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.

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.
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Chase Freedom® Student credit card Review

Updated on:
Content was accurate at the time of publication.
Chase Freedom<sup>®</sup> 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
19.99% Variable on purchases and balance transfers
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Key Takeaway

The Chase Freedom® Student credit card is a decent “no frills” starter card that can help young people build credit while earning rewards.

Is the Chase Freedom® Student credit card a good credit card?

If you’re a student with limited credit, the Chase Freedom® Student credit card is definitely worth considering. You won’t get the high rewards rates and cardholder perks you’d get with premium rewards cards. However, the card is easier to get approved for and offers cash back on all your spending for no annual fee.

You’ll get a flat rate of 1% cash back for every dollar spent, and you can even earn a $50 bonus after first purchase made within the first 3 months from account opening. Plus, you’ll get a $20 good standing reward each year you pay your bills on time and use credit responsibly (for up to five years). It’s even possible to get a higher credit limit after five months of responsible use and on-time monthly payments.

Quick facts

    • $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
  • Recommended Credit
    Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
  • 660 720 850
    Good / Excellent
  • $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 five 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

Intro Purchase APR

N/A

Regular Purchase APR

19.99% Variable

Intro BT APR

N/A

Regular BT APR

19.99% Variable

Annual Fee

$0

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

  • Easier for students to qualify for
  • $0 annual fee
  • Low APR
  • Potential credit limit increase after five months
  • Modest sign-up bonus
  • Good standing reward
  • Earn cash back on every purchase
  • Credit building benefits
  • Potential to qualify for other Chase cards
  • Rewards rate is low
  • Charges foreign transaction fees
  • Starting credit limit as low as $500

Chase Freedom® Student credit card benefits

  • Easier for students to qualify for

    The Chase Freedom® Student credit card makes it easy for eligible college students to get approved. It’s geared toward young people who have a limited credit history or hardly any credit at all. That said, you will have to be a college student to get approved for this card — in fact, Chase’s application requires you to verify your enrollment in a college or university, trade school or career college.

    You may also need to provide additional verification documents after you apply for this card, like a U.S.-issued driver’s license or a Social Security card.

  • No annual fee

    One of the best features of the Chase Freedom® Student credit card is that it’s a very affordable option for newbie cardholders. It comes with no annual fee and an APR of only 19.99% Variable.

    Cards geared toward people with limited credit histories often charge costly annual fees and APRs ranging closer to 30%. Such cards can be costly to carry in the long run and can raise the risk of accumulating debt that you can’t afford to pay off. The Chase Freedom® Student credit card, in comparison, is a less risky choice for cardholders who are just beginning their credit journeys.

  • Potential credit limit increase

    Students on the lower end of the credit range may be approved for a credit limit of only $500. However, Chase lets you work toward a higher credit limit by making on-time payments on your card for at least five months within 10 months of account opening. Note that only one payment per billing cycle counts toward this threshold, and you’ll have to make at least the minimum payment on the card.

  • Modest sign-up bonus and good standing reward

    You can earn a $50 bonus after first purchase made within the first 3 months from account opening. Note, however, that this bonus offer is fairly low, even for a student credit card; you can find many student credit cards, including the Bank of America cards, that offer bonuses worth $100 more.

    That said, the card also gives you a $20 “good standing reward” when you keep your account in good standing with on-time payments for 12 months. This reward is given out once per year when you qualify, and you can earn it for up to five years in total.

  • Earn cash back on every purchase

    With the Chase Freedom® Student credit card, you can earn 1% cash back on all purchases plus $20 Good Standing Rewards after each account anniversary for up to 5 years. And remember, this is on top of  the $50 bonus after first purchase made within the first 3 months from account opening.

  • Credit building benefits

    You should also note that the Chase Freedom® Student credit card helps users build credit by reporting to the three credit bureaus. As a cardholder, students also get a free credit score through a program called Chase Credit Journey, which they can use to monitor and improve their credit score over time.

  • Potential to qualify for other Chase credit cards

    The Chase Freedom® Student credit card can help you build a long-term relationship with Chase, a card issuer known for its exceptional rewards credit cards. If you use the Chase Freedom® Student credit card responsibly, keep debt levels low and always pay your credit card bills on time, you’ll create a good track record with Chase. This could eventually put you in a position to qualify for the best Chase credit cards on the market.

Chase Freedom® Student credit card drawbacks

  • Low rewards rate

    While the Chase Freedom® Student credit card does offer cash back on every purchase, you should know that some other student credit cards offer more lucrative flat-rate rewards for spending. As an example, the Capital One Quicksilver Student Cash Rewards Credit Card also comes with no annual fee, but earns 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) (see rates & fees). With this higher rate, you’ll earn $50 more in cash back rewards for every $10,000 charged to the card.

    There are also student credit cards that offer lucrative bonus categories, including the Bank of America® Customized Cash Rewards Credit Card for Students and the Capital One SavorOne Student Cash Rewards Credit Card. Both of these cards offer exceptionally high earning rates in select categories, which cardholders can maximize to boost their rewards haul over time.

  • Charges foreign transaction fees

    Note too that the Chase Freedom® Student credit card charges a foreign transaction fee of 3% of each transaction in U.S. dollars when you use it for purchases outside the United States. This may not matter to you if you don’t plan to travel, but paying this fee can get expensive if you take trips during college breaks or plan to study overseas.

