Looks like Chase is “enhancing” their credit cards across the line.

Brian from Personal Finance for New Age found that his Chase Profit has been converted to the “Ultimate Cash Award” card. [Link]

Smarty from Growing Money also had his Chase Perfect Card updated with some further “enhancements.” [Link]

The same thing happened to my Chase Ultimate Rewards Card, which has been converted to the Flexible Rewards Program (from Bank One). I only applied for the card long ago for balance transfer purpose, so it’s not a big issue to me. Reward points now expire in 6 months if not used, and supposedly the choices of rewards are now expanded (they’re not).

I guess Chase is consolidating their operations and polishing up their “merger” with Bank One. They’re stamping their names across the many Bank One cards that were offered before.

I won’t be canceling my card though, since it doesn’t have any annual fee and there’s already 3 years of history built up there. There’s little point in closing an account to lose the positive trade line on the credit history.

So if your card’s terms and services have changed, there’s little reason for you to cancel it. Just put it away and don’t use it if you don’t like the new terms.