Update: Chase has asked that the $50 bonus offer be removed. If you’re looking for a hot deal, be sure to check out these other credit card offers.

As noted over on Credit Addict… Rumor has it that the $50 signup bonus on the Chase Freedom Rewards card might be going away as soon as Friday. If you’re looking for a solid reward card as well as a bit of free cash, be sure to check it out.

For background, the rewards on this card follow a flexible 3%/1% structure that pays 3% cash back in the three “everyday” categories where you spend the most each month (see list below) with other purchases earning 1% cash back. Sounds good, but it’s actually more generous than that…

If you save up $200 in rewards before requesting your cash back check, they’ll give you $250. That’s a 25% bonus, which effectively turns the rewards into 3.75% on your top three categories and 1.25% on everything else.

Since this deal’s gone, check out these credit card offers.