Tag: Chase Freedom

Posted on by

Comparing the Chase Slate & Chase Freedom Balance Transfer Cards

Comparing credit card offers is a pretty challenging task. More challenging when you start narrowing down your choices, and are left with the likes of Chase Slate and Chase Freedom, both of which come from the same issuer! However, the single biggest differentiating factor between these two is that while one is targeted specifically towards people wanting to transfer their high-interest credit card debt, the other is for people who although may want to transfer any existing balance/s, they may not want to do it at the cost of cash back rewards.

Chase slate vs Chase freedom

Let’s look into their respective features and benefits in some detail.

Chase Slate Card

Card benefits

  • You’re not required to pay any balance transfer fee if you transfer a balance from another card (not from Chase) within the first 60 days of account opening. Thereafter, a fee of $ 5 or 5% (whichever is higher) is applicable on the future transfers.
  • There’s a 0% introductory APR offer on the balance transfers and purchases, for the first 15 months. A variable APR of 23.24%, 18.24% or 13.24% becomes applicable post this 15 months’ time period, depending on your credit worthiness.
  • You can see your monthly FICO scores (based on data from Experian) online, completely free of cost. You’re also provided reasons behind your credit score, your credit report summary and helpful information on how you can better manage your credit.
  • There is no annual fee associated with this card.
  • Your APR won’t be raised if you’re late in making your bill payment.
  • You receive ample security and protection in the form of fraud alerts (via email, phone call or text), fraud protection and the embedded chip technology.

Credit requirements

At one point of time this card used to be marketed to people with average credit (in the range of 630 to 689), however, now it’s positioned towards people with good (690 to 719) to excellent (720 and upwards) credit. It’s possible that you may be approved for this card even if you have some minor credit blemishes, but major blemishes are most likely to rule you out. In general, people having FICO scores of high 600s and upwards are easily approved for the Chase Slate. People normally find it easier to qualify for Chase Slate compared to Freedom as there’s no reward component involved here.

Some more pros of the Chase Slate card

  • Good for people who are looking to pay off some high interest debt from another card in a well-planned manner. You get access to the Chase’s blueprint program that enables you to customize your debt-payoff plan as per your needs.
  • Good for people that require a longer duration of over 12 months to pay off their credit card debt.
  • No penalty APR comes as a handy feature for the balance carriers who are prone to missing the payment due dates.
  • Ideal for people who have accumulated unexpected card debt over a period of time and are looking for the ideal balance transfer card to overcome their card debt woes.

Some cons of the Chase Slate card

  • Not the best card for people who are after credit card rewards or cash back.
  • Not ideal for people with poor or average credit (below 690).
  • There is a limit of $ 15,000 that can be transferred from another card to this one. Hence, it may not be the best card for someone who has excessive card debt, over and above $ 15,000.
  • No balance transfers allowed from the existing Chase cards to this one.
  • The intro 0% APR period is not the longest one if compared to other prominent balance transfer cards like the Citi Diamond Preferred that comes with a 21-month 0% intro offer.
  • A 3% foreign transaction fee is a major drawback for frequent international travelers.

 

Chase Freedom Card

Card Benefits

  • You can get 5% cash back on your combined purchases of up to $ 1,500, in rotating bonus categories. It’s equal to a total of $ 75 in cash back rewards! Please note, you’ll need to activate these categories manually every quarter. New 5% cash back categories such as wholesale clubs, gas stations, grocery stores, restaurants and more are introduced every quarter.
  • An unlimited 1% cash back offer is available on purchases of all types. This is the default cashback offer which also becomes applicable after the exhaustion of the 5% cash back limit (of $ 1,500.
  • You can bag an introductory $ 150 bonus by spending at least $ 500 on any purchases during your first three months with the card. An additional $ 25 bonus can be had by adding the first authorized user to the card and making your first purchase inside the initial three months’ time.
  • There’s a 0% introductory APR applicable on the balance transfers and purchases made during the first 15 months. A variable APR of 23.24%, 19.24% or 14.24% becomes applicable after the expiry of the introductory time period.
  • Unlike the Chase Slate card, a balance transfer fee of 5% or $5 (whichever is higher) is applicable on any amount transferred from a different card. There’s no introductory 60 days offer here.
  • You’re protected with security features like fraud monitoring/alerts, built-in security and zero liability protection.

