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By Arrive Financial Staff on Mar 1, 2008 in Cash Rewards Credit Cards, Chase Credit Cards, Good Credit Credit Cards, Visa Credit Cards
- The Chase FreedomSM Credit Card is a superb rewards credit card with outstanding terms and bonuses.
» Receive $50 after you make your first purchase
» 3% Cash Back in your top 3 everyday spending categories
» 1% cash back for every $1 you spend on all other purchases
» Receive an extra $50 each time you save and redeem $200 in rewards
New in 2007, the Chase FreedomSM Credit Card is Chase’s latest product in the increasingly competitive rewards credit card market and – in our humble opinion – one of the best all-around rewards credit cards to date. The Freedom card gives you the ability to choose between cash back or reward points that can be redeemed for merchandise, gift certificates, or travel.
Chase FreedomSM Credit Card Rewards
Like other rewards credit cards, the Chase FreedomSM Credit Card pays you percentage of your monthly card purchases back, either in cash rebates or rewards points. What sets the Chase FreedomSM Credit Card card apart from other rewards cards, however, is that you earn 3% rewards for every dollar spent in your “most shopped” categories each month on up to a maximum of $600 in purchases each month. You will earn 1% on all other purchases. Most rewards cards provide just 1% cash back and/or require you to spend over $6,000 annually to achieve higher reward rates.
What’s great about the Chase FreedomSM Credit Card is if you spend $600 on groceries and gas each month (which, for a family, is easy to do), you automatically earn at least $18 in rewards every month. If you pay your balance in full each month, that’s $216 a year in your pocket – just for shopping.
If you choose to earn points, your rewards can be increased in value by selecting gift cards from partner merchants. For example, you could turn 2500 in points (a $25 cash value) into a $50 gift card.
Chase FreedomSM Credit Card Rewards Application Bonus
The Chase FreedomSM Credit Card is looking like a pretty good rewards card already, but it gets better. New card members will get a $50 sign on bonus after your first purchase. And, Chase will give you an additional $50 cash back for every $200 in rewards you earn. So that $216 a year just became $266 a year!
Chase FreedomSM Credit Card Rewards Application Fees and Interest Rates
There is no annual fee for the Chase FreedomSM Credit Card, however, this card does carry a higher-than-average APR equal to the prime rate plus 9.99%. There are no introductory interest rates at this time. Therefore, while we highly recommend the Chase FreedomSM Credit Card for consumers who regularly pay their monthly charges off in full, we do not recommend this card for consumers who prefer the option to carry a credit card balance.
Acceptance Rate
The Chase FreedomSM Credit Card is available to most consumers.
Applicants with FICO credit scores above 700 will almost always be approved; applicants with FICO credit scores between 625 and 700 will usually be be approved depending on your credit usage, history, and income. Applicants with FICO credit scores below 625 may only be accepted if you have a high income and low credit utilization and your recent credit history shows substantial improvement. Don’t know your score? Get it free now.
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Customer Reviews
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On Mar 7, 2008, Mike Polk said:
I got this card last fall and have been using it exclusively for my everday expenses and have already gotten $300 back. $50 sign on bonus, $200 earned plus their 200 + 50 bonus. Definitely the best cash back card I’ve had yet.