Chase Freedom Unlimited Credit Card Review
Important Update: The Chase Freedom card is no longer available. The Discover More Card, however, is a good alternative, with cashback rewards as high as 5% to 20% and a 0 APR balance transfer offer, all with no annual fee. You can check out our Discover More Card review or go to Discover.com for more information on the card and to apply online.
JPMorgan Chase is introducing a new card called the Chase Freedom credit card. With this card, Chase is taking a new approach to the 0% APR and reward programs that have become common among credit card issuers. For those that follow the industry, we have watched as Chase has deactivated many of its cards over the last several weeks. Now, with the introduction of the Freedom Unlimited card, Chase looks to combine several reward programs into a single, no annual fee card. Here are the details currently available.
Chase Freedom Credit Card
| Chase Freedom(SM) Credit Card | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 |
|
||||||||||||
|
|||||||||||||
0% APR on Purchases for 12 Months
The Freedom card comes with an introductory 0% APR on purchases for 12 months. This card does not have a 0% balance transfer feature. The balance transfer programs of most credit cards have changed significantly over the last several months, with many cards charging unlimited balance transfer fees of 3% or more.
With its new credit card, Chase is focusing on 0% APR on purchases. With purchases, credit card companies still earn a fee from the retailer, which helps to enable the issuers to offer zero interest to cardholders.
Cash Back Rebates
Instead of 3% cash back on 3 select categories, as Chase cards have done in the past, the Freedom offers 3% bonus cash back on gas, groceries and fast food purchases for the first 6 months. In addition, cardholders will be able to earn rewards with 3% cash back offers every quarter.
For all other categories of purchases, Chase will offer a 1% cash back reward.
No Annual Fee
Importantly, the Freedom card comes with no annual fee.
It will be interesting to see if other card issuers follow Chase's move to consolidate rewards programs and introductory interest rate offers into fewer cards. Regardless, the Chase Freedom represents an interesting development in the industry and a very good credit card worth considering. Note that it will replace the Chase Freedom and Chase Free Cash Rewards credit cards. As more details about the Freedom credit card surface, I'll update this post.
- Credit Card Deals: 0 Balance Transfer | Low Interest Cards | Travel Rewards Cards
- Banking & Investing: Best CD Rates | High Yield Savings Accounts | Best Online Discount Brokers
Previous post: A Brief History of Daylight Saving Time
Next post: Carnival of Financial Goals–Election Day 2008 Edition
{ 2 trackbacks }
{ 3 comments… read them below or add one }
Hmm….to be honest, just from the initial description, the new card doesn’t seem as good as the old Chase Freedom. That’s a shame since I was planning on applying for the original card later on but now won’t get the opportunity.
Eric N., I’ll be posting more details when they become available (later today). One of the keys will be the details about the 3% cash back feature.
^You’re absolutely right DR. Hopefully the card is new AND improved. Looking forward to your post later today. Thanks.