Chase Begins Charging Monthly Service Fee for Checking Accounts

I just received a letter from Chase telling me that my checking account will have a new $10 monthly Service Fee if I don’t meet one of their requirements:

  • $500 in direct deposits per month
  • $1,500 minimum daily balance
  • average balance of $5,000 across all Chase deposit accounts

I got switched to Chase after Wamu got taken over by them and the big thing with Wamu was FREE CHECKING. I don’t use this account much anymore, so I’ll probably be closing it.

New Quarter’s Credit Card Cash Back

chocolate cake

A bit sad my Fidelity credit card’s 3-month promotional 4.5% cash back (on anything) came to an end yesterday, but this new quarter’s extra cash back bonuses don’t look too shabby.


  • Restaurants: 5%
  • Department Stores: 5%
  • Clothing Stores: 5%

Chase Freedom:

  • Department Stores: 5%
  • Grocery: 5%
  • Movies: 5%


  • Electroncis 3%

PenFed has 5% cash back on gas all year round. And of course I always have my fall-back cards which give me 2% on everything else.

Advanta Shutting Down Credit Card

For those who have an Advanta credit card, you might want to switch to a new card after June 10th, 2009 May 30th, 2009. Apparently they’re shutting their credit card business. According to their press release:

Since the securitizations will not be permitted to fund new receivables after June 10, the Company will shut down all credit card accounts to future use at that time. Neither Advanta Bank Corp. nor any other Advanta-related entity will fund activity on its balance sheet from the accounts. Therefore, the Company will not take any off-balance sheet receivables onto its balance sheet. Shutting down the accounts will not accelerate payments required from cardholders on existing balances.

Here’s a few other articles/threads that may interest you:

To my understanding, you won’t be able to make any new charges after 6/10 5/30, but you do NOT have to pay off your existing balance. Whatever terms/rates still apply for those who do carry a balance on the card.

If you’re looking for a replacement card for your business, I suggest the American Express SimplyCash Card (which I’ve blogged about here). Unfortunately, the cash back have since decreased a bit.

If you’re looking for a Visa/MasterCard, you may want to check out the Chase Freedom For Business. You get 3% back on the top 5 categories you purchase in and you even get a $50 sign up bonus. However, I believe there’s an annual cap on how many points you can accrue. Hope this helps!

Update: Looks like they bumped up the close date to 5/30. Here’s the copy of the email I just received:

Dear Customer,

Your Advanta Business Card account is funded by an independent trust which owns the balances you owe on your account and provides funding for new transactions. We expect the trust to stop funding activity on our accounts. The trust also restricts our flexibility to fund activity on your account. Unfortunately, as a result, effective May 30th all Advanta Business Credit Card accounts, including your account, will be closed.

This means that you will not be able to use your card or account for new transactions, including purchases, checks and balance transfers beginning on May 30th. We understand that you may have written checks on your account before May 30th and we will make every effort to honor those checks that are presented to us for payment by June 3rd. If you use your Advanta card to make automatic recurring bill payments, you will need to make alternative arrangements for those payments promptly.

It is important to understand that you are not required to pay your entire balance at this time. You may continue to pay down your account balance over time, as allowed under your Advanta Business Card Agreement.

You will not lose the rewards that you have earned. If you participate in a Cash Back program, you will receive a check for the amount of any accrued rewards more than $1.00 as long as you make the required minimum payments and your account remains in good standing. If you participate in a Business Rewards program, you will have at least 60 days to redeem your points as long as you make the required minimum payments and your account remains in good standing.

We deeply regret the impact this action will have on your business and very much wish it was not necessary.

We are committed to assist you through this process. Additional information will be available at If you have any other questions or concerns, or if we can assist you in any other way, please feel free to contact our Customer Service Center. You can email us your questions 24 hours a day at or call us toll free at (800) 705-7255, Monday – Friday 8:00 am to 8:00 pm and Saturday 8:00 am to 5:00 pm Eastern Time.

John F. Moore
President, Advanta Bank Corp.

Next 24?


I have a prediction for next season’s 24. (Show)

Similarly for House M.D., is there going to be… (Show)


Both series are available in HD on the iTunes Store: 24, Season 7 and House, Season 5

Looks like TV is going to suck for the next few months. Good thing I have a pile of anime and Netflix to keep my entertained. 🙂

Chase Freedom Credit Card + Chase Checking Account

Some time earlier this week, we had a discussion over dinner about credit card with rewards. Chase Freedom was mentioned to be one of the better cards to use overall since it gives you 3% cash back on the top 3 categories on your bill. Today I saw this thread: Chase Freedom Credit Card Holders! 3% Rewards in TOP 5 w/ Chase checking account

The Chase Freedom credit card rewards 3% cash back or 3 points per $1 on the first $600 in purchases in the top 3 of 15 Everyday categories where you spend the most each month. Chase checking account customers will earn 3% cash back or 3 points per $1 on the first $600 in purchases in the top 5 of 15 Everyday categories. That’s 2 additional Everyday categories. If you are an existing Chase Freedom credit cardmember and a Chase checking customer, your account will be upgraded to these new benefits; a confirmation letter will be mailed when this takes place in June, 2008. To apply for Chase Freedom with the exclusive benefits for Chase checking customers, or to learn more including pricing and reward program terms, see a Chase branch banker. Restrictions apply. Subject to credit approval. Chase credit cards are issued by Chase Bank USA, N.A. There are 15 Everyday categories consisting of grocery stores (that are not affiliated with or departments of superstores, warehouse clubs or discount stores), gas & convenience stores, quick service payment/fast food restaurants, telecommunications, cable/satellite TV/Internet Service Providers, video rentals, department stores, dry cleaners, drug stores, movie theatres, local and suburban commuter passenger transportation (including ferries, bridges, tolls, parking garages, taxis/limos), pet supply stores and veterinary services, utilities, beauty shops (salons and spas), or gym/recreation memberships. Benefits will no longer apply if, at any time, the checking account is closed.

For more details, visit Chase Exclusives.

Do note, there is a cap on the amount of 3% rewards you get per month (currently capped at $600, which translates to $18 worth of 3% rewards). After which, all remaining purchases will be rewarded at the 1% tier for the remainder of the month. That equates to $7,200 in purchases eligible at the 3% tier which translates to a maximum of $216 of cash back per year.

If you want to try out the Chase Freedom credit card, currently there’s a $100 sign up bonus: Chase Freedom Application

If you want to try out Chase checking account, currently there’s a $125 sign up bonus: Chase Checking Application (requires you to be logged into any Chase account)