Great Credit Card from Chase with 5% Cashback

Chase Freedom® photo
Chase Freedom®
Recommended credit score: Excellent Good
See terms

The Chase Freedom® credit card will surprise you with extremely profitable 5% cash back on rotating categories. If paired with some other credit cards issued by Chase, Chase Freedom also will become your top priority on the way for travel rewards maximization.

  • $0 annual fee;
  • 5% cash back on purchases in rotating categories, 1% on all other purchases;
  • $150 sign-up bonus after $500 spent from this card during first 3 months;
  • Opportunity to use travel maximization strategy if paired with other Chase credit cards.
  • 3% foreign transaction fee.

How to use this card

Using this card you get generous cash back rewards on purchases in certain categories. These categories rotate every 3 month, and for each purchase within that category, you get 5% cash back. All other purchases will grant you 1% cash back.

You can get 5% cash back on purchases up to $1,500 every quarter. After you reach the $1,500 cap, you only earn 1% cash back on purchases in rotating categories. Remember that you have to activate your participation in the 5% cash back reward program each quarter. It’s free and easy to do online, but if you miss an activation deadline, all your purchases will only grant you 1% cash back till the end of the quarter.

Spend $500 on Chase Freedom® within the first 3 months, and you will get a $150 sign-up bonus.

With the Chase Freedom® credit card you earn cash back on purchases in the form of reward points called Ultimate Rewards®. You can redeem reward points on a wide range of options, such as gift cards, credit statement, entertainment, travel, etc. If you are interested in point redemption for travel, you might prefer to obtain another premium Chase card — Chase Sapphire Preferred® or Chase Sapphire Reserve® — to use it together with Chase Freedom for travel reward maximization purposes. To learn more about this maximization strategy with Chase Freedom®, read our guide “Combine Chase Cards To Maximize Travel Rewards.”

Although Chase Freedom® has generous cash back rewards within certain categories, sometimes these categories may not coincide with your consumer habits. If you are interested in the maximization of cash back rewards, you might want to obtain one more credit card that grants 5% cash back. Credit cards such as the Discover it® Card and U.S. Bank Cash+™ Visa Signature® credit card give you 5% cash back on rotating categories.

How much it costs

The Chase Freedom® credit card has no annual fee. Moreover, a 0% intro APR is offered during first 15 months. After 15 months a variable 16.24% - 24.99% APR is applied based on your creditworthiness.  A penalty fee up to $37 for late payments is charged based on your credit card balance.

The bottom line

Chase Freedom® is a must-have card for anyone who is interested in generous cash back rewards. This card is quite cheap to maintain and has wide and flexible options for redemption. Customers interested in wider cash back options or in maximization of travel rewards might want to combine this card with some others. Reward maximization with Chase Freedom® is a bit sophisticated, but it is worth your efforts.
Chase Freedom® photo
Chase Freedom®
Recommended credit score: Excellent Good
See terms
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