Chase Freedom Credit Card Review Chase Freedom Credit Card Review

Chase Freedom Credit Card Review

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Offers for the Chase Freedom® and Chase Freedom Flex℠ are not available through this site. All information has been independently collected by AwardWallet and has not been reviewed or provided by the card issuer. Some offers may have expired. Please see our card marketplace for available offers.

UPDATE: The Chase Freedom® is not open to new applications; it has been replaced by the Chase Freedom Flex℠. This new card combines some of the best features of the Chase Freedom® and the revamped Chase Freedom Unlimited®. Check out our full review here.

The Chase Freedom® is one of a handful of rewards cards straddling fixed-value and transferable rewards. As a standalone card, the Chase Freedom® is a cash-back rewards card featuring 5% cash back on quarterly revolving bonus categories and 1% on all other purchases.

Chase Freedom®
Chase Freedom®
Chase Freedom®
Annual Fee$0
Welcome Bonus Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
This no-annual-fee card earns 5% cash back on up to $1,500 in combined bonus category purchases each quarter, with the bonus categories rotating 4X per year. Plus, you can get up to $150 cash back after meeting the minimum spend.
  • 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.

When combined with points from one of the Ultimate Rewards cards that charge an annual fee, you can redeem those points for a higher fixed rate via the Chase Travel Portal, or transfer them to Ultimate Rewards hotel and airline partners to achieve much higher returns.

Earning Potential and Category Bonuses

The Freedom Card earns 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter, awarded as Cash Back Rewards Points. Bonus categories change every three months, and you need to activate the new categories each quarter for purchases to qualify. If you max out the $1,500 spending cap each quarter, you'll score 30,000 points (7,500 x 4) each year.

All purchases outside of bonus categories and purchases that exceed the $1,500 quarterly cap earn a flat rate of 1%. If you can't capitalize on the bonus categories, you'll achieve a better return on spending from the Chase Freedom Unlimited®‎, which earns 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on all other purchases.

And right now, the Freedom Unlimited has made earning even more lucrative for new cardmembers with an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back. That's 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.

Chase Freedom Unlimited®
Chase Freedom Unlimited®
Annual Fee$0
Welcome Bonus Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back. That's 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.
The everyday workhorse of the Ultimate Rewards family of cards earns 1.5% cash back on every purchase, every day of the week. While the Freedom Unlimited earns cash back on its own, the points earned become even more valuable when you hold an Ultimate Rewards card with the ability to transfer points to partners.
  • INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
  • Enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
  • After your first year or $20,000 spent, enjoy 5% cash back on Chase travel purchased through Ultimate Rewards®, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
  • No annual fee - You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
  • Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
  • Member FDIC
  • Earn 5% on travel purchased through Chase
  • Earn 3% on dining at restaurants
  • Earn 3% on drugstore purchases
  • Earn 1.5% on all purchases

If you also hold an Ultimate Rewards earning card allowing transfers to travel partners, you can combine points from the Freedom Card and redeem them for higher fixed-values via the Chase Travel Portal. Or, you can shoot for even greater redemption value by transferring your combined points to airline and hotel partners.

Current Chase Freedom 5% Bonus Categories

Chase Freedom 5x categories Q4 2023

The current 5% bonus categories for the Freedom Card for October to December 2023 are wholesale clubs, select charities, and PayPal.

While these categories are rather straightforward, Chase supplies a handy list of qualifying purchase categories and merchants alongside specific exclusions.

The Ultimate Rewards Card Family

CardPoint Value when Booking Travel Through Ultimate RewardsPoints Transferrable to Travel Partners
Chase Sapphire Reserve®1.50¢Yes
Chase Sapphire Preferred® Card1.25¢Yes
Ink Business Preferred® Credit Card1.25¢Yes
Chase Freedom Flex℠1.00¢No
Chase Freedom Unlimited®1.00¢No
Ink Business Unlimited® Credit Card1.00¢No
Ink Business Cash® Credit Card1.00¢No

Feature Benefits

The Freedom Card doesn't pack the same stellar features as a premium travel rewards card, but for a card charging no annual fee, you can extract plenty of value. Highlights include:

  • Ability to combine points with other cards in the Ultimate Rewards stable and redeem for a higher value. See our post on building the ultimate travel rewards combo for more details
  • Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
  • 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.
  • $0 annual fee
  • 0% Intro APR on Purchases for 15 months and 0% Intro APR on Balance Transfers for 15 months from account opening followed by a Variable APR of 16.49% - 25.24%.

Application Restrictions

Something to take into account before applying for the Freedom Card card is that it's subject to Chase's rigid application restrictions, including the 5/24 policy. If you've opened five or more new credit cards in the previous 24 months, it is highly likely you won't be approved for the Freedom Card—more details in the linked post. Chase also restricts applicants to 1 personal credit card and 1 business credit card every 90 days. So, space any card applications accordingly.

Final Thoughts

If you're a cash back fan and can max out the bonus categories each quarter, or you hold an Ultimate Rewards card that allows transfers to travel partners, you can extract a great deal of value from the Freedom Card.

As the card charges no annual fee, there is no cost to holding the Freedom Card long term. So, take advantage of the revolving bonus categories when and where you can.

The $150 welcome bonus is excellent for a no annual fee card. But, before applying, ensure you calculate the opportunity cost of acquiring this card against some of Chase's premium offerings and using a valuable 5/24 slot in the process. You can achieve huge returns from premium Ultimate Rewards earning cards like the Sapphire Reserve, and Sapphire Preferred, provided you take advantage of the full benefits available.

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