The Chase Freedom APR is 0% for 15 months on purchases, with a regular APR of 14.99% - 23.74% (V) after that. Chase Freedom’s ongoing APR is a range because different people get different rates. It depends on how “creditworthy” Chase thinks you are. The “(V)” at the end stands for “variable” and tells you the APR can change based on the economy. Chase Freedom’s APR range has risen in recent years due to changes in the Federal Reserve’s target interest rate.
Chase Freedom also has more than just purchase and balance transfer APRs. The others are worth investigating, too.
2020 Chase Freedom APRs:
Intro Purchase APR: 0% for 15 months
Regular APR: 14.99% - 23.74% (V), based on creditworthiness (purchases and transfers)
Cash Advance APR: 24.99% (V), plus a 5% ($10 min.) fee
Maximum Penalty APR: 29.99%
Chase can increase your Freedom card’s APR to the penalty rate if you don’t pay your bill on time. It’ll apply to purchases made after the change, unless you’re 60 days delinquent, in which case it applies to your existing balance as well. Chase is required to give you 45 days’ notice before raising your APR.
The Chase Freedom APR is the same as that of its companion card, Chase Freedom Unlimited, which offers 1.5% cash back on all purchases rather than bonus categories.
Unfortunately, Chase Freedom may no longer be available to new applicants.