Credit Card Review: Chase Freedom

The Chase Freedom is a fantastic card that has a lot of benefits and it belongs in every persons wallet who looks to maximize their rewards. It is one third of the “Chase Trifecta,” which is a very powerful combination of cards to maximize their reward earnings! Lets take a deeper look at it and I’ll explain how it can benefit you!

The Chase Freedom has no annual free card, which is an awesome benefit because you can keep this card for the long term to help build your credit history. It is important to know what your credit score is before you apply for these cards. I recommend Credit Karma, Credit Sesame and Quizzle. These are free services which will give you a proxy score of your credit. I  don’t recommend playing this game if your credit score is below 700. If your credit score is above 700, you are in great shape to play this game.

According to Credit Karma, the average credit score approved for the Chase Freedom is 667 and the typical low score approved is 611.  While I don’t recommend playing this game if your score is less than 700, this card could be worth applying for if you are on the fence of a 700 score. Your score will temporary decrease by 2 to 5 points but over the long term it will increase more, which will better your odds of applying and being approved for other reward credit cards! I will explain more in a future post.

From Doctor of Credit, 2015 rotating categories!

One of the big draws to the Chase Freedom is the ability to earn 5% cash back on select categories, these categories rotate every quarter on the first $1500 spent in those categories. You will also earn unlimited 1% on all other transactions. If you were to maximize all the 5% rewards throughout the year, that would equal an extra $75 per quarter,  or an extra $300 a year! Categories include gas, groceries, restaurants, Amazon (a personal favorite), as well as many others that might not be currently listed.

The Sign-Up Bonus is Doubled!

Currently the sign up bonus is $200, which is double than the usually bonus of $100!! If you add an authorized user to your account, you will receive an extra $25. To be rewarded with your $200 bonus, you must spend $500 in the first 90 days. Which for most is very easy to do. I will show you how to reach higher minimum spending requirements in future post.

The real power of this card is the ability to transfer your points to a premium card like the Chase Sapphire Preferred or Ink Plus. Transferring your 5 points per dollar to a premium card will help you achieve free/ cheaper travel faster! You must have one of the premium credit cards to transfer points directly to airlines like Southwest or hotels like Hyatt. The Chase Freedom by itself, cannot transfer to airlines or hotels, but the points can be redeemed for gift cards, credit statement or direct deposited at 1 cent per point. It can even be redeemed for travel at 1.25 cents per point, but you can get even more value if you transferred to a Chase Sapphire Preferred or Ink Plus!

I personally don’t use this card on purchases that aren’t in the 5% categories because I always try to maximize my rewards. With the other 2 cards in the “Chase Trifecta,” earning 5% on many of your transactions are possible.

The Chase Freedom does come with  foreign transaction fees, so I would leave this card at home if you are going international. There are plenty of other cards that don’t charge foreign transaction fees, such as the Chase Sapphire Preferred or Ink Plus, amongst others. The Chase Freedom does come with the added protection of being a Signature Visa card, which has many benefits associated with it such as:  purchase protection, extended warrantee protection, lost luggage reimbursement, travel accident insurance and many more!

If you shop online, which you should always do to maximize your rewards! You are given access to the Ultimate Reward Mall, which is a way to earn even more points on purchases you’d make. That is a separate conversation and I’ll discuss the Ultimate Reward Mall and other shopping portals soon!

This is a great card for many reasons, most importantly, to maximize your rewards and help increase your credit score for the long haul. The ability to earn 5% and transfer to these points to the Chase Sapphire Preferred or Ink Plus, further increases the value! The $200 sign up bonus is DOUBLE the usual bonus makes this the prefect time to sign up for it!

What are some of your favorite categories for the Chase Freedom?

*If you would like one of my referral links to apply for this card please let me know, I can email you one! You will receive an offer for $200 bonus and I would receive 5,000 Ultimate Reward Points for the referral. If not, thank you for reading my blog, I hope you find it helpful.

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