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For a limited time, Chase has increased the sign-up bonus on the no annual fee Chase Freedom®. This is one of my favorite no annual fee credit cards. The sign-up bonus is marketed as follows:
- For a limited time, earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Earn a $25 Bonus after you add your first authorized user and make a purchase within this same 3-month period
The sign-up bonus is marketed as cash back
In reality, you earn points on the Chase Freedom®, and each point can be redeemed for one cent cash back.
In other words, the sign up bonus offers 20,000 points after making $500 of purchases in the first three months, and an additional 2,500 points after adding an authorized user and having them make a purchase within three months, for a total of 22,500 points.
However, if you have this card in addition to one of the cards that accrue “premium” Ultimate Rewards points, you can transfer these points to Ultimate Rewards. Cards that accrue “premium” Ultimate Rewards Cards include the:
What makes the Chase Freedom great
So what makes this no annual fee card so rewarding even if you have other cards with annual fees that offer category bonuses?
The Chase Freedom offers 5% cash back (five points) per dollar spent on rotating quarterly categories, which can translate into a huge return. When you register your card each quarter you then earn 5x points for the first $1,500 spent in those category.
Having no annual fee cards are great for your credit score
As if the huge rotating quarterly categories weren’t enough, keep in mind that one part of your credit score is the average age of your accounts. It’s good to keep some cards long term just to help increase the average age of your accounts, even if the card itself isn’t that rewarding.
In this case you’re getting a rewarding credit card which you can also keep open long term to help build your credit score.
This is the best sign-up bonus you’ll see on this card
Back in the day this card regularly had 20,000+ point sign-up bonuses. But over the past couple of years the standard sign-up bonus has been $100 cash back/10,000 points.
We’ve occasionally seen increased sign-up bonuses of $200 cash back/20,000 points. But with this bonus you can earn $225 cash back/22,500 points, which is the best I’ve seen.
If you don’t yet have the Chase Freedom®, I suspect this is as good as the bonus will get. I picked up the card late last year after waiting way too long, and am really happy to have it.