|Highlights||Credit Card Feature|
|Things We Like||Signing bonus of $150|
|Our Least Favorite||3% foreign transaction fee|
|Our Verdict||Great card for 5% cash back in quarterly rotating bonus categories|
Chase Freedom® is one of the best cash rewards credit cards in the market today and is a godsend for those of you who want to earn cold hard cash in return for your everyday spending. You can get a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
We especially love that you can earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Chase Freedom® even made it to GET.com's list of Best Credit Cards. In this Chase Freedom® review, we'll share with you the pros and cons of Chase Freedom® so that you can make the best use of this cash back card. You need good to excellent credit in order to qualify for this card.
Things We Like About Chase Freedom®
No annual fee. You don't have to pay any annual fee to enjoy the cash back rewards and other great cardholder benefits.
Earn a $150 Bonus. This is one of the best deals this card has to offer. You will receive this $150 Bonus after you sign up for your new card and spend just $500 on purchases in your first three months of having this card. This $500 spend cannot be in the form of balance transfers, cash advances or checks.
0% intro APR for 15 months for purchases and balance transfers. This introductory period is great if you want to make a big-ticket purchase and pay it over 15 months or if you want to transfer a balance from an existing card. After the introductory period, your there is a 16.49% - 25.24% variable APR, depending on your credit score. Do note that you'll still have to pay a balance transfer fee of 3% (min. $5) when you transfer during the first 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Receive 5% cash back in quarterly rotating bonus categories for up to $1,500 in combined purchases each quarter. 5% cash back is a lot, and this is one of the most attractive benefits this card has to offer. You'll be notified in advance which categories you will be able to benefit from each quarter and can then plan your spending for the year. It can help you save a lot of money if you use it to your advantage. The catch: you must activate each quarterly 5% program - it's free, and you can do so via phone, email, text message or online. The good thing is you can sign up for Chase Freedom® 5% text reminders so that you will be informed promptly when the time comes for you to activate the next quarter.
Jan 1 to March 31 - Gas stations, Tolls and Drugstores.
April 1 to June 30 - Grocery stores and home improvement stores.
July 1 to Sept 30 - Summer - Gas stations, Select streaming services
Oct 1 to Dec 31 - Holiday - Coming soon.
Receive 1% cash back on all other purchases. This is a fantastic offer as 1% applies to all your spending, without any spending tiers or minimum/maximum cash back limit! Again, do note that it does not apply to balance transfers, cash advances, checks, travelers checks or money orders.
No earning limit and cash rewards do not expire as long as your account is open. Accumulate as much cash back as you want, without worrying if and when it expires. So you can stash away the cash back you earn in the 5% categories, plus the unlimited 1% cash back you earn on your other purchases, without stressing about redeeming it before an expiry deadline. There are also no spending tiers.
Chip-enabled security. As this is a chip card, it will give you an additional layer of security when used in a chip card reader when you pay for your purchases. This lets you shop with greater confidence no matter where you like doing your shopping at.
Purchase protection. Purchase protection is yet another feature of the card that lets you shop with more confidence as it provides coverage for your new purchases for 120 days against both theft and damage up to $500 each claim and $50,000 per account.
Zero liability protection . This card feature simply gives you peace of mind because you will not be held responsible for any unauthorized charges made with your account information or credit card. Nevertheless, it is your responsibility to inform Chase immediately when you first noticed any irregularities. Flip to the back of the card and call the Cardmember Services number right away.
Auto rental collision damage waiver. To be eligible, you will have to charge the full rental cost to your credit card and make sure you reject the rental company's collision insurance. Coverage is available for both collision damage and theft of most rental cars in the U.S. and abroad. Do note that in the U.S., the coverage will be secondary to your personal insurance.
Chase Blueprint feature included for free. The Blueprint program has certain features which help you repay your balances faster and save on interest. For example, you can choose to pay in full for certain types of purchases each month like gas or groceries so you don't pay any interest on them, even though you already owe a balance.
Our Least Favorite Things About Chase Freedom®
You need to activate 5% cash back each quarter. You need to activate 5% categories every three months (it's free, in case you are wondering), and you must do it before the deadline for each quarter! To make things easy, you can sign up to get activation reminders from Chase via email or text messaging. The good thing is even if you don't activate till late in the quarter, but as long as you do it before the deadline, you can still earn 5% cash back on any eligible purchases you've made during that quarter in those categories, up to the $1,500 cap on purchases.
Cash advance fee and APR. Chase Freedom® is a great card to shop with, but avoid using it to get cash at ATMs. There is a cash advance fee of either $10 or 5% of the amount of each transaction, whichever is greater. You'll also have to pay a 26.49% variable cash advance APR.
You pay a foreign transaction fee for each transaction in U.S. dollars when you use this card to pay in a foreign currency, for example when traveling outside of the U.S., and that 3% foreign transaction fee can add up to a big extra expense for international travelers.
How Other Cards Compare With Chase Freedom®
If you like to earn 5% cash back on different categories of purchases throughout the year, Chase Freedom® is one of the most rewarding credit cards you can get. Daniel Dreier
Chase Freedom® currently has a nice offer for new cardmembers in which you can get a $150 Bonus after you sign up and spend $500 on purchases within the first 3 months of account opening - a big plus since you only need to spend less than $167 per month in order to get the $150 Bonus!
What we like best is that you get 5% cash back on quarterly rotating categories (up to $1,500 per quarter), which can save you a lot of money if you plan your spending ahead of time. For all other purchases, you get unlimited 1% cash back. As a Visa card, you will be able to use this card almost everywhere in the world.
Chase Freedom® is more than just a cash back card. The Chase Ultimate Rewards Points which you earn with this card can be transferred to another Chase credit card such as Chase Sapphire Preferred® Card, where you can then transfer your points at a 1:1 rate to frequent flyer or hotel loyalty programs, and where you can get a 25% boost when redeeming through the Ultimate Rewards travel portal.
All in all, Chase Freedom® is an excellent choice if you have good to excellent credit and are looking for a rewarding cash back card with no annual fee.
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