Why is the Chase Freedom Visa card such a great deal? Two words: Free Money! I’ve had my Chase Freedom card for about 2 months now and I have already made over $70 with it, and I will make another $150 this month!
The Chase Freedom card comes with a $50 bonus ($50 expired!) for your first purchase and gives you 3% cash back from your top three spending categories out of 15 available categories. All other purchases earn you 1% cash back.
Get 3% Cash Back in 5 Chase Freedom Categories
Note: Chase has since ended the 3% cash back promotion and $50 bonus for new card holders.
The cash back option for the Chase Freedom card is somewhat different from other credit cards. You get 3% cash back in the 3 categories in which you spend the most (1% for all other purchases). There are 15 categories this applies to. The current offer from Chase will extend your cash back to purchases in 5 categories instead of three. All you need to do is sign up for a Chase checking account and link it to your Chase Freedom card (you don’t have to set it up for automatic payments, or even make payments; just link the accounts).
Since I just signed up for the Chase Checking account to get the $125 bonus, this is a no-brainer for me. The added benefit is being able to see the account balance of the card and the checking account at the same time. I’m not sure if I will use the Chase checking account as my permanent account at this time because I love my current arrangement (USAA and ING), but I may go with it in the future as I simplify my accounts.
Other great reasons to get the Chase Freedom Card
I originally signed up for the card when I learned about the free groceries deal that several grocery chains are offering to entice people to spend their economic stimulus checks at their stores (it ends July 31st). Through the deal I was able to get $120 in free groceries, plus the $50 sign-up bonus for the Chase card, plus $36 cash back on the groceries I purchased. Yes, I had to purchase $1200 worth of groceries, but this was money I would spend anyway, and I received enough cash back to make it worth my time. I also pay every credit card bill in full, so I won’t have to pay any interest on my charges.
Since then, Chase has sent me two more offers I will take advantage of. The first offer is a $125 bonus for signing up for their online checking account, and the other is getting 3% cash back in 5 categories on my Chase Freedom Rewards Card instead of 3 categories.
$125 from Chase Bank
Shortly after signing up for my Chase Freedom Visa card, Chase sent me a flier in the mail regarding their free checking accounts. All I need to do is stop by a Chase location or sign up online and set up direct deposit. I don’t know about you, but $125 is enough to get me to sign up for an account.
Details for the bonus:
- Open a new Chase free checking account with at least $100 and set up direct deposit.
- First direct deposit must be made within 60 days.
- Only available to Chase Freedom cardholders who do not have a Chase checking account.
- Reward will be paid to the cardholder in the form of bonus points or cash back.
- Offer expires September 9th, 2008.
Even without the bank bonus, this is a great card!
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I already have this CC and love the 3 category auto-pick feature. I, however, always run into the maximum bonus payout of $60, or $20 per bonus category.
My question is, when you have 5 categories is the bonus cap upped to $100?
Hi Patrick,
From what I understand, the limit remains the same. This is a great card if you are not a big spender. If you spend a lot every month, then there are other cards like the AmEx Blue cash rewards card which may be better. I can help you locate a card if you like.
The other benefit from linking your Chase Freedom card to a Chase checking account is that it eliminates the rewards expiration (it currently expires after 3 years).
I have also had this card for a few months. From what I understand, if you wait to redeem the cash rewards until you have accumulated $200, then they pitch in another $50 for a total of $250. I think I will get there next month.
Hi Another Personal Finance Blog,
Yep, that is true as well. It will be a little while before I get there, but I’m looking forward to it. I love free money.
Yep, I get that extra $50 every two or three months.
can’t beat free money just need to fix my credit situation before I start opening more accounts.