Here’s a quick look at some of the card’s benefits. The Chase Freedom Unlimited comes with several perks that make it a valuable choice for frequent travelers. Just be sure to make a plan to pay off your balance before the introductory period ends, as the ongoing APR can be high. Keep in mind, you will need to pay a balance transfer fee of $5 or 3% of each transfer amount (whichever is greater) in the first 60 days. Plus, you can avoid racking up interest charges if you need to consolidate some debt and need time to pay it off. The card comes with a 0% intro APR on new purchases and balance transfers for the first 15 months (20.24% to 28.99% variable thereafter), so if you have a big purchase to make that you’d like to pay off over time without incurring hefty interest charges, signing up for this card can be a great strategy. The Chase Freedom Unlimited could also be useful if you need to strategically carry a balance in the short term. Long intro APR period for new purchases and balance transfers For a limited time, Freedom Unlimited cardholders can redeem at a value of 1.25 cents per point when they opt to donate to eligible charitable organizations. You’ll still earn points on these purchases and your points may be worth more when you redeem in certain categories. You can also use the Chase Pay Yourself Back feature to redeem points to pay for some or all of your purchases in select categories and get paid back with a statement credit. Chase Freedom Unlimited redemption options Redemption option Just keep in mind that your points might have a different value depending on how you choose to redeem. You also have the option to use Freedom Unlimited points to pay for travel in the Chase Ultimate Rewards portal. If you want to use your points for cash back, you can redeem them for either a statement credit or direct deposit into your bank account. Once you’ve earned rewards, the Chase Freedom Unlimited is extremely flexible in how you redeem them, giving you plenty of different redemption options without any minimum to redeem for cash back. As you can see, this new introductory offer is aimed more at cardholders who spend substantially in the first year and ultimately rewards more. The card’s previous offer provided new cardholders the chance to earn a $200 sign-up bonus for spending $500 in the first three months of card membership. If you meet the $20,000 spending limit, this offer is valued at $300. The Chase Freedom Unlimited card comes with a unique introductory offer, allowing new cardholders to earn an additional 1.5% cash back on all purchases (up to $20,000) in the first year. Of course, you could earn even more if you spend heavily in the card’s bonus categories. With an average spend of $15,900 per year, a consumer should earn around $328 per year in cash back with the Chase Freedom Unlimited, about $100 more per year than we’d expect with the card’s traditional cash back program. Based on the average consumer’s spending habits, we estimate that the Chase Freedom Unlimited now carries a terrific average rewards rate of just over 2% back. This new rewards earning scheme is unique, as most cards that offer bonuses in specific spending categories limit you to a 1% cash back rate on general purchases. Through March 2025, you’ll also earn 5% cash back on Lyft purchases. The Chase Freedom Unlimited is on track to be an ideal choice for cardholders who want the best of both worlds: Not only do you earn 1.5% cash back on general purchases, but you’ll also get 5% back on travel purchased through the Chase Ultimate Rewards portal, 3% back on dining and on drugstore purchases, and an additional 1.5% in each category for the first year, on up to $20,000 worth of purchases. Earn cash back on general purchases and bonus categories Why you might want the Chase Freedom Unlimited CardĮven for those who don’t have any other Chase cards, the Chase Freedom Unlimited can still be a fantastic addition to your wallet due to its impressive cash back rewards, attractive welcome bonus and decent introductory APR offer. You are required to use the Chaser Ultimate Rewards portal when booking to earn your cash back rates, otherwise you will only earn the flat 1.5% rate.The card isn’t ideal for use when traveling abroad since it charges a 3 percent foreign transaction fee.It requires applicants to have good or excellent credit, so it may be difficult to be approved if your credit score is low.
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