Chase Freedom is one of the most popular credit cards available, and there’s a lot to like. It has a $0 annual fee and gives up to 5% back in rewards on purchases, for starters. The Chase Freedom card has several sign-up perks, too, including a $200 bonus for spending $500 in the first three months, a 0% introductory APR for 15 months on purchases and 5% cash back on up $12,000 spent at grocery stores the first year.
So it’s no wonder the Chase Freedom credit card 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 ongoing 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 the Chase Freedom credit card, let’s take a closer look at its strengths and weaknesses to see whether you should submit an application.
Chase Freedom Review Highlights:
Learn More About Chase Freedom:
Minimum credit score
- Easiest $200 you’ve ever earned. All that’s standing between you and a cool $200 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?
- New grocery rewards. The Freedom card currently offers 5% cash back on grocery store purchases (excluding Target and Walmart), up to $12,000 spent in the first 12 months.
- Other 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 for purchases. The Chase Freedom Card offers 0% introductory interest rates for 15 months on new purchases. It’s a good deal if you’re planning a big-ticket purchase that will take months to pay off.
- No annual fee is nice, not unique. The Chase Freedom Visa’s lack of an annual fee saves you nearly $20 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’s minimum credit score requirement is 660. In other words, applicants generally need good credit or better for approval.
Chase Freedom gives 5% cash back on up to $1,500 spent per quarter in purchase categories that change on a quarterly basis. Some of the most common categories include gas stations, grocery stores and department stores.
Foreign transaction fee
The Chase Freedom Card’s foreign transaction fee is equal to 3%. 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.