• MT Staff Writer
  • March 12, 2019

Editorial Disclosure: The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.”

Chase Freedom Card: By The Numbers

The Chase Freedom credit card is an easy-to-use credit card with plenty of bonus rewards opportunities.

First, new Chase Freedom cardholders have the opportunity to earn $150 if they spend $500 on purchases in the first 90 days of the account opening. This is a rather generous sign-up bonus for spending so little. Even better, the Chase Freedom card offers an impressively-long 0% introductory APR period of 15 months on purchases and balance transfers.

Other than the sign-up bonus, rewards are pretty easy to earn with this card. Every quarter, Chase Freedom offers 5% cash back on certain rotating categories. This is far higher than what other flat-rate cash back cards are willing to offer. However, you may want to look for a more simple credit card if keeping up with bonus categories sounds daunting. This is because all other purchases earn 1% cash back with Chase Freedom, which is pretty low compared to other flat-rate cards. In addition, the Chase Freedom card charges foreign transaction fees, which may be a deal-breaker for certain spenders.

All things considered, Chase Freedom offers great cash back opportunities for a card that charges no annual fee. Here’s a bit more information about this credit card opportunity.

Chase Freedom Card: Basics and benefits

One immediate perk of the Chase Freedom credit card is that you don’t need excellent credit to be approved. This could be the perfect credit card opportunity for someone looking to rebuild their score and earn cash back at the same time.

Once approved, new Chase Freedom cardholders may earn $150 in bonus rewards if they spend $500 in the first 90 days of the account opening. Even for conservative spenders, applying for Chase Freedom can be timed right to take advantage of this bonus offer. Consider applying when you know you have a larger purchase ahead of you. In addition, new users will have 0% APR on purchases and balance transfers for 15 months. After the introductory period, Chase Freedom cardholders can anticipate ongoing variable APR of 16.99% to 25.74%.

Other than the sign-up bonus, Chase Freedom users can earn cash back on everyday purchases and rotating bonus categories. Every quarter, Chase will choose a bonus category users can earn 5% cash back on. Examples of categories include groceries, gas, utilities, and more. Bonus categories are capped at $1,500 in spending per quarter. If you happen to exceed the cap, you’ll still receive 1% cash back in those bonus categories. Every other purchase with the Chase Freedom card gets 1% cash back.

One major advantage of the Chase Freedom card is the no annual fee. This is an impressive offer given the card is willing to give 5% cash back on bonus categories. The lack of an annual fee adds simplicity to the Chase Freedom card. You won’t have to worry about earning enough cash back to cover the annual fee, and all the cash back you earn goes straight into your pocket.

When you earn cash back, it will show up in your account as Chase Ultimate Rewards points. These points are typically valued at 1 cent per point if you redeem them for cash back. Users can get cash back redeemed as a statement credit or a direct deposit into their account. Chase Ultimate Rewards points are also valued at 1 cent per point for redemptions via gift cards and travel booked through the Chase Ultimate Rewards portal. Cardholders may redeem points for Amazon purchases, as well. However, points redeemed through Amazon are only valued at 0.8 cents per point. You’re better off depositing cash back straight into your checking account and paying for an Amazon purchase with your own money.

Pairing generous cash back rewards with no annual fee makes for a great credit opportunity, and that’s where Chase Freedom really starts to shine. Bonus categories are usually typical household expenses, which means you won’t be needlessly spending on a random category to earn cash back.

Chase Freedom Card: Pitfalls and other possibilities

Like any credit card, Chase Freedom isn’t perfect. Here are a few reasons why you may want to look for something else in a credit card.

Foreign Transaction Fee

Chase Freedom charges a 3% foreign transaction fee. This fee can start to add up if you’re planning multiple trips abroad. If you like the idea of cash back rewards without an annual fee, consider the Capital One Quicksilver Cash Rewards Credit Card. This credit card doesn’t charge a foreign transaction fee or an annual fee. New cardholders can earn a sign-up bonus of $150 after spending $500 on purchases within the first 90 days the account is open. What’s more, the Capital One Quicksilver Cash Rewards Credit Card offers a flat 1.5% cash back on all purchases, making earning rewards easy and thoughtless.

If you aren’t a fan of rotating categories or annual fees and you still want to rake in cash back, consider the Citi Double Cash Card. With this credit card, users earn a total of 2% cash back on all purchases. You’ll earn 1% cash back when you make a purchase and 1% cash back when you pay it off. This card doesn’t limit the amount of cash back you can earn, either. Keep in mind, the Citi Double Cash Card doesn’t offer a sign-up bonus or introductory 0% APR period on purchases.

If you want more freedom concerning rotating bonus categories, you may want to look into the U.S. Bank Cash+ Visa Signature Card. This credit card offers the same 5% cash back, but more. The 5% cash back is on two bonus categories, and you can pick your categories from a list that changes each quarter. This spending cap is a bit more generous at $2,000 each quarter rather than the $1,500 cap with Chase Freedom. The U.S. Bank Cash+ Visa Signature Card also lets cardholders choose an additional category for unlimited 2% cash back, and 1% cash back is awarded on all other purchases. New members may earn a $150 sign-up bonus after spending $500 on purchases in the first three months the account is open.

Is the Chase Freedom card right for you?

If you’re interested in keeping up with bonus rewards categories and avoiding an annual fee, you’ve got little to lose when it comes to the Chase Freedom credit card. Bonus categories earning 5% on household expenses are tough to beat. Though, if the thought of keeping up with rotating bonus categories makes you hesitant, listen to your gut. Try applying for a flat-rate cash back credit card to take the thought out of earning rewards.

Learn More

“Many of the listings that appear on this website are from companies which we receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not review or include all companies or all available products.”

Advertiser Disclosure: Many of the listings that appear on this website are from companies which we receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not review or include all companies or all available products.

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