Home > 2011 > Personal Finance > Chase Hopes to Restart Debit Card Rewards Program

Chase Hopes to Restart Debit Card Rewards Program

Advertiser Disclosure Comments 0 Comments

Chase Hopes to Restart Debit Card Rewards ProgramA chief executive officer for JPMorgan Chase recently announced that the financial institution would restart its debit card rewards programs, which it axed in light of greater regulation from the federal government, if a transaction fee cap is not put in place, according to a report from the Arizona Republic. Currently, the Federal Reserve Board has already delayed implementation of the rule while it sifts through thousands of public comments it solicited.

“Our hope is that the proposal is put on hold,” Todd Maclin, CEO of commercial banking at JPMorgan Chase, said at a recent conference, according to the newspaper. “If they do that, we will reinstate all the rewards and benefits that we had in place.”

[Related: Buried By Letters, Fed Needs More Time on Debit Fees]

The granting of points for Chase’s debit card rewards program is currently scheduled to be completely halted by July 19, and the bank is also mulling a service fee for customers who still carry the account, the report said.

The Federal Reserve’s proposed rule would limit debit card transaction fees charged by banks to just 12 cents, down from a national average of 44 cents per transaction, and the final version of that rule could be put into place by late July.

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.