Chase to end Debit Card Rewards

[Stephen Gornick]

JPMorgan Chase & Co. (JPM) will stop offering debit-card rewards for almost all of its customers in July

The Fed proposed capping debit-interchange fees at a flat 12 cents a transaction in December, compared with the current formula that averages 1.14 percent of the purchase price or about 44 cents.

http://www.bloomberg.com/news/2011-03-21/jpmorgan-will-cease-debit-card-rewards-program-because-of-proposed-fee-cap.html

PNC Bank and U.S. Bancorp also have rolled back some perks.

This will be beneficial for alternate payments, including Bitcoin, as the rewards were seen as one way that debit cards stood out over paying with cash or check.

[Hal]

At least is believable, unlike the ludicrous claim that they'd limit transactions to $100. That one was a transparent bluff.