Chase FreedomSM Credit Card
- The Chase FreedomSM Credit Card earns my Editor’s Pick for General Rewards. For users with average to good credit who do not usually carry a balance, the Chase FreedomSM Credit Card provides an easy way to quickly earn valuable rewards. You’ll get:
» Receive $50 after you make your first purchase
» 3% Cash Back in your top 3 everyday spending categories
» 1% cash back for every $1 you spend on all other purchases
» Receive an extra $50 each time you save and redeem $200 in rewards
Intro Regular APR Fee
Good
None
15.24%
None
Chase FreedomSM Credit Card Review
We love the Chase FreedomSM Credit Card for its unique and highly lucrative rewards program. This card gives you the ability to choose between cash back or reward points that can be redeemed for merchandise, gift certificates, or travel, and automatically pays you more rewards in the spending categories you use most each month.
One caveat: This card carries a high regular APR, so we caution applicants to think about whether you might want the option to carry a balance in the future. If the answer is yes, you might check out Blue Cash from American Express, an alternative that features an introductory APR, lower regular APR, and strong cash rewards.
Rewards Structure
The Chase FreedomSM Credit Card gives you fraction of your card spending back as either cash rewards or points. What distinguishes the Chase FreedomSM Credit Card from other rewards cards, however, is that you earn 3% rewards for every dollar you spend in your “most shopped” categories each month. You can earn rewards on up to a maximum of $600 of these purchases each month. You will earn 1% on all other purchases and on spending in your most shopped categories above $600. Most rewards cards provide just 1% cash back and/or require you to spend a minimum amount each year in order to reach the highest rewards tiers.
Why we like the Chase FreedomSM Credit Card so much is that if you spend $600 on groceries and gas each month (which, for a family, is easy to do), you automatically earn at least $18 in rewards every month. If you pay your balance in full each month, that’s $216 a year in your pocket – just for shopping. Of course, the potential to earn more than that is there. Some readers have earned almost $800 a year in cash rewards using this card.
You can even increase the value of your rewards by choosing to earn points, which can then be doubled at certain partner merchants. For example, you could turn 2500 in points (a $25 cash value) into a $50 gift card.
Application Bonus
The Chase FreedomSM Credit Card is looking like a pretty good rewards card already, but it gets better. New card members will get a $50 sign on bonus after your first purchase. And, Chase will give you an additional $50 cash back for every $200 in rewards you earn. So that $216 a year just became $266 a year, and $316 for the first year!
Fees and Interest Rates
There is no annual fee for the Chase FreedomSM Credit Card, however, this card does carry a higher-than-average APR, equal to the prime rate plus 9.99%. There are no introductory interest rates at this time. Therefore, while we highly recommend the Chase FreedomSM Credit Card for consumers who regularly pay their monthly charges off in full, we do not recommend this card for consumers who prefer the option to carry a credit card balance.
Approval Factors
The Chase FreedomSM Credit Card is available to consumers with excellent credit.
Applicants with FICO credit scores above 700 are usually approved; applicants with FICO credit scores between 640 and 719 will usually be be approved depending on your credit usage, history, and income. Applicants with FICO credit scores below 640 may only be accepted if you have a high income and low credit utilization and your recent credit history shows substantial improvement.
Apply for the Chase FreedomSM Credit Card Now »
Customer Reviews
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