Do you earn Chase Freedom Unlimited points or cash back?

You earn Chase Freedom Unlimited points, not cash back. More specifically, Chase Freedom Unlimited is part of the Chase Ultimate Rewards program, which is a points-based system. But you can still trade your points for cash back. So, the 1.5 points you get for every $1 you spend are the equivalent of 1.5% cash back.

You may see cash back instead of points in Chase marketing materials when referring to the rewards you earn for Chase Freedom Unlimited, but just look at it as getting more options.

Here’s how the points work:

• You get 5% cash back on travel through Chase, 3% back at restaurants and drugstores, and 1.5% back on all other purchases (plus an additional 1.5% cash back on everything, up to $20,000 spent the first year), with no limit on the number of points you can earn.
• You can trade your points for cash back, gift cards, or travel at a rate of 1 cent per point.
• There is no minimum number of points needed to redeem for cash back. You can redeem any number of points for travel and pay any leftover balance with your card. For gift cards, points will depend on the cost denomination.
• You can redeem your rewards by logging in to the Chase Ultimate Rewards portal and selecting the type of redemption you want.
• Your points will not expire as long as your account is open. But you will lose them if you close your account before redeeming. You will also lose them if Chase closes your account for any kind of fraud, abuse, or lack of payment. 

Most Chase Freedom Unlimited cardholders redeem their points for cash back. However, Chase Freedom Unlimited isn’t necessarily the best cash back credit card on the market. While it does give you a respectable 1.5% rate, you might also want to consider Citi Double Cash Card, which gives you 2% cash back on all purchases.

Chase Freedom Unlimited cardholders earn Ultimate Reward points with every purchase. The rewards rate is 1.5%, which is well above average. The card also has a sign-up bonus, and no annual fee. Personally, I think it’s better than most cash back credit cards. The points you earn can be redeemed towards cash back or gift cards at a rate of $0.01 per point.

They're points, not cash back. Still, the Ultimate Rewards portal (not to mention the 5x category thing) makes up for it.