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.
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 may no longer be available to new applicants.