Credit requirements

It’s a slight bit tougher to get this card when compared to the Chase Slate as this one requires excellent credit (720 and upwards). Although a FICO score of 720 or higher would be ideal to qualify for the Chase Freedom, some people even in that range have been denied this card. On the other hand, some with even lower scores of around mid-600s have been approved, although with a lower credit limit, which is at least better than being denied.

Some more pros of the Chase Freedom card

  • An ideal option for people with good to excellent credit, who are looking to make the most of the cashback rewards quickly.
  • Excellent card for people who want to get their first credit card and are looking to use it extensively for their day-to-day purchases. Please note, purchases made on Amazon.com always have a 5% cash back offer during the holiday seasons.
  • Once you’ve accumulated $ 20 in the cashback rewards, you’re allowed to redeem that amount in the form of a statement credit, gift card, bank account deposit or purchases made at the Chase’s ultimate rewards shopping website.
  • Although there is a late fees involved in the Chase Freedom card, you don’t need to pay any penalty APR just like the Chase Slate card.

Some cons of the Chase Freedom card

  • Not the ideal card for people who like to earn their rewards in a well-planned manner. The rotating 5% cash back categories can be a big put-off for such people.
  • Not the ideal card for frequent international travelers as there’s a 3% foreign transaction fee applicable on international purchases.
  • The baseline 1% cash back offer is lower compared to the other competing cards.
  • The manual activation for the 5% cash back offer every quarter can be put-off for many people. Not activating these categories by the middle of the last month of the quarter can make this offer invalid.
  • You’re not provided the constant FICO score monitoring facility like the Chase Slate card.

Final Word

To conclude, if it’s a plain and nice balance transfer card you’re after, the Chase Slate should be your pick. It beats the Chase Freedom any given day in this department! On the other hand, if you rarely carry any credit card balance and have an excellent credit score, you’d be much better off with the Chase Freedom instead.

Posted on by

How do I redeem my Chase Freedom Points?

The Chase Freedom credit card is one of the most popular cash-back cards on the market. The Chase Freedom card is attractive because it does not impose a fee on card members, and current promotional interest rates offer 0% on both purchases and balance transfers for qualified applicants. Card members are also drawn to the Chase Freedom rewards program as a way to earn cash-back on all purchases. The card functions as a rotating bonus rewards program, meaning additional rewards points are earned during certain times of the year for specific retailers or categories of purchases. The card also offers a flat-rate cash back for purchases made outside the bonus categories throughout the year. Before learning how rewards can be redeemed, let’s take a look at how rewards are earned.

c3awxe-1 (1)

Chase Freedom Rewards Potential

Card members with Chase Freedom earn 5% cash back on purchases made in bonus categories each quarter. As an example, bonus categories in the past have included grocery stores and restaurants, gas stations and home improvement stores, and wholesale clubs like Costco or BJs. To earn rewards in bonus categories, card members must activate the enhanced rewards program each and every quarter. Combined purchases of up to $1,500 in bonus categories are eligible for the 5% cash back reward.

In addition to the 5% cash back potential, Chase Freedom card members earn 1% on purchases that fall outside the quarterly bonus categories. Card members are no up against a limit as far as earning rewards is concerned, and the benefit is automatically activated at the time the card is opened. Additional rewards points may be earned through promotions for new card members, including a $150 cash back bonus when $500 or more in purchases are made using the card within the first three months after account opening. Adding an authorized user also earns card members $25 bonus cash back when a purchase is made within the same three-month time frame.

