There is currently a class action lawsuit with a $2 million settlement for those that lost their Chase points after closing their account. Per topclassactions.com, the settlement includes:
If you held a credit card issued by Chase Bank USA and your rewards points were forfeited upon the closure of your credit card account since June 2009, and you were not given a chance to redeem your points after the credit card account was closed, you may be entitled to benefits from the Chase class action settlement.
Plaintiffs Harry Gao and Roberta Socall allege that the Chase defendants “engaged in a ubiquitous, pervasive media marketing campaign promoting their various credit card rewards programs.” The reward cards were allegedly promoted as having points that “never expire.” This campaign was designed to encourage consumers to apply for and use Chase rewards credit cards.
“Chase’s relentless, omnipresent media campaign made their rewards cards some of the most widely held and used credit cards in the nation,” the Chase class action lawsuit alleged.
However, Chase reportedly failed to inform cardholders that their credit card points could be forfeited at any time for any reason at Chase’s discretion. The plaintiffs assert that this information was not disclosed on any of the marketing, advertising or promotional materials.
Gao and Socall allege in the Chase class action lawsuit that they were persuaded to sign up for Chase rewards cards based on the effective marketing campaign. However, according to the Chase class action lawsuit, their rewards credit card accounts were terminated, even though their accounts had never been in default and they had never missed a monthly payment.
“In terminating their accounts, Chase stripped plaintiffs of all the unredeemed rewards points that they had earned – without any form of compensation whatsoever,” the Chase rewards points class action lawsuit asserts.
You have until March 17, 2017 to file a claim if you were impacted. The payout depends on each on the amount of valid claims that are filed. I am not sure what proof is required, but while filling out the claim they do ask for an approximate date of when you closed your account.
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