A small nit to pick, but there is nothing in the law that says you can't convert products. If Chase management (or their lawyers) make up a policy because of their interpretation of the law and its impact on the company, that is their prerogative. But again, using the law as an excuse is BS. They are doing it for selfish reasons, as all big companies tend to do.

Amex for instance decided (for reasons known only to them) last Oct to disallow transfer of credit lines between active cards. Again, nothing in any law, just their knee-jerk reaction to the credit crunch. I'm assuming Chase is doing the same thing.