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Chase just expanded its portfolio of Freedom cards, launching the Chase Freedom Rise℠ starting today, June 12, 2023. Different from other cards in the Freedom family, Chase gears this card toward those who are new to credit. That could include students or immigrants to the U.S. — both of whom are looking to build credit for the future.
Unlike applications for other Freedom cards — which can be completed online — you'll need to apply for the Freedom Rise in person at a Chase bank. Additionally, Chase provided tips on helping your approval odds for this credit card, given that applicants may lack credit history or a good credit score — aspects typically needed to get approved for a credit card.
Here's what you should know about the new Chase Freedom Rise℠.
Details of the Chase Freedom Rise℠
The Freedom Rise is geared toward those establishing credit. The card is “built so that customers can improve their chances of getting approved by simply having or opening a Chase checking account,” according to Brent Reinhard, General Manager of Chase Freedom. “We’re also giving them the opportunity to begin building their financial credit while also benefiting from cashbacking on everything they buy.”
Freedom Rise cardholders earn 1.5% cash back on every purchase and will pay $0 annual fee. Plus, there are no minimum redemption amounts for using your cash-back earnings.
Applications are not available online. Instead, you'll need to apply in a Chase branch. Chase also states that you can improve your approval odds by opening a Chase checking account (with at least a $250 balance) within two days of applying for the Freedom Rise. However, there's no mandatory minimum balance in this checking account going forward.
Other Freedom Rise benefits include:
- $25 bonus for enrolling in autopay within three months of account opening
- Access to Chase Credit Journey, which you can use to track your credit and credit score
- Access to educational materials about building credit
- 24/7 fraud monitoring services
Since you need to apply in a Chase bank, you can use this time to talk to the banker to ask questions about credit or obtain additional information about building credit. Full details about Freedom Rise are available here.
Our Take
Securing credit can be difficult. The conundrum is that you typically need credit history/a good credit score to open a credit card…which you need to help you build credit. The Freedom Rise is geared toward those who are new to credit, and Chase says your approval odds are higher if you have a checking account with the bank. That's not uncommon across banks, and Chase has a wide range of different checking account types. Keep in mind that some Chase accounts charge fees. However, qualifying activities can help you avoid monthly fees.
There exists a lot of complex, conflicting information about credit cards, credit scores, and how the two impact each other. If you're new to credit, check out the below articles to help you on your way:
- A Beginner's Guide to Building Healthy Credit
- What Teenagers Need to Know About Getting Their First Credit Card
- Can More Credit Cards Help Increase Your Credit Score?
Also, remember that you can access a free copy of your credit report at AnnualCreditReport.com.
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