Chase Freedom®: A More Rewarding Way to Shop

By Christina Majaski. Last updated 17 July 2017. 4 comments

This post contains references to products from our advertisers. We may receive compensation when you click on links to those products. The content is not provided by the advertiser and any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain. Please visit our Advertiser Disclosure to view our partners, and for additional details.

With the opportunity to earn as much as 5% cash back, the Chase Freedom® credit card is one of the most popular cash back rewards cards. Each quarter, cardholders can earn 5% cash back on categories like gas stations, drugstores, and restaurants. Savvy credit card users know that 5% is about as good as it gets when it comes to getting cash rewards for credit card purchases.

How This Card Works

The card lets you earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter. Unlimited 1% cash back on all other purchases.

Bonus Offer: Get a $150 bonus after spending $500 on purchases in your first 3 months from account opening. 

Cash back is awarded as points with 100 points equal to $1. You can redeem points for cash back in the form of statement credit or electronic deposit into a checking or savings account. You can also redeem for gift cards, travel, and merchandise. Cash back rewards do not expire as long as your account is open.

Costs

  • $0 Annual Fee
  • 15.99%-24.74% Variable APR (0% intro APR on purchases and balance transfers for 15 months)
  • 5% Balance Transfer Fee ($5 minimum)
  • 3% Foreign Transaction Fee

Pros

Good bonus. Getting a cash bonus of $150 makes this among the highest cash bonus offers available. 

0% introductory APR. If you need to transfer a balance from another card or make a large purchase, you can save money on interest by taking up to 15 months to pay down the balance. This is one of the longest duration 0% APR offers available for both balance transfers and purchases. 

5% cashback. You can earn as much as 5% cash back (up to a maximum of $1,500 in total purchases made in bonus categories each quarter). If your spending falls into these bonus categories, you can rack up significant cash rewards each year.

Cons

Activating bonus categories. Although Chase offers tools and reminders to help manage the rotating categories, you still have to activate the bonus every month. If you forget, you won't get the bonus cash back. If you don't like to deal with extra procedures to get your credit card rewards, you might consider a cash back credit card that offers a flat rate percentage on all purchases

Foreign transaction fee. The 3% foreign transaction fee can become costly if you frequently travel abroad or make foreign transactions with your card. If this is the case, you might be more intersted in a travel rewards card that has no foreign transaction fees.

Who This Card Is Best For

This card is best for those whose spending is primarily domestic, and varies from month to month rather than in one or two categories. It is also best if you don’t mind keeping track of purchase categories and making sure they are activated each quarter in order to earn the most cash back for those purchases. 

The information related to Chase Freedom credit card has been collected by Wise Bread and has not been reviewed or provided by the issuer of this card.

4.22222
Average: 4.2 (9 votes)
Your rating: None
ShareThis
Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Guest's picture
Scott

As far as I recall, the 5% back is only on the first $1,500. Certainly something to consider.

Guest's picture
Guest

I find it pretty hard to spend $1500 on groceries, restaurants, gas, or amazon purchases in any given quarter personally.

Guest's picture
Rob

I've seen the 350$ offer before, if they bring it back, even with a 1,500 spend, I'd go for it!

Guest's picture
Corinne

FYI, I have the visa signature version of the Chase Freedom, I'm sure you can try to request it. So there goes the "Fewer Protections Than Other Cards" category.