Chase Bank, the issuer of Disney Rewards Credit and Debit cards, seem to have told its customers that a pending legislation sponsored by Dick Durbin, will cause its Disney Rewards Debit cards customers to not get any Disney Reward Dollars.
“Congress recently enacted a new law known as the Durbin Amendment that significantly impacts debit cards,” reads the sample letter, with the underlining in the original. “As a result of this law, we will be changing our debit rewards program. After July 12, 2011 you will no longer earn Disney Dream Reward DollarsSM when you use your Disney Rewards Debit Card.”
Of course, this is baloney, because the legislation doesn't prevent Chase from providing the reward dollars, it is just that they are being given less of a revenue to make money of their customers.
The law does not require debit card companies to cut back on their Disney bucks, but banks reasoned during the debate that the reduced revenue the measure would cost them would mean they could be less generous with rewards.
Further down in the letter, though, Chase lets its customers in on some good news--the card will no longer come with an annual fee. A spokeswoman for Chase said that the fee is being waived because such costs only apply to rewards cards: No rewards, no fee.
The letter also informs customers that they can still earn Disney dollars by using their credit card.
I have Chase Disney Rewards Visa card. I used to have a Chase Checking Account. I closed that checking account a few months ago after they announced a new, substantially higher minimum balance, or you'll get a monthly service charge for it. So I closed that account. I have zero qualms about canceling my Disney Visa card as well if they try the same tactics on me as they're doing with the Debit Cards.
It is too bad that Disney chose Chase to have their Visa cards.
Zz.
