Chase Card Services eliminated the expiration for the cash back rewards that it offers on five credit cards it markets to members of the U.S. military, the division of JPMorgan Chase & Co. announced Wednesday.
The card issuer also launched two redesigned portals on its website that are targeted to servicemember card holders, allowing customers to manage their rewards points and select redemption options. Chase said it also added new redemption options, giving card holders the ability to receive cash back as a statement credit, check or deposit into an account at the bank.
“Our cardmembers told us that removing the points’ expiration would provide greater peace of mind, and now they will get the most out of their purchases and reward redemption options,” said Emelie Smith Calbick, general manager of Chase Card Services, in a company release.
The new features are available on four Chase MasterCards targeted to Marine Corps, Army, Air Force and Navy servicemembers, as well as its Military Star MasterCard. Last year, Chase announced it would offer unlimited cash back rewards for all purchases on these cards and waive its standard 3% foreign transaction fee. Most purchases earn card holders 1% cash back, and servicemembers receive 2% rewards on purchases made at locations of the Army Morale, Welfare, Recreation, the Marine Corps Community Service and the Air Force Services centers, all of which provide a variety of leisure and entertainment facilities and include base exchanges and commissaries.
In addition, Chase offers card holders a full refund of the interest and fees incurred while servicemember card holders are on active duty, better than the 6% interest rate cap mandated for certain debt, including credit cards and mortgages, by the federal Servicemembers Civil Relief Act.
In April 2011, Chase settled a lawsuit over allegations that it overcharged mortgage interest and improperly foreclosed on active duty servicemembers in violation of the SCRA. The terms of the $27 million settlement called for Chase to implement new policies to prevent foreclosures prohibited by the SCRA, including rescinding the foreclosure sale and forgiving the mortgage debt of SCRA-protected borrowers who were previously foreclosed on, as well as providing financial compensation to foreclosed servicemembers whose homes had already been sold.
In the months leading up to the settlement, Chase enacted other new policies for military customers, including the establishment of an Office of Military and Veterans Affairs, which has spearheaded the bank’s participation in a business coalition that has committed to collectively hiring 100,000 transitioning servicemembers and military veterans by 2020 and its promotion to provide 1,000 mortgage-free homes to veterans over five years through nonprofit organizations.