Chase Freedom rewards points do not expire, giving card members flexibility as to how rewards are used over time. But the greatest benefits to the Chase rewards program is the ability to redeem points in a variety of ways.

Redeeming for Cash

Chase Freedom rewards points can be redeemed for cash easily through the card issuer’s website, by calling a representative with Chase, or by visiting a Chase Bank branch location. Card members who opt for cash can use accumulated rewards points to obtain a statement credit to reduce the outstanding balance held on the card. Card members should note that a statement credit does not alter the minimum payment due. Alternatively, cash back can be redeemed as a direct deposit in to a checking or savings account held at a financial institution within the United States. For both statement credit and direct deposit redemptions, a minimum of 2,000 points – the equivalent of $20 – is required.

Redeeming for Gift Cards or Shopping

Chase Freedom card members also have the ability to redeem accumulated cash back rewards for select gift cards made available through Chase’s Ultimate Rewards site. Participating retailers include major stores such as Lowes, Home Depot, Target, Amazon and Apple (iTunes), and more than 70 partners make gift cards available through the Chase rewards program. While it is necessary to have the same minimum accumulated rewards balance of 2,000, gift cards can be redeemed in amounts as small as $5, or 500 points.

Chase Freedom rewards points may also be used to shop directly through certain partner sites, the most notable being Amazon.com. Through the Ultimate Rewards portal, card members with at least 2,000 points can link their individual Amazon.com account to Chase and utilize points at checkout. Card members who download the Chase Freedom mobile app have additional options for direct shopping with accumulated points. Through the app, card members select the merchant they wish to pay (more than 30 are available at this time), and the amount they want to spend. Chase creates a custom gift card specifically for that store that is available through the app. When the card member is ready to pay, they simply present the phone at checkout for the amount selected.

Redeeming for Travel

One of the most attractive ways to redeem points through Chase Freedom is on travel purchases. Through the Chase Ultimate Rewards site, card members have an overwhelming number of options including air fare, hotel stays and rental car reservations. Additionally, Chase aggregates a number of activities catered to family-friendly adventures or vacations, romantic getaways or outdoor fun. The site also provides a list of location-specific activities for card members, such as museum visits, new and noteworthy restaurants and community events.

Redeeming Chase Freedom rewards through the site also requires a minimum of 2,000 points, although some travel partners may require a higher number of points to make purchases. Any purchases made above and beyond the total available points value may be completed using the linked Chase Freedom credit card, and those balances earn points at the flat cash back rate of 1%.

Card members also have the opportunity to combine cash back rewards earned through the Chase Freedom credit card with other credit cards offered through Chase Bank. Moving points does not cost the card member anything, and it can be done as long as the card remains in good standing with Chase. All Chase cards that offer the Ultimate Rewards program are eligible for points transfer, as long as the card member is the same, a spouse or a domestic partner.

The Chase Freedom Ultimate Rewards program offers a number of ways to utilize cash back earned in either the bonus categories or through regular purchases that earn a flat rate. Card members have the opportunity to redeem accumulated rewards as statement credits for their Chase Freedom credit card balance, or via direct deposit into a bank account. Gift cards and shopping experiences are also available through the Ultimate Rewards site or through the Freedom rewards mobile app. Travel, activities and local events may also be purchases using cash back rewards through Chase Freedom. As long as the minimum amount of points are available, card members can use cash back however it best fits their needs.

Posted on by

The Slate vs the Freedom Rewards Card

Finding the right credit card can be a daunting task, especially with the myriad of choices available from a slew of various issuers. Differences in rewards programs, promotional offers and card member fees play a major role in which card is best suited for specific borrowing needs. Some popular credit card issuers like Chase Bank have simplified the process by designing credit cards for those seeking out very specific card member perks. The Chase Slate credit card and the Chase Freedom credit card are two very different options that deserve a closer look.

credit card close up-600Chase Logo

A Dream for Balance Transfers

The Chase Slate credit card is designed for individual borrowers looking for a low-cost way to transfer balances from higher interest rate cards or those in need of a low introductory interest rate. The current balance transfer promotion for Chase Slate card members is attractive because it extends beyond most comparable balance transfer offers in terms of time to repay. New Chase Slate card members who transfer a balance to the credit card within 60 days of account opening receive 15 months of 0% interest on balance transfers, and the balance fee of the greater of $5 or 5% is waived for the first transaction. For individuals with a high-interest rate balance on a different card, the balance transfer offer through Chase Slate is second to none.

