Disney, it’s no longer the happiest place on Earth. For Chase Disney debit cardholders, that is.
As a result of the Dodd-Frank Financial Reform Act and the Durbin Amendment, which puts a limit of 12 cents on debit card Interchange fees, Chase has decided to scuttle its rewards program that allows Disney debit cardholders to earn Disney Dream Dollars every time they use the card.
This just made the seventh in line of the 7 Dwarfs, Grumpy, well, a little grumpier.
In addition, card holders will no longer be eligible to receive perks at Disney theme parks or merchandise discounts. How will this affect the sale of those hats with the mouse ears?
Chase made the decision, stating, “Congress recently enacted a new law known as the Durbin Amendment that significantly impacts debit cards. As a result of this law, we will be changing our debit rewards program.”
The change goes into effect July 11 for Dream Rewards; merchandise and perks need to be redeemed or transferred to another program by October 31. All changes were detailed in a letter to cardholders.
While we didn’t agree with the Durbin Amendment when it was first passed, and we’re satisfied to see it generate debate on its impact - which could kill it altogether - we’re not happy to see consumers lose additional perks.
As we stated last summer, consumers would be the ultimate losers, as they would lose perks not only with their cards, but through banks fees tied to certain accounts and the loss of free checking, as banks need to find new ways of recouping lost revenue.
This is just another example of why this amendment was poorly thought out. For Chase cardholders, the clock just struck midnight and the chariot has turned into a pumpkin.