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These offers are no longer available on our site: Chase Freedom®, Capital One® Quicksilver® Cash Rewards Credit Card
Looking for a high-earning rewards credit card that doesn’t have an annual fee?
Consider Chase Freedom® , which offers 5% cash back on up to $1,500 in combined purchases in rotating bonus categories each quarter you activate, and 1% cash back on all other purchases.
The Chase Freedom® rewards structure is more complicated than some other credit card rewards programs — Capital One® Quicksilver® Cash Rewards Credit Card , for example, offers a straightforward 1.5% back on all purchases.
But with a little extra planning, Chase Freedom® can yield bigger cash back rewards.
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First, let’s clarify what we mean when we say “cash back rewards.”
With Chase Freedom®, cash back rewards are tracked as points. Each Ultimate Rewards® point is worth 1 cent, so 100 points equal $1 in redemption value.
There is no minimum to redeem for cash back. You can redeem those points for cash through statement credits or electronic deposits into most U.S. checking and savings accounts.
Ultimate Rewards® points can also be redeemed for gift cards, to book travel through the Ultimate Rewards® travel portal, or to pay for part or all of eligible purchases on Amazon.com.
Don’t feel compelled to redeem them all in a hurry, though, as points don’t expire as long as your account remains open.
Ready to maximize your rewards with Chase Freedom® cash back categories? Follow these tips.
- Start with the sign-up bonus.
- Don’t forget to activate your quarterly bonus.
- Keep track of the categories and eligible merchants.
- Pair your Chase Freedom® with one of Chase’s Sapphire cards.
That’s right — you can get a big-time head start with a $150 bonus (equal to 15,000 bonus Ultimate Rewards® points) after spending $500 on purchases within 3 months of opening an account.
If you forget to activate your bonus before the quarterly deadline, you’ll still earn 1% cash back on all purchases — but you’ll miss out on the bigger, category-specific bonus for that quarter. For this reason, Chase Freedom® is probably best for people willing to take a more hands-on approach to credit card rewards.
Heads up if you have more than one Chase Freedom® account: You’ll need to activate the bonus for each of your accounts every quarter.
Here are a few ways you can activate the bonus.
- Online at the Chase Freedom® page or within your Ultimate Rewards® account.
- By signing up for email reminders and responding to the quarterly email.
- By calling the number on the back of your card and asking a representative to activate the bonus.
- By asking a banker to activate the bonus when you’re at a Chase branch.
- If you also have a Chase checking account and debit card, you can activate the bonus while making a cash withdrawal at an ATM.
You may need to enter your name, ZIP code and the last four digits on your Chase Freedom® card depending on the activation method you use.
There’s a deadline to activate, which is usually a couple of months after the quarter starts.
As long as you activate the bonus by the deadline, you’ll earn bonus points for all the eligible purchases you make during the bonus period, including the ones you made before activation.
In the past, Chase Freedom® rewards categories have included gas stations, grocery stores, restaurants, wholesale clubs, department stores and Amazon.com. Once a new quarterly bonus period begins, you’ll want to keep track of which purchases will earn you extra cash back.
Crystal Stemberger, who runs the personal finance blog Budgeting in the Fun Stuff, says she makes a tiny printout with the rewards categories and tapes it to her Chase Freedom® card.
In addition to knowing the general categories, you may also want to review and write down the list of included and excluded merchants for the quarter.
Once you’ve accumulated enough Ultimate Rewards® points, you’ll want to decide how best to use them.
That’s because you can transfer Ultimate Rewards® points from your Chase Freedom® to one of these cards, and then redeem them for travel purchases using the Ultimate Rewards® travel portal so your points are worth even more.
When booking travel with the Chase Sapphire Preferred® Card account, 100 points equals $1.25, and with Chase Sapphire Reserve®, 100 points equals $1.50.
With both Chase Sapphire Preferred® Card and Chase Sapphire Reserve®, you can also transfer your Ultimate Rewards® points to select airline and hotel partners’ frequent-traveler programs.
The Chase Freedom® rewards program may demand a little extra effort, but the rewards can be big. For cardholders willing to track rotating categories and adjust their spending accordingly, it can be a powerful rewards-booster.