Comments on: Should You Chase After the 5% Cash Back from the Chase Freedom® Visa – $100 Bonus Cash Back?

By: DealsSeeker

DealsSeeker — Thu, 01 Jan 1970 00:00:00 +0000

Have you guys heard about the fact that you can gain lots of points/miles by combining a Chase Checking + Chase Freedom + Chase Sapphire Preferred or Ink Bold. This way you have access to the Ultimate Rewards, you receive 10 bonus points per transaction on the Freedom, you can roll over all those points to the Sapphire. People have racked up TONS of miles/points this way. Being able to transfer all these points to airlines/hotels etc.. in my book is very valuable.

By: John

John — Thu, 01 Jan 1970 00:00:00 +0000

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

By: PT

PT — Thu, 01 Jan 1970 00:00:00 +0000

Thanks for the update, joe. Glad they worked with you.

By: JoeTaxpayer

JoeTaxpayer — Thu, 01 Jan 1970 00:00:00 +0000

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.

By: Jo/Gaelicwench

Jo/Gaelicwench — Thu, 01 Jan 1970 00:00:00 +0000

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.

By: JoeTaxpayer

JoeTaxpayer — Thu, 01 Jan 1970 00:00:00 +0000

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

By: PT

PT — Thu, 01 Jan 1970 00:00:00 +0000

@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.

By: money green life

money green life — Thu, 01 Jan 1970 00:00:00 +0000

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!

By: JoeTaxpayer

JoeTaxpayer — Thu, 01 Jan 1970 00:00:00 +0000

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.