The Chase Freedom credit card is a variable rate credit card with a solid rewards program, good customer services, high average credit limits, and a decent APR cap. Not only that, but Chase offers a generous credit limit increase schedule. Chase has sent out invitations for this offer with instructions to go to getchasefreedom.com for pre-approved potential cardholders.
If you make five consecutive, on-time payments you will be eligible for an increase. If you start with a low limit due to your credit score, this is an easy way to have access to more credit and, as a result, improve your credit utilization rating. You can read more about this and other advantages, as well as a few things to watch out for, below.
The Chase Freedom card is best for anyone with an average score or better that's interested in a great cashback card with no annual fee. This is a great card to grow your credit allowance with as it doesn't cost anything to keep around.
Even better, the Chase Freedom card has a generous rewards program that provides a blanket 1% cashback as well as 5% on various categories throughout the year. However, this is not a great card to use as a travel credit card as it comes with a foreign transaction fee.
The interest rate for the Chase Freedom card is fair, with a current maximum of 25.24% APR and a minimum of 16.49% APR for purchases and balance transfers. With a www.getchasefreedom.com reservation code, the interest rate you will receive will not be determined until Chase pulls your credit. The rate for cash advances is 26.49% APR, though this can vary due to the duration of the advance. There is no minimum interest charge per month. The interest rate is variable but completely capped at 29.99% APR.
Interest for purchases is charged after the due date has passed. The due date is at least 21 days after the end of each credit cycle. Cash advances and balance transfers begin to incur interest on the transaction date, unless, as noted above, other terms apply.
The Chase Freedom credit card seems to come with a $300 minimum credit limit, though even low scores typically seem to be set up with a card averaging $500 or more. The upper limit appears to be around $15,000 unless you have an exceptional credit history or proof of a high income.
If you do happen to end up with a lower limit than you were hoping for after inputting your reservation code at www.getchasefreedom.com, the good news is that you might not be stuck at that level for long. With five good, consecutive payments you are eligible for your first credit increase. This increase often doubles or triples your initial offer.
- Annual Fee – There is no annual fee for the Chase Freedom Visa card.
- Cash Advance Fee – The cash advance fee for the Chase Freedom card is $10 or 5%.
- Foreign Transaction Fee – The foreign transaction fee for the Chase Freedom card is 3% of each transaction in USD.
- Late Payment Fee – Late payment fees are up to $39 for the Chase Freedom Visa.
- Return Payment Fee - The return payment fee for the Chase Freedom card is $39. This does not include return checks. There is no fee for returned checks.
- Authorized User Fees – There is no authorized user fee and no fee for having an additional card.
- Balance Transfer Fee – Balance transfer fees vary from 3% to 5% of the total amount transferred, with a minimum fee of $5.
- Over-the-Limit Fee – There is no over the limit fee for the Chase Freedom card. However, if you remain over the limit after your due date for several months in a row and Chase has refused to increase your credit limit to make up the difference, you may go into default.
The largest benefit of the Chase Freedom credit card is the ability to earn cashback. All cashback rewards are tracked as points, with 100 points typically being worth $1 with a few special caveats. If you spend your points as a statement credit, your points may be worth less, as little as 80 cents per 100 points.
If, however, you have those points credited to your bank account as cash and then use them to pay for items on your statement, you get the full point value. Occasionally you may also be able to exchange a set number of points for a gift card worth more than the typical exchange rate.
In general, the Chase Freedom card offers 1% back on all purchases, with a few basic exceptions like lottery tickets and casino currency. You will also be eligible to earn up to 5% cash back in rotating categories. These typically include a quarter for online shopping, groceries, gas, or entertainment and travel. All of this information is available by triggering the terms and conditions link at getchasefreedom.com over the secure server.
Chase also offers a marketplace filled with promotional offers for cardmembers only. If you make a purchase through this marketplace at the right time, it may be possible to earn even more cashback.
Pros – Advantages of the Chase Freedom Credit Card
The Chase Freedom card has a lot of advantages for everyday use as well as its credit-building potential.
- Sign-Up Bonus and Introductory Offer – With nearly every Chase card, there is a generous sign-up bonus and introductory offer so when you apply, it may be worth waiting for an offer that appeals. Frequent offers for the Chase Freedom card include a $150 to $200 sign-up bonus or 0% APR on purchases or balance transfers for 15 months.
- Generous Credit Limit and Increases – Even if you start with the lowest amount, it's still more than what some cards are willing to offer at first. Credit line increases are easy, fast, and don't cost a dime.
- Solid cashback Rewards Program – With both a flat 1% back as well as categories for 5%, the Chase Freedom card is a great starter when you're looking to maximize your income and your credit.
- No Annual Fee – The Chase Freedom Visa card comes with no annual fee, no matter what your credit score is.
Cons – Disadvantages of the Chase Freedom Credit Card
With the advantages listed above, it's hard to find too much wrong with the Chase Freedom card. However, there are a few distinct disadvantages that are worth pointing out.
- High Cash Advance Interest – Many people don't use the cash advance feature of their credit cards. For those that do, it's important to realize that the Chase Freedom card offers a second, higher APR rate for those specific transactions.
- Foreign Transaction Fee – There are cards billed as great travel cards. This is not one of those. Sure, if you need to make a one-off transaction online, the 3% fee won't hurt. However, if you need a credit card to take with you on an extended trip, this is not the one.
- Unpredictable Categories – Unlike many other cards with rotating categories, the Chase Freedom card has few distinct themes. You might not know what the 5% category will be until just before a given quarter begins. Sometimes the theme is a little lackluster, like 5% back on TV or streaming services.
The Chase Freedom card is one of the better cards out there for anyone looking to get really into maximizing their reward points. It's also a great everyday card for anyone that just wants a little cash back no matter what they buy. In short: this card is a great all-rounder and getchasefreedom.com recipients should consider getting the card if they want to earn cash back in a hassle-free, straightforward manner. Excepting travel transactions.
When you add the sign-up bonuses to that and the ability to rapidly rack up a couple of credit line increases, this can be a great opportunity to improve your overall financial position. If you do have any questions, Chase support is rarely overbooked and frequently very human.