Kat Tretina
October 26, 2018
• 5 Minute Read
The information related to The Chase Freedom® credit card has been collected by CreditSoup.com and has not been reviewed or provided by the issuer of this card.
If you’re looking for a valuable rewards credit card you can use to earn cash back, the Chase Freedom Unlimited® card might be for you. Boasting a high cash back rate and a nice bonus, you can start building valuable rewards quickly.
However, there are some downsides to keep in mind, especially if you like to travel internationally. Below, learn about the pros and cons of the Chase Freedom Unlimited® card and whether or not it’s a smart option for you.
The Chase Freedom Unlimited® Card
Noted for its cash back rewards, the Chase Freedom Unlimited® card has a number of valuable rewards and benefits for cardholders.
Rewards
The Chase Freedom Unlimited® card has some valuable rewards:
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Extra cash back: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
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Unlimited cash back: You can earn 1.5% cash back on all of your purchases, with no limitations. Use it for your routine spending including gas, groceries, and regular purchases, and the cash back rewards will add up quickly.
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No redemption minimum: Many credit cards do not allow you to redeem your cash back bonuses until you hit a set minimum. The Chase Freedom Unlimited® card works differently as there is no minimum to redeem for cash back. Cash Back rewards do not expire as long as your account is open.
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Redemption options: You can redeem your rewards for cash, gift cards, travel, and more.
Benefits
Beyond the valuable cash back rewards the Chase Freedom Unlimited® card offers, you’ll receive additional benefits too.
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Low introductory APR: Get 0% intro APR on new purchases for 15 months from account opening. After that 15-month period ends, a variable APR of 20.49% - 29.24% applies.
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Free credit score: Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
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Zero liability protection: You won’t be held responsible for unauthorized charges made on your card.
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Purchase protection: New purchases are covered for up to 120 days from theft or damage up to $500 per claim and $50,000 per account.
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Extended warranty: Chase will extend the manufacturer’s warranty by an additional year, on eligible warranties of three years or less.
Terms & Fees
Unlike many rewards credit cards, the Chase Freedom Unlimited® card has no annual fee, so you don’t have to worry about hitting certain numbers to offset the cost of having the card.
However, the Chase Freedom Unlimited® card does have a foreign transaction fee of 3% of each transaction in U.S. dollars, which could add to your costs if you travel internationally.
Other fees to keep in mind include:
- Purchase APR: Depending on your creditworthiness, you might qualify for a variable APR between 20.49% - 29.24%.
- Transactions fees:
- Balance transfer: Balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
- Cash advance: You’ll pay $10 or 5% of the amount of each transaction, whichever is greater.
- Penalties:
- Late payment: Up to $40
- Return payment: Up to $40
How to apply for the Chase Freedom Unlimited® Card
To qualify for the Chase Freedom Unlimited® card, you’ll need to have good to excellent credit. If you’re not quite there yet, focus on improving your credit score and reapply once your score has increased.
You can apply for the card online; the process takes just a few minutes. You’ll need to provide personal information like your name, address, phone number, Social Security number, income, and the source of that income.
Most people will get a decision right away. However, if the company needs to verify any of your information, the process can take a few days to a few weeks.
- Credit Recommended (660-850):
- Good/Excellent
- Rewards Rate 1
- 1.5% - 5% cash back
- Intro (Purchases)
- 0% Intro APR on Purchases 15 months
- Annual Fee
- $0
- Intro Rewards Bonus
- Up to $300 cash back
- Intro (Transfers)
- 0% Intro APR on Balance Transfers 15 months
- Regular APR
- 20.49% - 29.24% Variable
Highlights
- INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
- Enjoy 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
- After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
The Bottom Line
If you have good to excellent credit and are looking for a rewards credit card that offers significant cash back, the Chase Freedom Unlimited® card is a good choice. However, the card is not for everyone. Those with poor to fair credit will not qualify for it, and international travelers will likely want a card that does not charge foreign transaction fees.
Looking for more rewards credit cards? Check out the best credit cards of 2019.
Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.