    If you want to avoid paying foreign transaction fees, consider student credit cards that don’t charge this fee, like the Discover it® Student Cash Back or the Capital One Quicksilver Student Cash Rewards Credit Card (see rates & fees).

  • Potential for low starting credit limit

    While you may have the chance to increase your credit limit over time, the Chase Freedom® Student credit card can start you with a minimum credit limit as low as $500. This can limit your purchasing power tremendously. Plus, having a low credit limit can make it difficult to keep your credit utilization ratio below the recommended 30% threshold to keep your credit score in the best possible shape.

Alternatives to the Chase Freedom® Student credit card

Chase Freedom Unlimited®

| Disclosures
Chase Freedom Unlimited®
Chase Freedom Unlimited®
apply-now-icon Apply Now
on Chase's secure site
0% Intro APR on Purchases for 15 months
20.49% - 29.24% Variable
$0
Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier r
  • 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 Travel℠, 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 travel purchased through Chase Travel℠, 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, alerts, and more.
  • Member FDIC
660 720 850
Good / Excellent

How Does LendingTree Get Paid?

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

If you’re a college student who has a good/excellent credit score (a FICO Score of 670 or above), you can also consider the Chase Freedom Unlimited® credit card. This cash back credit card comes with a higher rewards rate and more perks overall.

Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.

You can also 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 Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases.

The card even comes with a 0% Intro APR on Purchases for 15 months and a 0% Intro APR on Balance Transfers for 15 months (followed by 20.49% - 29.24% Variable APR). Other perks include purchase protection, extended warranties, trip cancellation and interruption insurance and three complimentary months of DoorDash DashPass membership.

Discover it® Student Cash Back

| Disclosures
Discover it® Student Cash Back
Discover it® Student Cash Back
apply-now-icon Apply Now
on Discover's secure site
Rates & Fees
0% Intro APR for 6 months on purchases
17.74% - 26.74% Variable APR
$0
Earn 5% cash back at different places each quarter up to the
  • INTRO OFFER: Unlimited Cashback Match for all new cardmembers – 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 cash back 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 you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
  • Redeem your rewards for cash at any time.
  • No credit score required to apply.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • No annual fee and build your credit with responsible use.
  • 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.74% - 26.74% applies.
  • Terms and conditions apply.
600 660
Limited / Fair

How Does LendingTree Get Paid?

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

If you have limited credit but want a student credit card with a higher rewards rate for some purchases, you can also check out the Discover it® Student Cash Back. This card also comes with no annual fee and no foreign transaction fees. Plus, it features an excellent cash back program, if you don’t mind enrolling in its quarterly categories each month. With that program, you can earn 5% cash back at different places each quarter up to the quarterly maximum when you activate. 1% unlimited cash back on all other purchases - automatically. Discover will even double all rewards earned after the first year for new cardholders.

In addition, you get a modest 0% Intro APR for 6 months on purchases (followed by 17.74% - 26.74% Variable APR).

Capital One SavorOne Student Cash Rewards Credit Card

| Disclosures
Capital One SavorOne Student Cash Rewards Credit Card
Capital One SavorOne Student Cash Rewards Credit Card
apply-now-icon Apply Now
on Capital One's secure site
Rates & Fees
N/A
19.99% - 29.99% (Variable)
$0
3% Cash Back on dining, entertainment, popular streaming services and at grocery
  • Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), with 1% on all other purchases
  • Early Spend Bonus: Earn $50 when you spend $100 in the first three months
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Enjoy no annual fee, foreign transaction fees, or hidden fees
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • Earn up to $500 a year by referring friends and family when they're approved for a Capital One credit card
  • Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
  • Build your credit with responsible card use
  • Whether you're at a 4-year university, community college or other higher education institution, this card might be an option for you
  • For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
600 660
Limited / Fair

How Does LendingTree Get Paid?

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

The Capital One SavorOne Student Cash Rewards Credit Card is geared toward college students who spend more than average on food and entertainment. This card offers a much higher overall rewards rate than the Chase Freedom® Student credit card: Cardholders earn 3% Cash Back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®); 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply); 8% Cash Back on Capital One Entertainment purchases; 1% Cash Back on all other purchases.

The Capital One SavorOne Student Cash Rewards Credit Card also comes with a $50 cash bonus when you spend at least $100 within three months of account opening. Plus, it doesn’t charge a foreign transaction fee, making it a good alternative for foreign travel (see rates & fees).

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

The Chase Freedom® Student credit card doesn’t offer the highest cash back rewards rate among student credit cards. Still, it is a solid option if you want a flat-rate card that charges a $0 annual fee. It also offers tools to help encourage responsible card usage — like credit limit increases, free credit scores and credit bureau reporting — if you’re looking to establish and build credit.

All this being said, there are other student credit cards to consider, including ones that come with higher rewards rates, more benefits and no foreign transaction fees. If you want to earn more rewards or plan to travel abroad, check out alternatives like the Capital One SavorOne Student Cash Rewards Credit Card and the Discover it® Student Cash Back.

Frequently asked questions

You may be able to upgrade the Chase Freedom® Student credit card to a different credit card with Chase over time. To find out if you’re eligible, you can call the number on the back of your credit card to inquire.

While the Chase Freedom® Student credit card doesn’t list a minimum credit score, it’s geared to college students with limited credit history.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

The information related to the Chase Freedom® Student credit card and Bank of America® Customized Cash Rewards Credit Card for Students has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.