Looking for a rewards card that gives you variety in your points spending? If you’ve got good to excellent credit, the Chase Freedom credit card might be the right card for you. The Chase Freedom comes with many great rewards, including:
- 5% cash back rotating rewards program
- A $200 welcome bonus
- 0% Introductory APR for 15 months
- No annual fee
In this article, we’ll take a finer look the Chase Freedom® credit card and how Sift can help you take advantage of this card’s great rewards program.
Credit Card Perks
Cash Back Rewards
What makes the Chase Freedom credit card enticing is its excellent rewards rate. You can earn 5% bonus cash back in rotating categories on up to $1,500 on eligible purchases each quarter (up to $75 each quarter, or $300/year). How you choose to spend them, whether it is through Chase’s Ultimate Rewards program or as a statement credit is up to you. Best of all, there is no expiration date for your rewards while your account is open.
Chase Freedom Card Welcome Bonus
The Chase Freedom comes with a early spend bonus offer if you love to rack up points. You can earn $150 cashback after you spend $500 on purchases within the first three months from opening an account. Just to break down the math, cardholders would have to spend only $166/month to qualify for the bonus. This factors out to an outstanding 30% bonus rate. Try finding that type of offer in other rewards cards!
0% Introductory APR Interest Rates
If you need a credit card that gives you an incentive to spend, the Chase Freedom gives you 0% APR for 15 months. Once the introductory period elapses, the Chase Freedom reverts to an ongoing APR of 17.24% – 25.99 variable APR.
Low Balance Transfer Fee
If you have a balance from another credit card, you can use the Chase Freedom as a part of your debt-payment strategy. The balance transfer fee is only 5% (minimum of $5 fee), which can buy you 15 months to tackle the debt during the period of the 0% introductory APR offer.
No Annual Fee
The Chase Freedom doesn’t come with an annual fee. This can be a relief for those who hate having charges or tacked-on fees come from out of nowhere.
Chase Freedom Mobile Apps
Chase offers a mobile app designed for Chase Freedom cardholders that allows users to redeem points right in the store as eGift cards. Essentially, these gift cards are stored on your phone, which you can redeem anytime you shop with the participating retailers.
Add Authorized User Bonus
The Chase Freedom can work as a great card for families that share expenses. You can earn a $25 cash bonus if you add an authorized user to your Chase Freedom account. The only catch is they have to make a purchase in the first three months, which is fairly easy to do!
Chase Freedom Drawbacks
Before applying for the Chase Freedom credit card, be aware that there are a few drawbacks with this rewards credit card:
Foreign transaction fee
If you plan to travel and spend abroad, there is a 3% for each transaction you make with the Chase Freedom outside of the U.S. This may make you reconsider making purchases on your next vacation using this card unless you have to.
Rotating Rewards Categories
Using the Chase Freedom requires cardholders to stay on top of the changing bonus categories that cycle over every quarter. For some individuals, it can be a hassle not to know which purchases are eligible or to change spending habits every three months while using this card (see Rotating Rewards Overview below).
Basic Rewards Rate
The rotating rewards program with the 5% rewards rate is the true appeal of the Chase Freedom card. However, there is a cap on spending, which then reverts the rate to only 1% cash back. Compared to other rewards cards, this 1% is lower than other flat-rate cards that feature higher spending caps and better rewards rates.
If you’re looking for more info (terms, conditions, rates, fees, etc.) about the Chase Freedom Card, click here.
Rotating Rewards Overview
Using the Chase Freedom credit card rewards users with 5% cash back in rotating quarterly categories, on up to $1,500 in spending per quarter. Points can be converted to cash back at a rate of 1 cent per rewards point or spent in the Ultimate Rewards program.
However, you can’t redeem this points for cash back at any time; instead, you will need a minimum of 2,000 points to redeem them. To earn those 2,000 points (or, $20 in cash back redemption), you need to have a minimum of $400 in spending in 5% eligible bonus categories ($2,000 in non-bonus categories), as other purchases earn only 1% cash back. Therefore, it helps to be aware of which purchases you make are eligible at which time.
To take advantage of this credit card rewards benefit, you must opt-in online at the Chase Freedom website to the bonus categories each quarter (Jan. 1st, Apr. 1st, July 1st, and Oct. 1st). If you forget to enroll, you do have until the 14th day of the third month of each quarter (March 14, June 14, Sept. 14 and Dec. 14) to receive benefits retroactively. After the 14th, you cannot claim your rewards.
Credit Card Benefits
The Chase Freedom Card has a number of credit card benefits. These include:
- Extended warranty
- Fraud protection
- Zero liability protection
- Purchase protection
- Car rental loss and damage insurance
- Accident insurance
- Travel and emergency assistance
While these benefits are great for cardholders, they can be hard to keep track of or hidden to customers. That’s where using Sift can really come in handy. Sift user can take advantage of their benefits, track and manage these benefits, and automatically file claims to get the cash back they deserve—no need to decipher jargon or mark your calendar.
Want to know more? Click here to see how Sift can help your credit card put cash back in your wallet!
For more specific information about the Chase Freedom Card, click here.