In addition to the balance transfer promotion, new Chase Slate card members have a 0% interest rate on any purchases made within the first 15 months after account opening. After the promotional period ends, the standard APR for well qualified card members is 13.24%; applicants with less than exemplary credit may qualify for a standard APR of 18.24 or 23.24%. Balance transfer rates revert back to the standard rate assigned at the time of account opening as soon as the promotional period ends. The Chase Slate card does not impose an annual fee for card members, making it an attractive choice for those with high spending needs or high interest rate balances elsewhere.

The Chase Slate card does not offer any rewards program at this time.

Rewards Aplenty

The Chase Freedom card is best suited for individual borrowers seeking out a strong rewards program. Card members earn 5% cash back on rotating bonus categories each quarter, including gas stations, certain retailers and restaurants, up to a maximum of $1,500 in purchases. All other purchases made with the Chase Freedom card earn card members a flat rate of 1% cash back with no cap on earnings. The bonus categories must be activated each quarter to ensure rewards are earned, but the 1% cash back is and automatic benefit.

The Chase Freedom credit card offers a similar promotion to new card members in terms of the purchase APR and the balance transfer APR. Qualifying applicants receive 0% interest on both purchases and balance transfers for the first 15 months after account opening. Chase Freedom differs from Chase Slate in that the balance transfer fee of 5% still applies. After the promotional period ends, the standard purchase and balance transfer APRs can be as low as 14.24%. Card members may also qualify for a standard APR of 19.24% or 23.24% if credit history or score are not ideal.

Chase Freedom card members also have the potential to earn $150 in bonus cash back when $500 or more is spent within the first three months after account opening. Adding an authorized user to an account also boosts cash back earnings by $25, but only when the user is added and makes a purchase within the first three months. Cash back rewards earned with Chase Freedom do not expire as long as the account remains in good standing. Rewards can be redeemed for cash, check out at Amazon.com, gift cards from select retailers, or through Chase’s travel site. A minimum of $20 must accumulate prior to redeeming rewards. Chase Freedom does not carry an annual fee.

Chase Card Member Perks

All Chase credit card members have access to a variety of additional benefits, most focused on enhanced security. Both the Chase Slate and Chase Freedom credit cards are chip-enabled which offers a greater level of acceptance around the world. Purchases made with either card are also covered by zero liability protection. This means that unauthorized charges or fraudulent purchases are not the responsibility of the card holder, up to certain limits. Chase card members also have purchase protection and extended warranty protection for eligible purchases.

Chase Slate and Chase Freedom credit cards also provide auto rental collision damage waivers, roadside assistance and dispatch, and travel insurance for those on the go. The Chase Slate card also waives foreign transactions fees making it more attractive to travelers; the Chase Freedom card assesses a foreign transaction fee of 3% per purchase.

Chase offers a unique feature to card members in its BluePrint payment system. Card members can elect to customize payments based on the type of purchases made and the amounts spent over a single billing cycle. For borrowers who carry balances over from one month to the next, BlutPrint is a smart way to control spending and repayment that is truly unique to each card member.

Which Card is Right for You?

The Chase Slate card is a simple credit card that does not offer a rewards program in terms of cash back or travel points. Instead, Chase Slate card members can take advantage of the inexpensive balance transfer offer or the introductory 0% APR to save cash for other needs. Applicants need to have excellent credit in order to qualify for the Chase Slate card, setting it apart from the Chase Freedom option.

