Review of the Chase Ultimate Rewards Mastercard



The Chase Ultimate Rewards Mastercard was last reviewed on : 16th February 2005

Summary - The Chase Ultimate Rewards Mastercard has a comprehensive reward program which has travel and shopping rewards. You earn 1 point for every dollar you spend on purchases. The number of points you can accrue is set by your credit limit. Points are valid for 3 years. You can redeem points for airline travel, hotel, car rentals, cruises, shopping merhandise, even use points for Chase mortgage payments.

Fees - The Chase Ultimate Rewards Mastercard has no annual fee. There are 3 APR, but the lowest is Prime Rate plus 4.99% (which is low). You also get a 0% APR on balance transfers for 12 months from account opening. The two-cycle average daily balance method for computing balances.

Verdict - The will suit those looking for a comprehensive reward credit card with no annual fees. The ultimate Rewards program is good and is as competitive as the best reward programs in the market.

Update - The Chase Ultimate Rewards Mastercard has been discontinued and replaced by the Chase Flexible Rewards Visa, which has a updated and slightly better program.

Positives
  • No annual fee
  • Comprehensive reward program


Negatives
  • Chase uses the 2-cycle average daily balance method (including new purchases) to calculating balances
  • Points expire in 3 years



Chase Ultimate Rewards Mastercard
Reward Benefits
Reward Formula Earn 1 point for every dollar you spend on purchases
Caps on Points You can earn points up to your given credit limit
Points Expiry 3yr
Travel and Insurance Benefits
Up to $500,000 Automatic Travel Accident Insurance
Other Benefits
Online Account Access
Online account statements
Chase Bill Management Center
Credit Line increases
Cost/Fees/Interest rates
Introductory rate 0% introductory APR on balance transfers for first 12 months
Annual Fees No annual fee
Purchase APR Prime Rate plus 4.99%, 8.99% or 12.99%
Balance Transfer APR Prime Rate plus 4.99%, 8.99% or 12.99%
Cash Advance APR Prime Rate plus 15.99%
min is 19.99% for Elite and Premium Pricing
min is 23.99% for Standard Pricing
Penalty/Default Rate APR Prime Rate plus 23.99%
Min Finance Charge $1.00
Grace Period 20 days
Balance Calculation Method Average Daily Balance (including new purchases)
For biliing cycles ending on or after 1st March 2005, balances will be calculated using the 2-cycle average daily balance method (including new purchases)
Balance Transfer Fee $75.00 per transaction
3%, max $75.00 during introductory period
Cash Advance fee 3% min $10.00
Foreign Currency Conversion fee 2%
Over-the-credit-limit fee $35.00
Late Payment fee $15.00 - up to but not including $250
$39.00 - $250.00 and greater



The Chase Ultimate Rewards Mastercard has been discontinued. Apply for the Chase Flexible Rewards Visa instead.




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