Today I will be discussing the Chase Freedom Visa credit card. As the name implies, it is very similar to the Chase Freedom Unlimited Visa credit card as it offers a simple to understand cash back option but also could be converted easily to Chase Ultimate Rewards points if you are more point savvy. Also, these rewards do not expire while the account is active and there is no minimum to redeem for cash back.
Additionally, Chase currently offers a $150 sign up bonus if you spend $500 on the card within the first 3 months of initializing the card and another $25 when you add an authorized user that makes a purchase within the same first 3 months. And unlike many other rewards credit cards, this card has no annual fee (meaning you do not have to pay to use their credit card).
However while the Unlimited card offers a flat 1.5% cash back rate on all purchases, this card is a bit more confusing. This card offers a 5% cash back rate on certain items and 1% cash back on all other items. These 5% cash back eligible items also change every three months.
This is easier to explain by looking at Chase Freedom’s rewards schedule below:
For example, we are currently in the fourth quarter (October – December) on the rewards schedule meaning we would be eligible 5% cash back for purchases made at Walmart and at department stores, especially useful with the upcoming holiday season. However, there is a $1,500 maximum limit in combined purchases allowed meaning the maximum amount you could get 5% cash back for is $75 per quarter. All purchases not covered by the rewards categories or that exceed the maximum limit receive 1% cash back.
Depending on what you buy, you could earn more rewards using this card. Some users try maximizing the benefits by requesting both the Chase Freedom and Chase Freedom Unlimited and juggling their cards to use each quarter. However, if you are like my parents, this is way too confusing and would rather stick to the Chase Freedom Unlimited card so you do not have to think about which cards to use at which store (especially since Chase could and have slightly altered the categories every year). Personally, this was one of my first credit cards and I still use it as the 5% cash back offered is one of the best rewards out there especially with no annual fee.
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