The Chase Freedom credit card is best suited for individuals with a penchant for points. The rotating cash back bonus categories offer a way to boost earnings for card members who spend consistently on certain purchases, and the flat rate cash back helps keep rewards accumulating outside the bonus categories. The introductory purchase rate and balance transfer offer for Chase Freedom is attractive for cost-conscious card members, but the balance transfer fee makes the card more expensive than Chase Slate. Both Chase credit card options can be used as standalone cards or in marriage with one another to enhance the experience.

Posted on by

Comparing the Capital One Quicksilver and Chase Freedom Rewards Cards

Credit cards that offer rewards programs for card members are a smart way to earn extra cash toward purchases for savvy users. In recent years, the number of credit card rewards programs made available to qualified applicants has grown substantially, making it difficult to weed through the good, the bad and the ugly. For example the Chase Sapphire Preferred & Capital One Venture compare quite differently than marketed. And both the Chase Freedom and the Capital One Quicksilver credit cards are strong contenders for cash back rewards, but they differ greatly in terms of their rewards programs, additional card member benefits and total costs associated with owning the card. Here’s the skinny on each.

chase freedomcapital one quicksilver

Rewards Program Breakdown

The Chase Freedom credit card offers a rotating bonus cash back schedule, on top of a flat rate rewards program. Under the rotating bonuses tier, card members earn 5% cash back on purchases made within each applicable category for the time frame defined within the cardholder agreement. For the 2016 calendar, Chase Freedom card members earn 5% cash back on purchases made from gas stations and local commuter transportation, not including parking, Amtrak purchases or tolls. The second quarter offers the same cash back bonus on grocery store purchases, not including Walmart or Target stores, while the third quarter includes restaurants. The fourth quarter is typically geared toward holiday shopping with specific retailers and online partners added as the season begins. Card members earn the 5% cash back bonus on up to $1,500 in purchases, each quarter. All other purchases made with the Chase Freedom credit card earn 1% cash back with no limit.

The Capital One Quicksilver card differs from the Chase Freedom option in that it does not offer bonuses on specific spending categories. Instead, the credit card is a flat rate rewards card that offers 1.5% cash back on all purchases with no limit. The idea behind the Capital One Quicksilver card is focused on simplicity as card members do not need to track spending in certain categories or time purchases to ensure they receive the most benefit from their card.

Card members with Chase Freedom have the potential to earn more on certain purchases than Quicksilver cardholders, but the cap on earnings with Chase makes it difficult to capitalize fully on cash back rewards. Additionally, card members have the activate each bonus cash back category at the beginning of each quarter to ensure they receive the additional rewards points. Capital One Quicksilver card members can redeem rewards in any amount at any time, while Chase Freedom account holders have to accrue $20 worth of rewards before redemption is an option. Both credit cards offer statement credits and cash deposits as options for redeeming rewards, and rewards do not expire. Chase Freedom offers additional ways to redeem rewards, including shopping directly through the Chase mobile app or purchasing gift cards directly through Chase from partner retailers.

Added Card Member Perks Comparison

Currently, new card members can earn $100 cash back bonus if $500 in purchases are made within the first three months after account opening. The Chase Freedom credit card has a $150 one-time bonus with the same spending and time frame parameters. Both cards also provide for authorized users to be added to the accounts, and no annual fee.

Both the Chase Freedom credit card and the Capital One Quicksilver card provide additional benefits and protection to card members through the following comparable features:

  • Purchase protection up to certain limits
  • Extended warranty protection
  • Trip interruption/cancellation insurance
  • Travel accident insurance
  • Rental card damage waiver
  • Lost luggage reimbursement

In addition to these benefits, Chase Freedom also offers price protection and return protection on purchases made with the card, as well as Roadside Assistance Dispatch services. Capital One Quicksilver card members have access to a 24/7 concierge, luxury hotel discounts, sports experiences and other shopping discounts. Capital One stands out in the additional perks category by also offering free access to Credit Tracker which allows card members to access their credit score and changes to their credit profiles any time from the mobile or desktop apps. Chase Freedom does not currently offer credit information directly to card members.

