For Mr. Rich Black, Vice President of FIA Card Services,
I am writing to you concerning the recent letter received regarding a change in the GMAC Mortgage Equity Rewards Mastercard:
I am unpleased you have cut the GMAC Mortgage Equity Rewards Mastercard program which helps people pay down their home mortgages by offering $25 payouts to total house principal for every 2500 points earned on the card. As per the reward letter, your new rewards program will offer $12.50 for every 2500 points earned on the next card and will not even be applied to equity.
While you are excited about cutting the amount of rewards you pay to your loyal credit card members by a full 50%, I am quite discouraged. I am disgusted that while people are having a hard time paying off their mortgages and filing for bankruptcy, you would decide to take away a program that actually makes sense and helps people build equity in their homes. As a vice president of the company though, it seems as though you are only concerned about cutting cost even at the expense of people who are really diligently trying hard to pay off their houses naturally. Thanks, but no thanks!
The new program can be seen at http://www.fiacardservices.com/worldpoints. The program shows that you can only redeem 2500 points for $12.50 cash – New Card Terms. For all you people who hold these cards, I would strongly suggest switching to a credit card that actually helps you get more for your money.
Moving forward, I advise people to take a close look at Chase.com which offers a gas rewards card giving you 3% off on gas purchases and the Chase Freedom Card where you always earn a full 1% back on all your credit card purchases. In an economy such as this, it is imperative to look out for greedy companies and Vice Presidents of companies looking to make more money by cutting benefits to you.
If I were to tell you I want to take $25 of $50 that you worked hard for, wouldn’t that seriously irritate you? We need to take a stand against companies doing this and if you are a person that is a wise spender and pay off your credit cards every month, then make sure you are getting the most for your reward points. Let’s tell Fia Card Services that their rewards program will not be rewarded and their Vice President doesn’t deserve a big bonus for taking money away from loyal credit card customers just trying to pay a little equity into their home!
Typically, our blog is about website market services but when we see something that is highly disturbing when our economy is in a deep recession, you can bet we are going to voice our opinion about it. Put more money in your pocket and dump Mr. Rich Black’s Fia Card Services GMAC Rewards Card and go get yourself a real credit card by Chase.
