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One of the credit cards you might consider going for if you’re looking for a $0 annual card is the Chase Freedom Flex®. You can earn up to 5% back on purchases, but there are other reasons to get the Chase Flex card, including complimentary cell phone protection and several benefits you may not be aware of. Let’s look a closer look at why you should get the Chase Freedom Flex credit card.
Chase Freedom Flex by Mastercard
The Chase credit card lineup is the Chase Freedom Flex®. The Freedom Flex replaced the Chase Freedom®, although the purchase rewards structure is similar.
One of the first changes you will notice is that Mastercard issues the Freedom Flex. A few years back, you could get the Freedom Card as either a Mastercard or Visa product. This card has World Elite Mastercard benefits. Note that Visa continues to issue the Chase Freedom Unlimited®, the Freedom Flex’s sister card.
Chase Freedom Flex Category Purchases
The Chase Freedom Flex® has one of the highest rewards rates for a cashback credit card and offers category spending bonuses of up to 5%.
You earn 5% back on the first $1,500 in qualifying purchases each calendar quarter (once activated). The bonus categories change each quarter.
The Chase Freedom Flex categories:
- 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1% back)
- 5% cash back on travel purchased through Chase Travel
- 3% cash back on dining at restaurants, including takeout and eligible delivery services
- 3% cash back on drugstore purchases
- 1% on all other purchases
All non-bonus purchases earn 1% back, which is the standard base rate for most cards.
It is one of the best Chase credit cards, and here you compare the Chase Freedom Unlimited and Flex.
Chase Freedom Flex $200 Signup Bonus
There’s also a $200 signup bonus. New Chase Freedom Flex® cardholders can earn a $200 bonus after they spend $500 on purchases in the first 3 months from account opening.
It’s also one of the largest bonuses for a cashback credit card.
Be sure you’re under the 5/24 rule and only consider the Freedom Flex if you have opened fewer than 5 new credit cards in the last 24 months.
Related: 8 Best Credit Cards For Everyday Spending (Groceries, Gas, & More)
Is Chase Freedom Flex a Good Credit Card?
The Chase Freedom Flex® has flexible point redemption options as you earn Chase Points. If you don’t know, Chase Points are some of the most valuable credit card points you can earn. And combined with a premium Chase product like the Sapphire Preferred the Freedom Flex can be an outstanding card in your wallet, and the Flex isn’t hard to get approval for.
While Chase bills the Freedom Flex as a cash rewards card, there are other ways to redeem your points:
- Award travel booked through Chase Travel℠
- Cash redemptions (statement credit or bank deposit)
- Gift cards
- Amazon.com purchase credits
- Apple Store purchase credits
Your points have the highest redemption value for award travel, cash redemptions, and gift card redemptions. Each point is worth 1 cent each (20,000 points equals $200) for these redemptions.
Each point is only worth 0.8 cents each for shopping credits, but it can help reduce out-of-pocket expenses.
There isn’t a redemption minimum, so you can redeem your points monthly. Your points don’t expire as long as you keep your card account open and in good standing.
The Freedom Flex doesn’t offer point transfers directly to airlines and hotels. However, you can first transfer your points to your Chase Sapphire Preferred® or Chase Sapphire Reserve® card. Once the points are in your Sapphire account, you can transfer them to a travel partner or redeem them for a travel redemption bonus.
Related: Chase Sapphire Preferred vs Sapphire Reserve Review
Mastercard World Elite Benefits
Another exciting reason to get the Chase Freedom Flex® is to have a Mastercard in your wallet. The Freedom Flex is a Mastercard World Elite product, which is similar to a Visa Signature and isn’t as hard to get as the Visa Platinum card
There are few Mastercard rewards cards in the US. You can enjoy a suite of card benefits that Visa Signature may not offer.
- $10 Lyft credit once per month for every 5 rides you take in a month
- 5% Cash Rewards at Boxed (to be used for a future Boxed purchase)
- Complimentary ShopRunner membership
- $5 off Fandango movie tickets and at-home purchases (for every 2 tickets purchased)
Related: Can You Transfer Freedom Unlimited Points to Sapphire Preferred?
