Chase Freedom is amongst the best rotating cashback category credit cards that have no annual fee. This rotating credit card offers bonus cashback in categories that rotate every 3 months.
Within the 3 months of account opening, Customers can get a $150 signing bonus on spending $500 in purchases which makes it different from other cashback credit cards as they offer no bonus. As the Chase Freedom offers 5% cashback on rotating categories, it can be the right choice if the bonus categories fit your lifestyle
You can earn 5% cashback for every purchase and on up to $1,500 in combined purchases through chase Freedom in bonus categories each quarter you activate. Moreover, you can get unlimited 1% cashback on all other purchases.
Chase Freedom Features & Benefits
Below are the major features, benefits, and rewards of the Chase Freedom.
$150 Sign Up Bonus
After spending $500 on purchases in your first 3 months from the account opening. You can avail this product only if you do not have this card before and if you have not received a new cardmember bonus for this card in the past 24 months.
Low intro APR
This card has 0% intro APR on purchases and balance transfers for 15 months from account opening. After this period, 17.24%–25.99% variable APR and 3% intro balance transfer fee will be applied when you transfer a balance during the first 60 days, with a minimum of $5. And after that, 5% fee will be applied on future balance transfers, with a minimum of $5.
No annual fee
The best of the best feature of Freedom card is that “You won’t have to pay an annual fee”.
CashBack
You can earn 5% cashback on up to $1,500 in combined purchases in bonus categories every 3 months of activation. You can also earn 1% ultimate cashback on all other purchases.
Cash Back rewards do not expire
As long as your account is open, Cash Back rewards do not expire and there is no least to redeem for cashback.
Ongoing rewards
- You can get 5% cash back on quarterly rotating categories on spending up to $1,500 per quarter and 1% cashback after that
- You can earn 1% cashback on all other purchases
Rewards Redemption with the Chase Freedom®
Chase Freedom rewards are actually accumulated as points through Chase’s rewards program. The points can then be redeemed for a number of ways including Amazon purchases, gift cards, and cashback. Spent in mentioned ways, the points are worth 1 cent per point.
Chase Freedom® Mobile App
Chase has launched a new mobile application for Chase Freedom cardholders. Through this app, the user can redeem points directly into eGift Cards. These gift cards will be kept on your mobile app.
If a customer uses a gift card on the purchase, he will not earn any Ultimate Rewards points. So it is recommended to use your points for statement credits or straight cash back instead of using it as a substitute for payment.
If you have a Chase saving or checking, it is better downloading the main Chase app that is best from a functionality standpoint. The main Chase app gives you many facilities such as it tracks your balance and pay your credit card bills. This app also gives Chase Freedom® cardholders a facility to manage their UR points, and redeem them as per their choice.
Protection
Credit JourneySM, which is free, gives you unlimited access to your credit score and more. Checking your credit score does not harm your credit.
Chase Freedom gives you Zero Liability Protection which means you won’t be held accountable for unauthorized charges made with the account.
The Chase Freedom’s Purchase Protection protects your new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account.
How does the Chase Freedom® work?
Every 3 months, Chase entitles specific retail brands or categories that will be eligible for 5% cashback. Any purchases that come under these categories will be capable to receive the bonus rewards for up to the first $1,500 in expenses. This means that you can earn $75 in bonus cash every 3 months. After that, the rate in these categories will relapse back to the standard 1% rate.
To gain the 5% bonus, you need to activate your cashback categories each quarter by visiting the Chase Freedom® official website. It is recommended to do this on the first day of every quarter to confirm all your bonus spending is being tracked accurately. your cashback rewards are delivered as points which can be transformed to cashback at a rate of 1 cent per point.
Interest rate
- 0% interest rate on Purchases and Balance Transfers for 15 months.
- After that the ongoing APR of 17.24% – 25.99% Variable APR
Balance transfer fee
3% or $5, either is greater
Foreign transaction fee
3% fee will be applied on foreign transactions.
Chase Freedom Vs Other Credit Cards?
In order to draw a comparison between different credit card options, we match up the Chase Freedom® against other options.
Chase Freedom® vs Discover it® Cash Back
The Chase Freedom® wins the comparison from two fronts: a sign-up bonus, and it earns Ultimate Reward points. The Chase Freedom® gives a $150 welcome bonus to new cardholders for spending $500 in the first quarter. Discover it® Cash Back doesn’t give any bonuses to its customers. Instead, Discover it® Cash Back doubles the amount of cashback they earned at the end of the year.
Moreover, the Discover it® Cash Back is a little friendlier and score conscious for newbies. Most attractive is the renouncing of the fee on your first late payment. If you are not comfortable with paying off a credit card balance at the end of the month this can save you up to $37. Moreover, this Cash Back card also gives a free FICO credit report to its customers which can be pleasant for anyone looking to micromanage their financials and exploit their credit score.
Chase Freedom® vs Chase Sapphire Preferred® Card
It’s hard to draw a direct comparison between the Chase Freedom® and the Chase Sapphire Preferred® Card as they serve two different types of consumers. The Chase Sapphire Preferred® is a travel reward credit card, which aims to earn customers more Ultimate Rewards points, which can be redeemed towards multiple options such as miles transfer and travel bookings.
The Chase Sapphire Preferred® Card have an annual fee of $95 and Chase Sapphire Preferred® Cardholders relish more bonuses and features as compared to Chase Freedom® customers. Chase Saphire’s customers can get a bigger signing bonus, with a value of $750 on the premier version. However, card’s high annual fee of the Chase is only suitable for individuals whose expenses are high enough to earn them plenty of rewards points to balance those costs.
As the Chase Sapphire Preferred is not for every Chase Freedom® user, it is recommended that every Chase Sapphire Preferred® user get a Chase Freedom® card as the reward points can be transferred between one another. Chase Sapphire Preferred® Cardholders earn 2 points per $1 spent if they have a Chase Freedom® card, and they make buying within bonus periods, they will be earning 5 points per $1, thus increasing their rewards rate.
Matthew is a Co-Founder at BusinessFinanceArticles.org. Matthew was a floor manager at a local restaurant in Wales. He lost his job after the pandemic and took initiative to make a team and start the project.
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