Rewards Credit Cards July 4, 2020 0

Chase Freedom Rewards Credit Card Review

Chase Freedom Rewards Credit Card

Hello Friends, I hope all is well with you! I am going to be reviewing the Chase Freedom rewards credit card. These opinions are my own, and I am in no way influenced by anyone.

Overall Verdict: The Chase Freedom rewards credit card has a similar reward structure to the Discover it cash back rewards credit card. It offers a high amount of cash back on certain quarterly categories but only up to a certain quarterly amount. Anything outside those categories earns a low flat rate reward; I’m not a big of the quarterly categories reward structure just because I spend in a variety of categories and just prefer a flat rate rewards card, but this Chase Freedom credit card could still be a good fit for you if you do spend in those categories. This rewards credit card offers great benefits and protections, which is something that I like.

Some things about this card I like:

  1. Easy to reach sign-up bonus
  2. Great benefits and protections
  3. No annual fee

Some things about the card that I don’t like:

  1. Low rewards amount if you don’t spend in the rotating categories
  2. Quarterly cap on spending in the rotating category
  3. Foreign transaction fee

What type of reward are you getting?

The Chase Freedom rewards credit card offers you the chance to earn cash back on every dollar that you spend. The cash back rewards accumulate in your account until you are ready to redeem them. Luckily, Chase offers you a number of ways to redeem your cash back. You are able to redeem your rewards as a statement credit, you can redeem them for a gift card, you can shop on Amazon, you can redeem your rewards for Apple products, you can book travel through Chase Ultimate Rewards (Chase’s travel website), and you can even direct Chase to have your cash back directly deposited in your bank account.

Is there an annual fee?

The rewards credit card does not have an annual fee.

What is the rewards amount?

The Chase Freedom rewards credit card has a rotating categories reward structure. The categories change each quarter. This card offers you the chance to earn 5% cash back on the rotating category on up to $1,500 in combined purchases. Once you exceed the $1,500 quarterly limit, you will then earn 1% on the purchases made in those categories. You will also earn 1% cash back on all other purchases. Chase also offers you the opportunity to earn extra cash back by buying certain brands or shopping at certain stores. You may earn 10% cash back at Dunkin Donuts or earn an extra $5 for filing your taxes with TurboTax; there are limits to the amount of cash back you can get on these extra bonus offers. The stores and the limits vary depending on the deal, so make sure to check out the details.

Is there a bonus offer?

I like how the Chase Freedom rewards credit card has an easy to reach sign-up bonus. The sign-up bonus is $200 if you spend at least $500 in purchases in your first three months of the account opening. This is about a 40% return on the money you would have spent regardless.

Are there foreign transaction fees?

There is a 3% foreign transaction fee on the amount of each purchase in U.S dollars. I am not a big fan of this fee, but that is just me. If you don’t travel abroad or buy products in foreign currency, you don’t have to take this factor into consideration. On the other hand, if you do travel abroad or buy products in a foreign currency, then there are other no annual fee rewards cards that don’t have foreign transaction fees.

Are there any other benefits?

This Chase Freedom rewards credit card does offer some nice added benefits that other no annual fee cards may not have. These extra benefits include:

  1. Zero liability protection – you are not responsible for unauthorized purchases
  2. Fraud protection – your account is being monitored for fraudulent activity
  3. Purchase protection – this covers new purchases for 120 days against damage or theft up to $500 per claim
  4. Extended warranty protection – this extends the time period for the manufacturer’s warranty
  5. Complimentary DoorDash’s subscription service – you get 3 months of DashPass
  6. Lyft cash back – you get 5% cash back on Lyft rides through 2021
  7. Auto rental collision damage waiver – you need to decline the rental company’s collision insurance and use your card for the rental car purchase. You are covered for theft or collision incidents on most cars in the U.S and abroad
  8. Trip cancellation and trip interruption insurance – you can be reimbursed if your trip is canceled or cut short for covered situations

For more information and details on their benefits, check out their benefits page.

What is the interest rate and are there any other fees?

Chase offers you an introductory APR of 0% for the first 15 months. After the 15 months, the APR is between 14.99% and 23.74%, but this is based off your credit score.

They also have other fees such as:

  1. Cash advance fee – $10 or 5% of the amount of each cash advance, whichever is greater
  2. Late payment fee –up to $39
  3. Balance transfer fee – $5 or 5% of the amount of each cash advance, whichever is greater
  4. Returned payment fee – up to $39

For more information on their fees, check out their fee schedule.

How is the customer service like?

There are a couple of ways to contact their customer service. The first way would be to call the number on the back of the card. The second way would be to send them a secure message through their online message portal. They are pretty good at replying back in a timely manner, and that’s what I mostly use to contact them. It’s important to note that your experience with their customer service will vary from time to time.

Should you get the Chase Freedom Rewards Credit Card?

Who it’s perfect for:

  1. People who want a no annual fee rewards card
  2. People who want extra benefits
  3. People who want an easy to reach sign-up bonus
  4. People who are able to spend in the rotating categories

Who it isn’t perfect for:

  1. People who don’t spend in the rotating categories each quarter
  2. People who spend in a variety of categories
  3. People who don’t want a foreign transaction fee rewards card

If you are still unsure if a rewards credit card makes sense, check out my post on Why You Should Use Rewards Credit Cards.

Additionally, if this card isn’t right for you, I invite you to check out my credit cards page for more information on other cards.

About the author

Mr. NahasFinance:


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