Card Member Costs

Both rewards credit cards are currently offering new card members low introductory interest rates on purchases and balance transfers, although one is a stronger offer than the other. Chase Freedom has a 0% purchase APR for the first 15 months after account opening, after which time the interest rate reverts to a variable rate ranging from 14.24% up to 19.24%. Chase is also offering a balance transfer promotion for new card members that includes a 0% interest rate for the first 15 months after the balance is transferred. The balance transfer rate reverts to the same as the purchases APR after the promotional period expires. Card members should note the balance transfer fee of 5% is applied.

Capital One Quicksilver card members have access to a 0% purchase APR for the first nine months after account opening, after which time the rate reverts to a variable APR that ranges from 13.24% up to 23.24%. Balance transfers are also available through Capital One with a 0% APR for the first nine months. After the promotional period ends for balance transfer made through the Quicksilver card, card members receive a variable rate that is the same as the purchase APR assigned at the time the account was opened. The balance transfer fee for Capital One is 3%.

Neither the Chase Freedom Card nor the Capital One Quicksilver card carries an annual fee. However, Capital One does not impose foreign transaction fees on its card members, while Chase does at a clip of 3% per transaction. The late fee assessed for both cards can be as high as $35, while the fees for returned payments vary.

Final Thoughts

Both the Capital One Quicksilver and the Chase Freedom cards offer strong rewards programs to card members, but the variations may suit some spenders more so than others. For those who spend heavily in bonus categories each quarter, the Chase Freedom credit card is a no brainer. But for account holders who prefer simplicity and a flat rate rewards program, the Capital One Quicksilver card definitely takes the cake. The one-time bonus cash back offers are similar for each card, but those who want to take advantage of a 0% purchase or balance transfer APR may be drawn more toward the Chase option. Without an annual fee and no expiration on earned rewards, both the Chase Freedom and Capital One Quicksilver cards provide cost effective benefits to card members.

Posted on by

Discover it vs. Chase Freedom Card

In the universe of rewards credit cards, both Discover it and Chase Freedom stand out as top card options. Account holders not only have seemingly endless benefits with each card, the cash-back rewards are some of the best in the business. However, for newcomers to the credit card rewards playground, there are some nuances that make determining which card is the best a difficult task. Let’s take a closer look at both the Discover it and the Chase Freedom credit cards in terms of rewards potential, introductory bonuses and fees.

DISCOVER-IT-AND-FREEDOM-360x270

Rewards Showdown

Both the Discover it and Chase Freedom credit cards offer robust rewards programs, but slight differences exist. First, the Discover it credit card offers 1% cash back on every dollar spent on purchases outside bonus categories that rotate on a quarterly basis. Purchases made within the bonus categories earn cardholders 5% cash back, up to a limit of $1,500 in total spending each quarter. Card members must sign up for the bonus categories as they rotate to ensure points are earned on applicable purchases, but the process is simply and free. Discover it bonus categories for cash back earnings are as follows for 2016:

  • January through March: Gas stations and ground transportation
  • April through June: Restaurants and movies
  • July through September: Home improvement stores and Amazon.com
  • October through December: Amazon.com (and others to be determined)

The Chase Freedom credit card also earns card members 1% on all purchases, with similar quarterly cash back bonuses of 5%. The bonus cash back categories do not require activation each quarter, but like the Discover it card, earnings are capped at $1,500 worth of spending. The cash back categories through Chase Freedom rotate each quarter, and for 2016 include:

  • January through March: Gas stations and local commuter transportation (not including Amtrak, tools or parking)
  • April through June: Grocery stores (not including warehouse clubs, Walmart or Target)
  • July through September: Restaurants
  • October through December: Holiday shopping with partner retailers to be determined

The fact that no additional step is needed to activate the bonus cash back rewards each quarter for the Chase Freedom card is certainly a bonus, but the category restrictions make the program slightly less attractive than Discover it. However, Discover it does not require a minimum number of points to accumulate prior to redemption; Chase Freedom card members must have earned at least $20 in cash back rewards prior to redeeming.

Upfront Bonuses

Only Chase Freedom offers an upfront cash back bonus for new card members within the first few months. Cardholders have the potential to earn $150 in cash after a minimum of $500 is spent on purchases within the first three months of account opening. The Discover it credit card offers a matching program for cash back earned, up to $200 additional cash, but the bonus is not immediate. Card members receive the matching cash back credit at the end of the first year after account opening, opposed to the first three months for Chase Freedom.

Comparison of Card Member Fees

For applicants seeking out low-cost rewards credit cards, both the Discover it and the Chase Freedom cards fit the bill. Both credit card options come with no annual fee, and no redemption fees for cash back earned. However, differences come into play as it relates to other costs associated with each credit card.

Discover it has an introductory interest rate of 0%, not just for purchases but for balance transfers as well. The promotional APR is honored for the first 12 months after account opening, after which time the standard rate and balance transfer ranges from 11.24% up to 23.24%. These interest rates are based on each applicant’s creditworthiness at the time of account opening, and rates may fluctuate over time based on broad market movements.

The Chase Freedom credit card also offers an attractive introductory interest rate for well-qualified borrowers. A 0% APR is in place for the first 15 months after account opening for both purchases and balance transfers. After the promotional period ends, card members are assessed interest on remaining balances as low as 14.24% up to 23.24%. All rates for purchases and balance transfers after the introductory rates expire are variable. Account holders looking for potentially lower interest after the promotional rate may find the Discover it card more attractive, while those looking for extended terms for 0% APR purchases or transfers may lean more toward the Chase Freedom card.

One of the other aspects that differentiates the Discover it card from the Chase Freedom card is the foreign transaction fee. Chase Freedom card members are assessed a 3% transaction fee for all purchases made outside the U.S., while Discover it cardholders are not assessed an additional fee for foreign transactions.

Additional Perks

One of the more helpful perks associated with the Discover it credit card is the free access to individualized credit scores through FICO reporting tools. Card members can view their FICO score for free through the Discover portal online, at any time. Additionally, Discover it card members have the benefit of a waived late payment fee for the first occurrence, and a single late payment does not mean a higher APR. These extra benefits are attractive to credit card users concerned about their credit health and status.

The Chase Freedom credit card does not currently provide access to credit monitoring or scores, but does protect card members who make a payment late. No penalty APR is imposed upon the first occurrence of a late payment, although a late payment fee will be assessed. Chase Freedom also offers superb protection against lost or damaged purchases liability protection against identity theft or fraud.

Final Thoughts

Both the Discover it and Chase Freedom credit cards offer smart, low-cost options for individuals looking for rewards programs. The Discover it card is a stronger choice for cardholders who purchase items or utilize their card overseas, or those who do not want to mess with accumulating a substantial number of points prior to redeeming for cash back. The Chase Freedom card is a great choice for individuals who do not want to activate the bonus cash back categories each quarter, or those who are seeking an extended 0% promotional period for purchase or balance transfers.

Posted on by

Comparing the Chase Freedom and the Chase Freedom Unlimited Cards

chase unlimited

Comparing the Chase Freedom and the Chase Freedom Unlimited Cards

Chase is really changing the rules of the credit card game as they recently announced a new card to their credit card arsenal, the Chase Freedom Unlimited. Rumors spread that the Chase Freedom product will be discontinued, but as of press writing, Chase is still accepting applications for the latter card. So, given the confusing name, and the fact that one product may eventually replace the other, what is the difference between the Chase Freedom and the Chase Freedom Unlimited?

