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The Chase Freedom Unlimited card is a popular cash-back option with no annual fee. Pros and Cons of the Chase Freedom Unlimited
Pros:
- Straightforward cash back: Earns 1.5% cash back on all purchases, with bonus categories of 5% on travel booked through Chase Travel and 3% on dining and drugstores.
- Welcome bonus: You can currently earn an additional 1.5% cash back on up to $20,000 spent in the first year, for a total of 3% cash back. This can amount to up to $300 in cash back.
- No annual fee: Unlike some cash-back cards, this card doesn't have an annual fee, making it a budget-friendly option.
- Flexible redemption: Cash back can be redeemed for cash deposits, travel statement credits, or transferred to other Chase Ultimate Rewards® programs. There's no minimum redemption amount.
- 0% introductory APR: New cardholders get 0% intro APR on purchases and balance transfers for 15 months, which can be helpful for financing a large purchase or paying down existing credit card debt.
Cons:
- Lower rewards on non-bonus categories: Compared to some cards that offer higher base cash-back rates (around 2%), the 1.5% rate on most purchases might seem a little low.
- Rewards are not points: Unlike some Chase cards that offer points which can be redeemed for travel with transfer partners, the Freedom Unlimited offers straight cash back. This can be less flexible for travel enthusiasts.
- Foreign transaction fees: There is a 3% foreign transaction fee, which can be a drawback for frequent travelers outside the US.
Overall, the Chase Freedom Unlimited card is a good choice for those who want a no-frills cash-back card with no annual fee. It offers a decent welcome bonus, solid rewards in bonus categories, and flexible redemption options. However, if you're a big spender on non-bonus categories or a frequent traveler who prefers points for travel flexibility, you might want to consider other options.