Free Cellphone Protection
You get up to $1,000 in cell phone protection per year (up to $800 per claim), compliments of Mastercard. The Chase Freedom Unlimited Visa Signature doesn’t offer this perk.
Qualifying theft and damage events can qualify for this protection when you pay your monthly cell phone bill with the Chase Freedom Flex®.
You can make up to two claims in a 12-month period and there is a $50 deductible per claim.
Related: Credit Cards to Pay Your Cell Phone Bill With Each Month
Purchase Protection
Chase provides purchase protection on new purchases for up to 120 days against theft and damages up to $500 and $50,000 per account.
You can also get extended warranty protection of an additional year on eligible warranties of three years or less.
Trip Protection Benefits
The Chase Freedom Flex® offers some of these travel protection benefits as well:
- Trip cancellation and reimbursement (up to $1,500 per person/$6,000 per trip)
- Secondary auto rental collision damage waiver
No Annual Fee
One of the best reasons to get the Chase Freedom Flex is that you don’t pay an annual fee. Not having an annual fee means the Freedom Flex can be your primary credit card or one that you only use for its bonus categories when your go-to card earns the base rate of 1 point per $1.
Is Chase Freedom Flex Hard to Get?
If you already hold the Chase Freedom®, you can upgrade to the Chase Freedom Flex®. You might go this route if you don’t want to consider a new credit card but want to keep your current account open and active. However, you forfeit the signup bonus.
You can call Chase or send a secure message in the online member dashboard to request an upgrade.
Chase Freedom Unlimited: The Freedom Flex’s Sister Product
The information for the Chase Freedom Unlimited® has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
The Chase Freedom Unlimited® has added purchase rewards yet remains a Visa product. It’s a great card if you prefer earning fixed rewards as you get at least 1.5% on all purchases.
Limited time offer! New Chase Freedom Unlimited® cardholders can earn a $250 Bonus after spending $500 on purchases in the first 3 months from account opening.
Like the Chase Freedom Flex, there is no annual fee, but foreign purchases have a 3% transaction fee.
Purchase Rewards
The Chase Freedom Unlimited is still a flat-rate cash back credit card at its core. However, a few select purchases earn up to 5% cash back.
Cardholders earn unlimited:
- 5% cash back on travel purchased through Chase Travel℠
- 3% cash back on dining at restaurants, including takeout and eligible delivery services
- 3% cash back on drugstore purchases
- 1.5% cash back on all other purchases
Besides the 5% and 3% bonus categories, the base rate of 1.5% cash back lets you earn 50% more on non-bonus purchases than most rewards credit cards. Like the Chase Freedom Flex, you can transfer your rewards to a Chase Sapphire product to get a potentially higher redemption value.
Also, like the Chase Freedom Flex®, each Freedom Unlimited point is worth 1 cent each for cash redemptions and award travel bookings.
Visa Signature Benefits
The built-in Visa Signature benefits are competitive with the Chase Freedom Flex® World Elite Mastercard benefits. One perk that the Chase Freedom Unlimited® lacks is free cell phone protection.
The two most notable benefits are secondary coverage for rental cars plus discounts at select retail and travel partners. Chase also provides purchase protection and an extended warranty on select purchases.
Summary
The Chase Freedom Flex® increases the competition for cashback credit cards. Its attractive signup bonus, purchase rewards, and no annual fee are the best reasons to consider this card.
FAQs
Does the Chase Freedom Flex have an annual fee?
No, there is no annual fee for the Chase Freedom Flex. There is a 3% foreign transaction fee though, so you will want to use another card for international travel.
What is the Chase Freedom Flex signup bonus?
New Chase Freedom Flex® cardholders can earn a $200 bonus after they spend $500 on purchases in the first 3 months from account opening.
What credit score is needed for the Chase Freedom Flex?
You should consider the Chase Freedom Flex® when your credit score is at least 700. A score above 700 places you firmly in the “good credit” range and a score above 740 means you have “excellent credit.”
In addition to having a high score, make sure you consider the Chase Freedom Flex only if you have opened four or fewer new credit cards in the last 24 months. Too many recent credit card account openings can be an automatic disqualification, even if you have a high credit score.
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