From the site:
While you're out there enjoying the summer, FreeRide will be busy rebuilding our business model.
If that has an all-too-familiar ring, we share your frustration. Since we jump-started the site back in January, we've continued to attract new sponsors, and new FreeRiders every day. Just like before, you've rewarded those sponsors with your time, your attention, and quite often, even your money. And just like before, we've "booked" more revenues, and you've redeemed more points each and every month.
So what's the problem? It's called cash flow. You redeem your points far faster than our sponsors pay us for them. In fact, the majority of our sponsors - including some of the biggest names on or off the Web - are taking 4 or more months to actually pay, if they pay at all (some just go out of business).
Bottom line: FreeRide doesn't have deep enough pockets to play this game indefinitely. Therefore, effective Monday, April 30 at 4pm ET, we're taking a giant step backward by taking the FreeRide site down.
From now until Monday, you won't find many ways to get points. But if you have points to redeem, check out FreeRide's Spend It Steals and Deals - reduced prices on gift certificates that we've already paid for. You can redeem points on these special offers as well as many regular ones until 4pm ET Monday. FreeRide will store your wallet balance when we close, and we hope to offer a way to transfer it to our new site. However, if you want to be sure to get your reward, we recommend you use your points now.