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Chase Freedom® Student credit card

Chase Freedom<sup>®</sup> Student credit card

Chase Freedom® Student credit card

Rewards Rate
Earn 1% cash back on all purchases plus $20 Good Standing Rewards after each account anniversary for up to 5 years
Sign Up Bonus
$50 Bonus after first purchase made within the first 3 months from account opening
APR
14.99% Variable on purchases and balance transfers
Edited by
Julie Sherrier
Reviewed by
Tracy Brackman
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who's the Chase Freedom® Student credit card best for?

If you are a student interested in building your credit and earning cash back on every purchase, the Chase Freedom® Student credit card can help you do that.

Along with a variety of tools to help promote responsible credit usage, the card offers a simple rewards structure and easily attainable sign-up bonus.

Cardholders can earn 1% cash back on all purchases plus $20 Good Standing Rewards after each account anniversary for up to 5 years and a $50 bonus after first purchase made within the first 3 months from account opening.

In this review, we break down the pros and cons of the Chase Freedom® Student credit card, as well as show how it compares to a similar no-fee, flat-rate student card.

Chase Freedom® Student credit card overview

    • $50 Bonus after first purchase made within the first 3 months from account opening
    • Earn 1% cash back on all purchases
    • No annual fee
    • $20 Good Standing Rewards after each account anniversary for up to 5 years
    • Earn a credit limit increase after making 5 monthly payments on time within 10 months from account opening when meeting credit criteria
    • No minimum to redeem for cash back. Cash Back rewards do not expire as long as your account is open.
    • Free credit score with Chase Credit Journey
  • Credit needed:
    660 720
    Excellent/Good
  • Free, unlimited access to your credit score through Credit Journey
  • Zero liability protection for unauthorized charges made to your account
  • Purchase protection on new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account
  • Extended warranty protection for an additional year beyond the U.S. manufacturer’s warranty
  • Lock/unlock feature to block new purchases, cash advances and balance transfers
  • Contactless tap and pay feature

Intro Purchase APR

N/A

Intro BT APR

N/A

Annual Fee

$0

Regular Purchase APR

14.99% Variable

Cash Advance Fee

Either $10 or 5% of the amount of each transaction, whichever is greater.

Foreign Transaction Fee

3% of each transaction in U.S. dollars

Balance Transfer Fee

Either $5 or 5% of the amount of each transfer, whichever is greater.

Pros and cons

Pros

  • $0 annual fee
  • Potential credit limit increase after 5 months
  • Credit score access through Credit Journey
  • Signup bonus
  • Good standing reward
  • Cashback rewards program

Cons

  • No intro APR
  • Modest rewards earning rate
  • Foreign transaction fee

What we like about the Chase Freedom® Student credit card

  • Credit building opportunity

    The Chase Freedom® Student credit card is aimed at students looking to build or rebuild their credit and who have credit scores around 600 and above.

    College is the perfect time to apply for your first credit card so that when you graduate, you’ll have a solid credit score to help you when applying for an apartment, car loan, or even a job that may require a credit check.

  • Potential credit limit increase

    After making five monthly payments on time within 10 months from account opening, your account will be reviewed for a potential credit limit increase. Given that your initial credit limit may be small if you’re new to credit, an increase can allow you more purchasing power.

  • Signup bonus

    While not huge, the signup bonus that comes with the Chase Freedom® Student credit card should be easy to earn: earn a $50 bonus after first purchase made within the first 3 months from account opening.

    You will receive the bonus in the form of 5,000 points, which can be redeemed for $50 cash back.

  • Simple cashback rewards program

    If you want a straightforward approach to earning rewards, the Chase Freedom® Student credit card offers just that. Instead of dealing with spending caps or bonus categories that rotate each quarter, the Chase Freedom® Student credit card lets cardholders earn 1% cash back on all purchases plus $20 good standing rewards after each account anniversary for up to 5 years.

What to watch out for with the Chase Freedom® Student credit card

  • No intro APR

    Some credit cards come with an intro APR of 0%, allowing you a reprieve from interest charges for a specified period of time.

    The Chase Freedom® Student credit card does not offer an intro APR on purchases and, once approved, you’ll be subject to an interest rate of 14.99% variable APR.

