Chase is one of the biggest banks in the United States and they provide some of the most popular credit cards in the country. If any of these cards deserves the title of the “best Chase credit card” it’s the Freedom.
This card is used by millions of Americans, with more money being spent on it than any other. If you want to follow the crowd then you may want to consider signing up for the Chase Freedom credit card. But before you do, make sure you check out our review of this credit card below.
What is the Chase Freedom Card?
The Chase Freedom credit card is a rewards card that offers you as much as 5% cash back on a selection of categories. This cash back is not infinite, but it can earn you a significant chunk of bonus cash every year and there is also a signup bonus and a few other benefits to increase the amount of cash back that you get.
One of the best things about this card is that it offers respectable rates and fees, as well as a top rewards program. These two don’t always go hand-in-hand. You either get one or the other and it’s quite frustrating. The Chase Freedom credit card strikes a good balance between the two.
Chase Freedom Rewards
You can enjoy all of the following benefits with the Chase Freedom rewards program:
- Signup Bonus: There is a signup bonus of $150 applied to your account when you spend just $500 on purchases in the first three months.
- Special Cash Back Rate: Earn 5% cash back on selected special “rotating categories”, which are chosen every quarter. This applies to a maximum of $1,500 worth of purchases every month.
- Other Cash Back Rate: Every dollar that you spend outside of the $1,500 can earn you 1% cash back. There is no limit applied to this additional rate.
- Transfers: You can transfer your Chase Freedom rewards points to other Chase credit cards. You can also transfer them to loyalty schemes offered by airlines such as United and British Airways.
Chase Freedom Special Categories
The Chase Freedom special categories are always changing, but they typically include things like gas stations, groceries and restaurants. Make sure your keep an eye on the changing categories to get the most out of your Chase Freedom credit card.
Chase Freedom vs Chase Freedom Unlimited
The is also a credit card known as the Chase Freedom Unlimited. This differs slightly in a few areas, but there is one major difference and that concerns the cash back rates.
With the Chase Freedom you get 5% on special categories for a limited amount and 1% on everything else. With the Chase Freedom Unlimited you get a flat 1.5% on everything, with no special rate and no limit on the standard rate.
How Much Can I Earn with the Chase Freedom Credit Card?
If you spend the maximum amount needed to secure the full 5% cash back every year then you can earn $300 cash back in total. This doesn’t include the bonus that you can get when you signup for your account and it doesn't include the additional 1% cash back that you can get when that 5% period ends.
It also doesn’t include any potential money you could save by taking advantage of the 0% APR introductory period. If used properly and you don’t fail to pay your balance at the end of the month, then the Chase Freedom could easily save you in excess of $1,000 a year. But at the same time, if you don't use it properly then you could lose that money. And then some.
Chase Freedom Fees and Interest
Make sure you bear all of the following in mind before you signup for the Chase Freedom.
- 0% Introductory APR for the first fifteen months of your membership.
- APR of between 16.74% and 25.49% after the intro period ends (this will depend on your credit score and circumstances).
- No annual fee.
- Balance transfers cost 5% of the total amount being transferred.
- Solid rewards program.
- Respectable APR.
- Great introductory interest rate.
- Free credit score with Credit Journey.
- No annual fee.
- Low rates.
- Great signup bonuses.
- High balance transfer rate.
- High APR for low credit score customers.
- There are higher signup bonuses available.
- Foreign transaction fee of 3%.
The Chase Freedom credit card is a great option for low to medium spenders. If you spend a lot of money on your card then there are better options out there. The same applies to customers who don’t pay off their balance in full every month.
In fact, in such cases a rewards card is not a good idea as the amount of cash back they can earn will never offset the money they lose in interest.
The rewards are good–even if the 5% doesn’t last for long and the special categories can be frustrating–and the intro rate is fantastic. It’s all about preferences and circumstances though.
If you travel a lot, spend a lot or let your balance tick over every month, the Chase Freedom credit card is not the one for you. If you pay your balance off in full then it could be a great option.
To see what other cards are available should the Chase Freedom credit card not fit your needs, keep reading.
Similar Credit Cards to the Chase Freedom
There are many more great credit cards out there, most of which have some kind of rewards program. This includes a selection of Capital One credit cards that we have reviewed extensively, as well as the popular Discover It card, which has proved to be a big hit with students.
If it’s premium rewards that you seek then checkout our guide to American Express credit cards and the Platinum card in particular. Barclays also have some great credit cards and you can find these and many more in the guides below: