The Chase Freedom(SM) rewards program is about to become a lot more like Discover More‘s. Chase recently announced that its Chase Freedom(SM) rewards program will be undergoing yet another makeover, to provide a “simple, straightforward way to earn 5% cash back in popular seasonal categories.”

Effective April 1, 2010, customers will be eligible to earn 5 percent cash back on the most popular spending categories, like dining, drug stores and grocery stores, through seasonal promotions. Other purchases would continue earning a 1% rebate. Gone, however, is the $50 bonus for redeeming $200 in rewards at once. And much like Discover’s program, cardholders will have to sign up for the quarterly promotions and are limited to how much spending will earn the 5%.

Beginning March 15, 2010, Chase Freedom(SM) cardholders can enroll in second quarter promotions for a 5% rebate at home improvement stores, lawn and garden outlets, home furnishing retailers and drugstores.