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