Credit Card Review

Chase Freedom®


Overall Rating:

 
 
 
 
 

In a Nutshell:

It's hard to find a better combination of benefits: Strong 15 month 0% Intro APR on balance transfers and new purchases, $150 signup bonus, 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate and unlimited 1% cash back for everything else.

Ongoing APR
14.24%-23.24% Variable

Features
$150 bonus after spending $500 in first 3 months

5% cash back in rotating spending categories (up to $1,500 per quarter), 1% on all other purchases

Annual Fee
$0

Recommended Credit
Good/Excellent

Full Review

Chase Freedom® is first and foremost a cash rewards card, offering up to 5% cash back on purchases. Yet unlike most cards that pay top tier cash rewards, the Freedom also offers an attractive 15-month 0% intro APR term on both new purchases and balance transfers. It also offers a $150 cash bonus of you use the card to make $500 in purchases in your first 3 months. The card charges no annual fee.

The Freedom is especially suited to those who may be making large purchases in the near future, for example during the holiday gift-buying season. If you put those charges on the Freedom, you won’t have to pay any interest on the charges for the full 15-months, allowing you to pay them off slowly after the holiday craziness is over. This way you won’t get crushed having to empty your bank account to make the purchases, but neither will you have to pay large interest charges if you take a few months to pay the charges off. To top it off, you’ll even earn cash rewards during the period in which you are not paying interest. So you win both ways.

The Freedom Card’s cash reward program works like this: you get 1% cash back on every purchase, without limit or restriction. Additionally, the card features categories that rotate every calendar quarter (3 months) which pay out at a 5% rewards rate on the first $1500 in spend in the category. These are often very popular spending categories, with recent examples such as gas stations, groceries, department stores, popular online shopping sites and restaurants. 

You can link the rewards program to popular websites such as Amazon.com, which allows you to simply use points as your payment method at checkout. This can be especially nice when you’re going to checkout, are prepared to pay for an item, only to realize you can get it completely free with your points.

Highlights

  • Earn a $150 Bonus after you spend $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
  • Unlimited 1% cash back on all other purchases - it's automatic
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 14.24-23.24%. Balance transfer fee is 5% of the amount transferred, $5 minimum
  • Enjoy new 5% categories every 3 months
  • Cash Back rewards do not expire as long as your account is open
  • No annual fee

Rewards

  • Rewards do not expire.
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • Earn a $25 Bonus after you add your first authorized user and make a purchase within this same 3-month period
  • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate

Redeem Rewards

  • Rebates can be redeemed for cash, as well as travel, gift cards or statement credits.

Fees and APR

  • No annual fee.
  • 0% Intro APR: 0% Intro APR for 15 months on purchase and balance transfers.
  • Purchase APR: 14.24-23.24% Variable, depending on creditworthiness.
  • Balance Transfer Fee: Balance transfer fee is 5% of the amount transferred, $5 minimum.

This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed here are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase.

Card Details

Ongoing APR
14.24%-23.24% Variable

Features
$150 bonus after spending $500 in first 3 months

5% cash back in rotating spending categories (up to $1,500 per quarter), 1% on all other purchases

Annual Fee
$0

Recommended Credit
Good/Excellent