Chase Freedom is one of the most popular credit cards available because it has a $0 annual fee and gives up to 5% back in rewards on purchases. The Chase Freedom card also has several sign-up perks, including a $150 bonus for spending $500 in the first three months and 0% introductory APRs for 15 months on purchases and balance transfers.
So it’s no wonder that Chase Freedom is such a fan favorite. There’s something for everyone – namely, a lot of savings potential. Plus, Chase Freedom approval could be a bit easier to come by than you might think. Excellent credit is recommended for high approval odds, but people with good credit, a lot of income and little debt are in the running, too.
The Chase Freedom card is not without faults, however. For example, that 5% bonus rewards rate only applies to $1,500 spent in bonus categories every three months. Those bonus categories change quarterly, too, and other purchases yield just 1% back. Freedom’s foreign transaction fee and balance transfer fee give applicants something to think about as well.
Now that you’re familiar with Chase Freedom, let’s take a closer look at its strengths and weaknesses to see whether you should submit an application.
Chase Freedom Review Highlights:
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- Easiest $150 you’ve ever earned. All that’s standing between you and a cool $150 is $500 in purchases during the first three months your Chase Freedom Credit Card account is open. You’re going to spend that much anyway, so why not get paid for it?
- 5% bonus categories offer boom-bust potential. Five percent cash back is a lot, but there’s no telling how much of your spending will qualify, as bonus categories change on a quarterly basis. You also have to sign up for the new categories each time they change. Furthermore, you’ll earn 5% on only the first $1,500 you spend in the combined bonus categories each quarter. In other words, the Chase Freedom Rewards Card isn’t necessarily as rewarding as you might think.
- 0% intro rate is better for purchases than transfers. The Chase Freedom Card offers 0% introductory interest rates for 15 months on new purchases and balance transfers. It’s a good deal if you’re planning a big-ticket purchase that will take months to pay off. But a balance-transfer fee (3% during the first 60 days of account opening) spoils the party for people with existing debt.
- No annual fee is nice, not unique. The Chase Freedom Visa’s lack of an annual fee saves you nearly $18.61 relative to the average credit card, according to WalletHub’s latest Credit Card Landscape Report. But there are plenty of good rewards cards that don’t charge annual fees.
Chase Freedom gives 5% cash back on up to $1,500 spent per quarter in purchase categories that change on a quarterly basis.
Foreign transaction fee
The Chase Freedom Card’s foreign transaction fee is equal to 3% of each transaction in U.S. dollars. That means purchases processed internationally – whether you’re in the U.S. or abroad – will cost you extra.
The phone number for Chase Freedom customer service is 800-935-9935.
Minimum credit score
Chase Freedom’s minimum credit score requirement is 660. In other words, applicants generally need good credit or better for approval.