    Know that you can avoid interest charges entirely by paying off your entire balance each month, every month.

  • Modest cashback earnings rate

    Although the Chase Freedom® Student credit card offers cash back on every purchase, the rate is not very high compared to some other student credit cards.

    The Chase Freedom® Student credit card lets cardholders earn 1% cash back on all purchases plus $20 Good Standing Rewards after each account anniversary for up to 5 years, while there are other student cards currently available that offer up to 5% cash back.

Alternate student card

Compare it to the Discover it® Student Cash Back

Disclosures |
Discover it® Student Cash Back
Discover it® Student Cash Back
on Discover's secure site
0% for 6 months on purchases
12.99% - 21.99% Variable APR
$0
5% cash back on everyday purchases at different places each quarter like
  • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
  • 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. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Good Grades Rewards: $20 statement credit each school year your GPA is 3.0 or higher for up to the next 5 years.
  • Earn rewards while building your credit history that can help you after graduation. And, get your free Credit Scorecard that includes your FICO® Credit Score and important details that help make up your score.
  • No annual fee. No late fee on first late payment. No APR change for paying late.
  • Refer-a-Friend: Once you become a Discover it® Student cardmember, you can earn a statement credit each time you refer a friend and they’re approved. Over half a million students got Discover Cards from their friends' recommendations.
  • Freeze It® on/off switch for your account that prevents new purchases, cash advances & balance transfers in seconds.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 12.99% - 21.99% applies.
600 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Another popular student card you may want to consider is the Discover it® Student Cash Back.

The Discover it® Student Cash Back also has a $0 annual fee, but comes with a more generous cashback rewards program.

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.

And for the signup bonus: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.

What’s also great about the Discover it® Student Cash Back is that if you are planning on traveling abroad, the card charges foreign transaction fees of none. That means you won’t incur any fees for purchases made abroad compared to the Chase Freedom® Student credit card, which assess a foreign transaction fee of 3% of each transaction in U.S. dollars.

Plus, there is an intro APR of 0% for 6 months on purchases, after which a 12.99% - 21.99% Variable APR will apply. So, if you need to buy a new laptop, for example, you won’t have to pay interest on that purchase for half a year. Any balance remaining after 6 months will be subject to the regular interest rate.

Compare the Chase Freedom® Student credit card to similar cards

Comparison of four different credit cards
Chase Freedom<sup>®</sup> Student credit card Discover it<sup>®</sup> Student Cash Back Discover it<sup>®</sup> Student chrome Journey Student Rewards from Capital One
Chase Freedom® Student credit card Discover it® Student Cash Back Discover it® Student chrome Journey Student Rewards from Capital One
Apply Now
on Chase's secure site
Apply Now
on Discover's secure site
Apply Now
on Discover's secure site
Apply Now
on Capital One's secure site
Annual Fee
$0 $0 $0 $0
Welcome Offer
$50 Bonus after first purchase made within the first 3 months from account opening Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. No bonus
Rewards Rate
Earn 1% cash back on all purchases plus $20 Good Standing Rewards after each account anniversary for up to 5 years 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 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, 1% unlimited cash back on all other purchases - automatically 1% Cash Back on all purchases; 0.25% Cash Back bonus on the cash back you earn each month you pay on time
Intro Purchase APR
N/A 0% for 6 months on purchases 0% for 6 months N/A
Regular APR
14.99% Variable 12.99% - 21.99% Variable APR 12.99% - 21.99% Variable APR 26.99% (Variable)
Recommended Credit
Excellent/Good Fair/Limited Fair/Limited Average/Fair/Limited
Card Details
Chase Freedom® Student credit card Discover it® Student Cash Back Discover it® Student chrome Journey Student Rewards from Capital One

Is the Chase Freedom® Student credit card right for you?

Though the Chase Freedom® Student credit card doesn’t offer the highest cashback rewards rate among student credit cards, it is a solid option if you want a flat-rate card that charges a $0 annual fee.

Additionally, because the Chase Freedom® Student credit card offers tools to help encourage responsible card usage, such as credit limit increases, free credit scores and credit bureau reporting, it is ideal for those looking to establish and build credit.

Apply Now
on Chase's secure site