Chase Ultimate Rewards Mastercard Review
Summary - The Chase Ultimate Rewards MasterCard is one of many of Chases' reward credit cards. The reward program has both travel and shopping rewards. Find out more about this card.
Rewards - 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 merchandise, even use points for Chase mortgage payments.
Fees - There is no annual fee for this card. 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 Chase Ultimate Rewards credit card 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 Platinum Visa Card, which has a updated and slightly better program.
Positives
- No annual fee
- Comprehensive reward program
- Chase uses the 2-cycle average daily balance method (including new purchases) to calculating balances
- Points expire in 3 years
Negatives
| 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 | |
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Online Account Access Online account statements Chase Bill Management Center Credit Line increases |
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| 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 |