Chase has made changes to its Borders 3.2.1 Visa to make it much more attractive, increasing the number of points awarded and enabling “Borders Rewards” members to double-dip. As reported by CardTrak, some of the features of the new program include:

• 3 points for every $1 spent when you use your Borders 3.2.1 Visa at Borders®, Borders Express, Borders.com, Waldenbooks® and Waldenbooks.com.
• 2 points for every $1 spent on eligible Gas, Dining and Groceries purchases.
• 1 point for every $1 spent anywhere else.
• Redeem your 3.2.1 Visa points for Borders Gift Cards, Cash, Travel Rewards, Gas & Restaurant Gift Cards and much more! Plus, no cap on the points you can earn! Earn a $25 Borders Gift card with just 2,500 points.
• 0% fixed APR* for up to 12 months
• No Annual Fee

Previously, you would have only received 2 points per dollar spent at Borders and 1 point per dollar spent anywhere else. Redemption options were also limited to Borders gift certificates.

In addition, “Borders Rewards” members can elect to add their Borders Rewards number to their Borders 3.2.1 Visa. Doing so allows them to also accrue 5% of their qualifying purchases on the card towards their Holiday Savings Reward.

Edit 10/22/2010: This offer is no longer available. For a list of currently available Chase cards, please see this link.