Just got off the phone with someone at Chase.

As the customer service rep pointed out to me, in the fine print on the letter, it states "The $50 bonus when redeeming 10,000 points for cash back will no longer be available. Checks will now start at $50 for 5,000 points."

I didn't realize I was getting a "bonus" because that's not at all the way the website for redemptions is worded, but apparently, that's what I was getting. So it's gone.

So this card will be going from 1.5% to 1%.

Help! I need a new business card before my statement closes next month!

Points have to be redeemed before 6/30/09 to get the higher ratio. So, effectively, your statement closing date in June is your last chance to get 1.5% cash back on this card.