Is Chase Freedom® a Visa or Mastercard? What’s the Chase Freedom® annual fee?Chase Freedom® is a Visa. It comes with perks like purchase protection and extended warranties.
The card also has no annual fee, which is great news for your rewards.
finder.com’s rating: 4.4 / 5.0
Up to 5%
Intro Purchase APR
for the first 15 months (then 16.99% to 25.74% variable)
|Product Name||Chase Freedom®|
|Purchase APR||0% intro for the first 15 months (then 16.99% to 25.74% variable)|
|Balance transfer APR||0% intro for the first 15 months (then 16.99% to 25.74% variable)|
|Balance transfer fee||$5 or 3% of the transaction, whichever is greater|
|Cash advance rate||26.99% variable|
|Cash advance fee||$10 or 5% of the cash advance amount, whichever is greater|
|Foreign transaction fee||3% of the transaction value|
|Interest free period||Up to 21 days|
|Late payment fee||Up to $39|
|Returned payment fee||Up to $39|
|Additional cardholder fee||$0|
|Rates & fees||rates & fees|
The Chase Freedom® is impressively well-rounded. With a $0 annual fee, a solid signup bonus, a long intro APR and attractive cash back, it’s an uncommon card that brings seemingly everything to the table.
If you’re hunting for a great intro APR, many cards force you to sacrifice rewards. Not so with the Chase Freedom®. It offers 0% intro APR on purchases and balance transfers for a strong 15 months, after that your APR will be 16.99% to 25.74% variable . Meanwhile, you’ll earn cash back on everything you buy. Few other cards match the Chase Freedom® in these respects.
You’ll earn 5% cash back in rotating categories for each quarter you activate — up to $1,500 in combined purchases, then it drops to 1% cash back. On everything else, you’ll earn 1% cash back. That can add up to a sizable haul, especially if you like adjusting your spending to take advantage of various rewards categories.
The card also has no annual fee, which is great news for your rewards.
A $0 annual fee makes it easy to keep the Chase Freedom® long term.
When you spend on quarterly-rotating bonus categories, you’ll earn 5% cash back on up to $1,500 in combined purchases each quarter you activate, after that you’ll earn 1% cash back.
Categories might include gas stations, grocery stores, restaurants, department stores and more. You need to activate the bonus categories for your card each quarter to earn the 5% reward rate.
On all other purchases, you’ll earn 1% cash back.
To get the most out of Chase Freedom®, you’ll want to time your purchases to match each 5% reward period. If you can do this, you’ll earn fantastic rewards.
Let’s see how much cash back you could earn based on this sample spending:
Over a year, you’d earn $234 cash back.
You can earn the bonus after you spend $500 on purchases in your first 3 months from account opening. It’s a solid signup bonus that’s relatively easy to obtain.
Chase advertises its Chase Freedom® rewards as cash back. However, you’ll actually earn points when you use your card.
It takes 100 points to earn $1 in cash back. So, each point is worth 1 cent, which fits the industry standard.
You can redeem your points for various rewards using your Chase online account, including:
Points may be worth less than 1 cent apiece if you redeem them for rewards other than cash back. That said, it’s a good idea to check the redemption rate before using your points.
|Features and benefits||22.81%|
The Chase Freedom® credit card came recommended from a friend who enjoyed the varied, yet reliable, cashback rate it offered. Since my credit score wasn’t great, I wanted to start over with a reputable company and take advantage of the rewards associated with proper credit card usage.
Activating my earning bonuses each quarter only takes responding to a quick email confirmation sent to my registered account. For someone who had never managed a credit card properly before, I was happy to find that Chase made the process painless.
Since then, I’ve earned plenty of Ultimate Rewards points without trying too hard. Earning the welcome offer was a snap and, while not every earning category in a quarter is a winner, I’ve found most quarters have at least one category that can help me reach the 5% cap.
For new cardholders, Chase could stand to make the importance of coupling this card with a premium Chase card clearer. I imagine more than one consumer picked up the Chase Freedom® based on Chase’s Ultimate Rewards reputation, only to find that their card can’t transfer points to reap the full benefits of the program.
You’ll have a better chance of being approved for the card if you apply with a good to excellent credit score of 670 or higher.
Cardholders are generally thrilled with the Chase Freedom®‘s bonus categories and 1% cash back. However, some customers say they’ve had trouble with Chase autopay.
Chase earns a Trustpilot score of 5 out of 10 at the time of this writing. Most negative reviews cite slow responses to fraud complaints and less-than-helpful customer service. Positive reviews cite the bank’s great mobile app and quick resolutions to their issues. Overall, your mileage may vary with Chase customer support.
The JPMorgan Chase Credit Card division earns an overall A+ rating from the Better Business Bureau, yet it has almost 2,000 customer complaints lodged against it. Billing issues and problems with the product and service were among the chief reasons for complaints.
Because approval is automated on the Chase website, you’ll likely get a decision within minutes. If there are issues with your application, it could take up to a few weeks to hear back.
The Chase Freedom® is a well-rounded product with a strong set of perks. For starters, there’s a solid signup bonus and $0 annual fee. And you’ll enjoy the attractive combination of a great intro APR and lucrative cash back. Quite simply, the card is a stellar pick to attract cash back on everyday spending.
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