Is the Chase Freedom Credit Card worth it? |April 2018

Review: The Chase Freedom® credit card – April 2018

Earn up to 5% cash back with this no-annual-fee card that comes with a signup bonus of $150.

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  • Get this card if… you want a no-annual-fee card that earns cash back on everyday spending.
  • Pick something else if…you plan to use your card on frequent overseas trips.
  • Good to excellent credit score of 690 to 850 recommended.

The no-annual-fee Chase Freedom Credit Card brings more than enough to the table for a card of its stature. Its 0% intro APR on purchases and balance transfers extends to a whopping first 15 billing cycles after approval. And a $150 signup bonus is yours for the taking, provided you spend $500 on purchases in the first three months.

You’ll also earn 1% cash back on everyday spending and 5% cash back on up to $1,500 in combined bonus category spending each quarter. Cash back rewards do not expire.

Product NameChase Freedom® credit card
Intro APR for Balance Transfer0% Intro APR for first 15 billing cycles (with whichever is greater, $5 or 5% balance transfer fee)
Balance Transfer Rate (not intro)16.24% to 24.99% variable
APR for Purchases ( Purchase Rate )16.24% to 24.99% variable
Annual fee$0
Cash Advance Rate26.24% variable
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 21 days
Returned Payment Fee$0
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$0
Minimum Credit ScoreFair (660-699)
Minimum Age18 years of age
Annual fee$0
Returned Payment Fee$0
Over The Credit Line Fee$0
Late Payment Fee$37
Cash Advance Fee$10 or 5% of the amount of each transaction, whichever is greater

The Basics

This Chase credit card is a decent no-annual-fee card that comes with a 0% intro APR for the first 15 billing cycles and could earn you from 1% to 5% cash back.

The Perks

  • $150 signup cash bonus. Spend $500 on purchases in the first three months from account opening, and you’ll get $150. Add an authorized user for spending in the same three-month period, and you could earn an additional $25.
  • Long 0% intro APR. Pay no interest on purchases and balance transfers in the first 15 months from account opening. After the intro period, your APR will vary from 16.24% to 24.99% variable, depending on your creditworthiness.
  • 1% cash back for everyday spending. Get automatic rewards on your everyday purchases.
  • 5% cash back in bonus categories. Earn 5% cash back on up to $1,500 in combined purchases every quarter in which you activate the new 5% cash back categories. (Chase announces the categories when it’s time to activate.)
  • Cash back redemption options. Redeem your points for statement credits, for bank deposits or through Chase Ultimate Rewards for gift cards, travel and experiences.
  • Security and protection. Chase covers cardholders with zero-liability, extended warranty, and purchase and price protection.

What to watch out for

Chase Freedom is a decent card with unlimited rewards that don’t expire. But you’ll need to sign up each quarter to get your 5% cash back premium.

  • 5% cash back activation. You will need to activate the 5% cash back premium every three months online, by text, by email, over the phone, at an ATM or at a Chase branch. The good news: Provided you sign up for this premium, Chase will remind you when it’s time to activate the bonus.
  • Foreign transaction fees. If you use your card overseas, you’ll pay a fee equal to 3% of each transaction in US dollars.

What you should know before applying

You’re eligible to apply for the Chase Freedom card if:

  • You’re at least 18 years old.
  • You’re a US citizen or permanent resident.
  • You have a valid Social Security number.
  • Always consider your options and your financial situation before you apply for a credit card.

What credit score should I have?

A good to excellent credit score of 690 or higher will increase the chances of your application’s approval.

How do I apply for the Chase Freedom Credit Card?

1. Go to the Chase Freedom Credit Card website and click Apply Now.

step 1 Chase Freedom Credit Card review
2. Enter your personal contact information and click Next.

step 2 Chase Freedom Credit Card review
3. Enter your financial information — including your monthly salary and rental or mortgage payment — and click Next.

step 3 Chase Freedom Credit Card review
4. Enter additional details — including your Social Security number and mother’s maiden name — as requested and click Next.

step 4 Chase Freedom Credit Card review
5. Review your information and submit your application.

How long will it take for me to be approved?

You typically find out about your application’s status soon after you submit it online. If approved, you’ll get a letter in the mail within 10 business days.

I got the card. Now what?

After reviewing your application, Chase will issue you either a Signature or Platinum card. Once you receive your card, use it responsibly to avoid paying unnecessary fees, penalties or interest.

  • Manage your account online. Register with Chase Online to keep an eye on your spending and payments.
  • Activate your 5% cash back. To guarantee that you get the 5% cash back premium, activate your bonus every three months. (If you don’t, you’ll earn only 1% cash back.)
  • Steer clear of penalties. Late payments and returned checks can attract fees of up to $37.
  • Limit its use overseas. You pay foreign transaction fees each time you use this card outside the US. Learn more about cards that come with no foreign transaction fees.
  • Contact customer service. Don’t hesitate to contact Chase if you need any account related information.

Bottom line

The no-annual-fee Chase Freedom Credit Card has the potential to earn you 5% cash back on category spending on top of 1% for your everyday spending. And its 0% intro APR on purchases and balance transfers can lead to noticeable savings over the first 15 billing cycles.

If you’re interested specifically in a rewards card, compare the more popular rewards credit card options.

Common questions about Chase Freedom

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