If you are trying to choose between the Chase Freedom Visa credit card and the Chase Freedom MasterCard, do not despair, as they are almost the same card. MasterCard and Visa are merely the payment networks and will have no impact on the terms and fees.
The perks and benefits of a card are based on the bank that actually offers it. Since these are both Chase Freedom, those are the same and are detailed below.
Either Chase Freedom card is a good card to consider if you are looking to earn rewards from your credit card use.
It also has a great introductory offer and doesn’t cost anything on an annual basis. One of the biggest things to be aware of, as it is with any credit card, is to pay attention to the fees and interest rates that accompany the credit card.
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Chase Freedom Rewards
The regular cash back percentage for the Freedom card is 1% of purchases, which is pretty normal compared to most credit cards. Chase offers 5% cash back bonuses on different categories, which change every three months. You need to sign up for these bonuses but it is free to activate. You can earn up to $1,500 each quarter on these bonus categories. Once you have reached your dollar limit you will go back to earning 1% on purchases.
You can earn as much as 10% cash back with the Chase Freedom card when you use it to make purchases at select online merchants selected by Chase.
In order to figure out the amount of cash that you are actually earning back, keep in mind that each point is equal to $.01 cash. Once you build up 5,000 you will have earned $50, for example.
Along with the cash back you earn with each purchase, Chase Freedom offers the ability to earn $100 back. This occurs within the first three months of use and only happens if you spend at least $500. After you spend at least $500 you will earn 10,000 points. The nice thing about the rewards you earn is that there is no expiration date for them.
Chase Freedom Terms
- Annual Fee: $0
- Introduction Purchase APR: 0% for 15 months
- Purchase APR: 12.99 to 22.99%, depending on your credit score
- Introduction Balance Transfer APR: 0% for 15 months
- Balance Transfer APR: 12.99% to 22.99%, depending on your credit score
- Cash Advance APR: 19.24%, unless your APR for purchases is 22.99%; then it is 23.24%
- Overdraft Advance APR: 19.24%, or 23.24% if you have a purchase APR of 22.99%
- Penalty APR: 29.99%
- Grace Period: 21 days
- Minimum Interest Charge: $1.50
- Balance Transfers: 3% of the balance amount that you are transferring over, or $5
- Cash Advances: Either 3% of cash advance amount or $10, whichever is the greater amount
- Foreign Transactions: 3%
- Late Payment: up to $35
- Return Payment: Up to $35
- Over Credit Limit: up to $35
The terms and fees for credit cards can be confusing, but it is important to have a good understanding of what they mean, as they can greatly affect your finances in a negative way. The Federal Reserve can help you understand them better.
The interest rates for purchases and the transfer of balances are a bit lower than some reward credit cards but they are still pretty high. In order to avoid paying them, make sure you pay your credit card bill in full and by the time it is due.
If your bill is late you will end up paying the very high interest rate of 29.99%
This rate will stay forever on any balance that the card has accumulated. This rate will also apply if you go over your credit limit or if your payment is returned for lack of funds.
Chase Freedom Card Holder Eligibility
Although the benefits and rewards of both the Visa and MasterCard issued Chase Freedom cards may sound exciting, not everyone who applies for the cards will be able to get them. When someone applies for a credit card the card issuer looks at a number of things, including the applicant’s credit history and income.
People who are eligible for credit cards with no annual fee usually need to have good credit. Those who are eligible for reward credit cards usually need to have not only good credit, but often great credit. If your credit is less than great, you may want to apply for a different credit card. To work on getting your credit score higher, refer to My Fico.
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