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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
Quick details at a glance:
Card Rewards Offer - 1.5% - 5% cash back
Annual Fee - $0
Intro Rewards Bonus - Earn $200 cash back
Here are more detailed features of the Chase Freedom Unlimited®
- Intro Offer: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 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; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% 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!
- 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
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 TravelSM 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.