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At a time when many credit card issuers have reduced the benefits on reward credit cards, executives at J.P. Morgan Chase & Co. have announced a new added value program. Chase Freedom and Chase Sapphire cardmembers can now qualify for a new Chase Ultimate Rewards program that promises a "world class" customer experience. Customers earn at least one point for each dollar purchased, with benefits that include:

  • No earning caps or expiration's
  • No merchant restrictions
  • Double points for airline purchases
  • Points redeemable for gift cards or merchandise from participating retailers
  • Points-to-cash and points-to-miles conversion options for preferred cardholders

Company officials hope that integrating reward tracking and travel purchasing into a member-exclusive website can help attract value-conscious consumers to the Chase brand. "Ultimate Rewards is redefining what rewards should be," said Chase spokesperson Rob Rosenblatt. "We're giving our customers new reasons to come back each and every day." 

Chase Freedom and Chase Sapphire cardholders can participate in Ultimate Rewards without any fee. Customers who pay an additional annual fee ($30 for Chase Freedom and $95 for Chase Sapphire) receive special benefits: a fixed 3% bonus for spending in grocery, gas and fast-food categories with Chase Freedom and point transfers into select travel reward programs with Chase Sapphire.

What do you think about the new Chase Ultimate Rewards program? We welcome you to share your ideas on our active credit card forum.