A reader who asks not to be identified passes along the following from their Chase checking account statement:
We will no longer sell gift cards
Starting September 22, we will no longer sell gift cards. As a result we will not be able to offer you the benefit of waiving the fee for purchasing gift cards. We apologize for any inconvenience.
I haven’t really played the Chase gift card game, but it went something like this.
Chase has been selling gift cards at no fee, provided you use a Chase credit card to pay for them.
You could buy $2500 per rolling 30 day period per Chase credit card. You could set a PIN for the cards and use then as debit cards (which facilitates getting the funds off the cards and back into a bank account through a variety of methods).
But apparently this game is coming to an end.
The reader who sent me their checking account statement is a Chase Private Client member and as a benefit of their account type has had access to fee-free gift cards — so Chase needed to let them know that one of their benefits was going away.
For the past six months or so, though, Chase has made fee-free gift cards available to everyone with a Chase credit card.
Now it seems they’re getting out of the gift card business. Perhaps unrelated, but they’re also getting out of the student loan business. I wonder if they see gift cards as not a growth area as well.
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