishonest advertising is a sign of a dishonest lender.
Technically, you are probably right about the way the ad reads.
However, it doesn’t take much of an effort to read the rules, in fact, I’m surprised everyone doesn’t read what they sign up for. I knew exactly what I was receiving when I signed up. They have been pretty good to me, and I will continue using a card that pays me back just for using their card.
No complaints from me.
I agree with your view chase info is totally confusing.As a fomer employee of many years ago I do not trust them very much.All the major banks have gotten too big and cannot provide any quality of service.Please bring back Paul Volcher and break up the major banks.thanks tom minogue