Chase Freedom is a solid choice for people who want to earn cash back on every purchase. The card offers 5% cash back in quarterly rotating categories (capped at $1,500 in combined purchases each quarter) and 1% cash back on all other eligible purchases. Chase Freedom currently has a signup bonus available to new members as well as an introductory APR on purchases and balance transfers. Plus, there is no annual fee.
New account holders receive a $150 bonus after spending $500 on purchases within the first three months of account opening. Balance transfers, cash advances, and fees of any kind do not qualify as purchases. It may take 6-8 weeks for the bonus reward to post to your account.
New cardholders who add an authorized user to their account and make a purchase within the first three months of activation will receive an additional $25 bonus.
Both of these bonus offers are available to new members only. Current cardholders, including anyone who has received a new cardmember bonus for the Chase Freedom card in the past 24 months, are not eligible.
Chase Freedom gives new members a 0% introductory annual percentage rate (APR) on all purchases and balance transfers for the first 15 months you have your card. After this time, your variable APR will be between 13.99% and 22.99% based on your creditworthiness at the time of approval. There is a balance transfer fee of $5 or 3% of the total amount of the transfer (whichever is greater) applied to each completed balance transfer. This fee is not waived during the introductory time period.
For a limited time, members earn 10% cash back in combined purchases (up to $1,500) made at any of the following online retailers:
- Amazon.com
- Zappos.com
- Audible.com
- Diapers.com
Note: This offer applies to purchases made between November 23, 2015 and December 31, 2015. You must activate these bonus categories by December 14th in order to receive the 10% cash back.
For people who frequently shop online, Chase Freedom gives cardmembers access to Chase Ultimate Rewards which has an online mall offering additional cash back bonuses on purchases. Your rewards can be redeemed as a direct deposit or statement credit as well as for hotels, car rentals, airline tickets, and gift cards. Your cash back rewards never expire as long as your account remains in good standing.
Cardholders receive additional benefits with Chase Freedom such as:
- Zero Liability Protection
- Purchase Protection
- Extended Warranty Protection
- Auto Rental Collision Damage Waiver
Visa Signature Benefits are also offered with the card. These include:
- Lost Luggage Reimbursement
- Travel Accident Insurance
- Trip Cancellation/Trip Interruption Insurance
Chase Freedom charges members a 3% foreign transaction fee on all purchases made while traveling outside of the U.S.
This card comes with EMV chip technology which provides enhanced security when making transactions using a chip-enabled terminal.
There is no annual fee associated with Chase Freedom.
The Facts
Below we have identified the specific details of Chase Freedom to help you determine whether it’s worth signing up.
The Good:
Signup bonus:
Currently new cardholders are eligible to receive a $150 cash back bonus after making $500 in purchases on the card within the first three months of opening an account. This time period begins immediately upon approval so the actual amount of time you have to make purchases may be less depending on when you receive your card.
New card members also receive a 0% introductory annual percentage rate (APR) on purchases and balance transfers for the first 15 months that the account is open. After that time, your APR will be between 13.99% and 22.99% depending on your credit score and financial history at the time of approval.
Additionally, new account holders who add an authorized user and make a purchase within the first three months of activation will receive a $25 cash bonus.
5% Cash back on rotating quarterly categories:
This card gives card members the opportunity to earn 5% cash back on all eligible purchases made within rotating, quarterly categories. Combined purchases within these quarterly categories are capped at $1,500. Any amount over that earns 1% cash back rewards. All other purchases earn 1% cash back.
Important: Bonus categories must be activated each quarter in order to receive the standard 5% cash back.
10% bonus cash back offer:
For a limited time, members earn 10% cash back in combined purchases (up to $1,500) made at any of the following online retailers:
- Amazon.com
- Zappos.com
- Audible.com
- Diapers.com
Note: This offer applies to purchases made between November 23, 2015 and December 31, 2015. You must activate these bonus categories by December 14th in order to receive the 10% cash back.
Rewards never expire:
Cash back rewards never expire as long as your account remains open and in good standing.
Multiple redemption options:
Card members can redeem their cash back rewards in a variety of ways. These include:
- As a statement credit
- As a direct deposit to your checking/savings account
- For travel credit towards hotels, airline tickets, and car rentals
- For gift cards
- For merchandise
Chase Freedom gives card members access to the Chase Ultimate Rewards website. This is an online storefront where you can earn up to 10% cash back rewards on any online purchases you make.
Additional Chase benefits:
Cardholders also receive benefits through Chase:
- Zero Liability Protection- Members have no liability for unauthorized transactions on the card as long as you report them immediately to Chase.
- Purchase Protection- Covers new purchases for 120 days against theft or damage. Claims are capped at $500 per claim and $50,000 per account. Restrictions, limitations, and exclusions apply.
- Extended Warranty Protection- Extends the time of U.S. manufacturer’s warranty by one additional year. Original warranty must be for three years or less. Restrictions, limitations, and exclusions apply.
- Auto Rental Collision Damage Waiver- Decline the rental car company’s collision insurance. Charge the entire rental cost on your card. Theft and collision damage coverage is provided for most cars in the U.S. and most other countries.
No annual fee:
Chase Freedom has no annual fee.
The Bad:
Foreign transaction fees:
This card charges card members a 3% foreign transaction fee on every purchase made on the card while traveling outside of the U.S. If you often go abroad and plan to use this card for hotels, rental cars, restaurants and shopping, the fees you incur may negate any cash back bonus you will earn.
Spending Caps on bonus categories:
Cardholders are only allowed to spend up to $1,500 in combined purchases within the 5% cash back bonus category each quarter. Any amount over this earns a fairly weak 1% cash back.
The Ugly:
Rotating rewards categories:
Cardmembers must opt into and keep track of the quarterly rotating categories. If this sounds like a hassle, you may want to consider another cash back rewards card. You can sign up for alerts to remind you when the new quarter is starting and that you need to sign up going forward. However, card members are required to sign up every three months – eligibility for the 5% rewards does not automatically renew.
Restricted bonus categories:
If your spending habits don’t align with Chase Freedom bonus categories, you will not receive much value from this card. Cardmembers receive 1% cash back on all purchases but many other rewards cards (such as Citi Double Cash or Blue Cash American Express) offer a more lucrative cash back program.