I got a pleasant surprise in the mail a couple of week ago. My old basic rewards credit card from Chase (that I’d used for a 0% purchase a long time ago) has been converted to the Chase Freedom® Visa – $50 Bonus Cash Back.
I actually used my old Chase card to pay for our wedding. We quickly paid it off. Therefore we didn’t pay any interest and we earned a lot of nice points, which we cashed in and used to pay off more debt. Since that point, the card has gone unused.
Anyway, Chase sent out the new Chase Freedom® Visa and now I’m evaluating whether to use this card as my main rewards card.
Chase Freedom® Visa – $50 Bonus Cash Back Review
I’ve seen the ads for this card all around. I’m sure you have too. Chase proudly displays their 5% cash back feature. If you’re looking for a good rewards card, this is definitely one to consider. Let’s dive a bit deeper and look at what this card has to offer. Let’s see how it will rank in my list of the best cash back credit cards available today. Here are the main features:
- Earn $50 Bonus Cash Back after you make your first purchase
- 0% Intro APR and No Annual Fee
- 5% cash back offers in popular categories like gas, home improvement and department stores
- Full 1% Cash Back on everything else with no spending tiers
- Your cash back rewards never expire
- Sign up for the Chase Freedom® Visa – $50 Cash Back Bonus
Chase Freedom Categories 2010
The Chase Freedom 5% cash back is earned on rotating categories. Here are the categories for the remainder of 2010.
- April – June: Home Improvement, Lawn and Garden, Home
- July – September: Gas, Airlines, Auto Rentals, Hotels
- October – December: Grocery Stores, Department Stores, Movies
The rest of your spending earns rewards at the standard 1%. Considering this rotation of different percentages, it’s hard to make a calculation of what your potential earning could be.
Therefore, I think it’s wise to consider this card if you spend a lot in each and every category. Factoring the 5% on certain categories, I think it’s safe to say that you’d come out averaging around 2% for the year.
I think the bottom line on the Chase Freedom® Visa – $50 Bonus Cash Back is that it’s a solid, no annual fee rewards card with a great up front 0% promotion and a nice $50 bonus. And depending on your spending type, it’s likely you could beat the rewards offered by other cards. Not your card? Compare the Chase Freedom® Visa – $50 Bonus Cash Back with some of the best cash back credit cards available today.
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{ 8 comments… read them below or add one }
I am happy for you, really, but pissed at Chase.
I have a card issued by WaMu (Washington Mutual) which of course was taken over by Chase. As part of the take over, I lost access to see my FICO whenever I wished.
I called Chase and asked if this card can be converted to the Freedom Card. Nope. I’d need to cancel (if I want) this card, and apply for the new one. Of course, that’s:
a) a hard inquiry on my credit report
b) a loss of that history and new card starts the clock
On the other hand, the grocery stores sell gift cards, which I hate, but certain ones make sense, as in pick up $1000 of HD cards, wait a day and go buy your stuff. For large purchases, it’s a way of getting that bonus. If I got the card I would only use it for the 5% category.
I think chase freedom’s ultimate rewards program is very good. but honestly, it’s a ripoff from Discover’s ShopDiscover rewards program. they’re 99% same!
@Joe – Sorry to hear that. Genius idea regarding the gift cards. Never would have thought of that one.
@money green life – agree. as for rewards it mirrors the discover more card.
I appreciate the complement PT. Genius to you, OCD to my wife.
At its simplest – on last day of grocery store bonus QTR buy enough cards to take you as far out as you’re comfortable. 5% here is a better return (and tax free) than the banks are paying on you money.
For big projects, buying the Home Depot card at the grocery store is fine, so long as you don’t over estimate and are stuck with a card you might not use for a while.
Gas is predictable, if the store carries the card of the Gas you like.
For me the $50 in my pocket is worth the effort.
(this comes from my experience when I had a card that gave 5% at drug stores, and my CVS had a great card rack)
/Joe
I have the DiscoverMore card, which does mirror the Chase Freedom card. No point having two CCs that do the same thing….and yes, I’ll take Discover over Chase any day of the week.
An update – I called again and the service rep had no issue flipping me over to the Freedom card (from an old Wamu card).
I read elsewhere, and verified, the 5% is limited to $800 in spending ($40 bonus) per quarter. Quite a bit lower than the potential. Gas alone we’d hit $1200/qtr. As mentioned, I could easily blow through a couple $K at HD.
The WaMu card was just mine, and I’d not bother my wife with a copy, I’ll just pay attention to the schedule of rewards, and grab the $40/qtr.
Thanks for the update, joe. Glad they worked with you.
I just signed up for the next quarter (July-September) online. It says the following:
Sign up now and earn 5% Cash Back on every eligible dollar you spend up to $1,500 between July 1st and September 30th, 2010 in the following categories:
Gas
Airlines
Auto Rentals
Hotels