The Chase Freedom signup bonus is $200 for spending $500 in the first 3 months from account opening. Although the Chase Freedom signup bonus is advertised as cash, it’s actually 20,000 Chase Ultimate Rewards points. Each point is worth 1 cent in cash back (or travel or gift cards), which comes to a $200 value. The bonus points will appear in your account 6 to 8 weeks after you meet the initial spending requirement.
The Chase Freedom signup bonus is pretty easy to earn, considering you only have to spend about $167 per month to get it. And since the card has a $0 annual fee, the $200 bonus goes right back into your pocket. But before you put in your application, it’s important to know the rules and restrictions surrounding the bonus.
For example, you’re not eligible if you’ve already earned the signup bonus with the Freedom card in the past 24 months. You also won’t earn bonus points if you close your account or fall behind on bill payments.
The Chase Freedom $200 bonus is available to new applicants who spend $500 within 3 months of opening an account. The bonus posts to a cardholder’s account as 20,000 Chase Ultimate Rewards points, which are redeemable for $200 cash back. That’s a 40% return on the money spent to earn the $200 bonus.… read full answer
Even though Chase Freedom is advertised as a cash back card, it’s actually a points card like all other Ultimate Rewards cards. Each point is worth 1 cent no matter how you spend it (e.g. cash back, travel, gift cards). So the value of your initial bonus is always $200. But there are a few other things you should note before getting the card.
Chase Freedom $200 Bonus Info:
Requirement: Spend $500 in the first 3 months of account opening.
Eligibility: New Chase Freedom cardholders who have not earned the bonus in the past 24 months.
Ineligible purchases: Balance transfers, cash advances and cash equivalents like casino chips. Interest, unauthorized/fraudulent charges and fees also do not earn cash back.
Account standing: Your account must be open and not in default at the time the points are delivered in order to receive them.
Timeframe: It may take 6-8 weeks for the $200 bonus to show up in your account, once you meet the spending requirement.
Limited-time offer: The Chase Freedom initial bonus has been higher or lower in the past.
Freedom is a great card for everyday spending too. In addition to Chase Freedom’s $200 bonus, cardholders earn 5% cash back (5 points per $1) on up to $1,500 spent per quarter in bonus categories. Purchases that exceed the quarterly limit earn 1%, as do nearly all other purchases. The first $12,000 that you spend on groceries in the first 12 months is the exception, also providing 5% cash back.
Chase Freedom bonus categories are the types of purchases on which cardholders earn 5% cash back, up to $1,500 spent each quarter, instead of the regular 1% cash back rate. It is possible to earn as much as $300 in rewards per year by spending up to $6,000 in the Chase Freedom bonus categories. Spending that much on other types of purchases would get you just $60. The 5% cash back categories change each quarter.… read full answer
Chase Freedom bonus categories can be purchases at specific retailers or a particular type of merchant. There can be more than one bonus category per quarter, too. The Chase Freedom bonus categories for April - June 2019 are grocery stores (excluding Walmart and Target) and home improvement stores. No further categories have been announced yet, but you can check Chase’s calendar for updates. In the first quarter of 2019, the Chase Freedom bonus categories were gas stations, tolls and drugstores.
The downside to Chase Freedom’s bonus categories is that you have to activate the new ones every quarter. The good news is it’s pretty easy to do. You can activate your Freedom card’s bonus categories online, by email, by phone or at any Chase Bank location. Plus, cardholders with Chase checking accounts can activate through an ATM. As long as you activate by the end of the quarter, you’ll get 5% back for all qualifying purchases retroactively.
The categories can have exclusions. For example, 5% back on gas station purchases doesn’t apply to places that don’t specialize in fueling cars, like a boat marina. Plus, earning rewards will depend on how a merchant is categorized, which isn’t under Chase’s control.
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