Chase Freedom: Why the Hell Not?

Chase Freedom<sup>®</sup> Visa - $200 Bonus Cash Back

You should have the Chase Freedom card, especially as a new applicant since you'll be eligible for the $200 bonus promotion!  But, don't just take my word for it.  Let's consider this card objectively:

ADVANTAGES

  • Consistently shows up in my quarterly list of credit cards to maximize the cashback you can be earning from credit cards (Q4 2011 Post).
  • $200 bonus if you spend $500 in your first 3 months.  That's 40% cashback on those purchases! THIS IS A LIMITED TIME OFFER!  APPLY NOW
  • 5% cashback on quarterly rotating rewards. 
  • 1% cash back on all other purchases.
  • Better than the Discover® More Card! 
    • Discover has very low limits on their 5% rewards ($300/qtr).  Compare this to Chase Freedom's $1,500 cap.
    • Discover runs a tiered system.  You actually earn .25% cashback on your first $3,000 of spending each year.  It's only at $3,000+ that you get 1% cashback.  Chase Freedom has no tiering.
  • No annual fee to offset your cashback.  
  •  5% cashback on charitable giving this quarter!  This is your chance to give to your favorite charity, get the tax write-off AND get 5% cashback.

 

DISADVANTAGES

  • Remembering to sign up for quarterly rewards is a pain in the ass.  However, Chase Freedom does make it easier by sending mailers, text messages, or emails if you request a reminder.
  • Remembering what the quarterly rewards are is a pain in the ass.  Yes, it is.  That's why you should favorite my quarterly post on which cards to use!  🙂
  • You can do better than 1%.  Specifically you can do 100% better by going for one of two 2% cashback credit cards that I like.
  • It's more rare with Chase that you can redeem points for discounted gift cards whereas this is pretty common practice over at Discover.

That about sums it up.  I have the card.  I use it exclusively for the 5% cashback reward categories, and of course I never carry a balance!  APPLY NOW

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  • John

    Love your posts!
    What's your comment on the Sallie Mae 5% cash back Visa card that gives 5% back on gas, groceries and books?
    https://creditcardapply.salliemae.com/?SRC_CODE=6QY45Y&TAC_CODE=C5VA7LSP
    Is this one better than the Sallie Mae 2% back?

    • John,

      My thoughts on this card are:

      – 5% back on gas and groceries is capped at $500 in spending per cycle. I exceed this every cycle so the limit feels low.
      – I already have the PenFed card which gives me 5% back on gas as a statement credit every month which I consider superior to this card.
      – I also have the AMEX Blue Cash preferred card which gives me 6% cashback with no cap on groceries which also consider superior to this card.

      However, I think this card could have a place for someone who has limited gas and grocery purchases each month (probably someone who is single) and wants a single card solution.

      Thanks for pointing it out!