Question: Is the Chase Ultimate Rewards program any good? Any issues or gotchas with it?
Answer: As a completely impartial observer--I don't have any Chase credit cards, my wife doesn't work at Chase, I don't get paid more if I talk up or trash a credit card in these Q&A's, etc.--it looks very good to me.
Plus, after doing my due diligence and researching this, I'm starting to wish I had one of those cards and was participating in the program. As rewards credit cards go, this is a program worth checking out. But again, I haven't actually used the card and program to truly provide an I-know-exactly-what-I'm-talking-about answer.
Customers who are approved for the Chase Freedom® can earn 5 percent cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Plus, they earn unlimited 1 percent cash back all other purchases and earn a $150 bonus after spending $500 on purchases in your first 3 months from account opening. There are no issues or gotchas that I can see for the standard rewards program mentioned here. There isn't even a fee for the program.
I suppose they could discontinue the program one day, and you've saved all these points, and suddenly you'd be ticked off, but even then, I would assume Chase would give you time to redeem those points. As far as I can tell, as long as you like your Chase credit card, you should love the Chase Ultimate Rewards program.