If ongoing rewards on dining and drugstore purchases, as well as rotating categories that earn 5% back on up to $1,500 per quarter (which means $75 in cash back) sounds good to you, the Chase Freedom Flex℠ is a great card to add to your wallet. But before applying, ensure you understand the unwritten Chase 5/24 rule. In short, Chase will deny your application if you’ve been approved for five or more personal credit cards from any issuer within the past 24 months.
Another card to consider is the Chase Freedom Unlimited®, which got an upgrade around the same time Chase rolled out the Chase Freedom Flex℠. The main difference between the two cards is that while the Chase Freedom Flex℠ offers rotating 5% categories, the Chase Freedom Unlimited® offers a higher base rewards rate on purchases not in a special category.
Both cards earn Chase Ultimate Rewards points (though they’re marketed as cashback cards), and if you have the Chase Sapphire Preferred® Card, the Chase Sapphire Reserve® or the Chase Ink Business Preferred℠ Credit Card, these points can be transferred to your Sapphire card and redeemed through the Chase Ultimate Rewards portal for more value toward booking travel.
For those wanting another option for a card earning 5% cash back on rotating categories, the Discover it® Cash Back is a top-of-the-line choice. Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate, 1% unlimited cash back on all other purchases - automatically However, the Chase Freedom Flex℠ also offers ongoing rewards categories, which the Discover it® Cash Back doesn’t have.