 

chase unlimited

 

Associated Fees

Both cards have no annual fees, which makes it easier to keep both of these great cards forever. As of press writing, both also have a 0% introductory APR on purchases or balance transfers for the first 15 months. This is useful if you are planning to carry a balance on your card, but hopefully you won’t need to use this feature. After the first 15 months, the APR will change depending on the bank’s judgment of your credit worthiness, so check your terms as soon as you get approved for either card. Both cards also charge foreign transaction fees, so they may not be the best cards to use when you are planning to travel overseas, since these fees add up.

Looking at the associated fees related to both the Chase Freedom and the Chase Freedom Unlimited, there’s not much difference between the two.

 

The Rewards

The Chase Freedom and the Chase Freedom Unlimited Card use the same point system: Chase Ultimate Rewards (UR), which is highly valuable as the points can be used as cash back or travel on the UR website. If you also have a Chase Sapphire Preferred or the Chase Ink card along with your Freedom card, you can  transfer to various airline partners such as British Airways, Southwest, and United. You can also transfer your Ultimate Rewards Points to hotel partners such as Hyatt, Marriott and IHG.

If you still can’t understand the intricacies of the different points/miles used by hotels and airlines, you may opt to use the Ultimate Rewards portal to book tours, cruises, airline tickets, or hotels for an average of 1.25 cents per point.

Since both credit cards use the same Ultimate Rewards points, and cash back system, which is highly valuable, we deem them to be equal to each other.

 

Sign-up Bonuses

The Chase Freedom card has occasional promotional sign up bonuses as high as 20,000 Ultimate Rewards points, equivalent to roughly $200 or more in travel rewards upon spending $2,000 in three months once approved. Normally, both cards offer between 10,000 – 15,000 Ultimate Rewards points, equivalent to roughly $100-$150 in rewards, depending on how you value them upon reaching the spend limit once approved. For this aspect, both cards are also equal.

 

Additional Perks

An additional perk that the Chase Freedom & Chase Freedom Unlimited have is the auto rental collision damage waiver, which is always included if you use either of these cards to purchase a rental car. This will save you a bit of money by declining the collision damage insurance that the rental car companies may be offering.

Both credit cards also offer purchase protection and roadside assistance, which are mostly given to Visa Signature cards. On the additional perks side, both cards are equal.

 

Earning Points

If you look at our first three points above, you’ll see that both cards are equal to each other. However, there is a big tie breaker: how each card earns points for every dollar you spend.

The Chase Freedom card is a favorite card for all travel aficionados. Why? Because the Chase Freedom is a unique cash back card that allows you to earn 5 points for every $1 spent on rotating categories every quarter, with a maximum of $1,500 spent.

If you spent more than $1,500 a quarter on a specific category, it will default back to 1 point to $1 spend. These categories are normally announced at least a few months in advance, so you have ample time to make plans if this is a good deal for your spending habits or not. Chase categories range from restaurants, movie theatres, Amazon, Department Stores, grocery stores, gas, ground transportation, home improvement stores, and many more. A downside to the Chase Freedom card is that it will require you to activate the quarterly bonuses on your card. If you forget to activate the 5x bonus, you’ll only get the normal point for every spend, which is 1 UR point to $1. Also be sure to double check the merchant that you are planning to use the card for, to see if it is coded in the category you’re expecting it to fall under. Check the visa merchant website if you want to know more about the coding.

The Chase Freedom Unlimited card, on the other hand, does not have rotating quarterly category bonuses, but instead gives 1.5 Ultimate Rewards points for every $1 you spend, no exceptions. This is especially good if you don’t want to bother remembering all the quarterly categories, therefore making it an excellent option for an everyday card.

So, which one is better? It depends on your spending habits: if you feel that you are going to use the card for everyday spending and not in a particular category, then the Chase Freedom Unlimited makes more sense to get. However, if you feel that you can make the most of the rotating quarterly bonuses (maximum of $1,500 per quarter), then the Chase Freedom is for you.

 

Conclusion

Looking at the cards more closely, it appears that they are almost equal in every aspect except for earning bonuses. So, which card should you get all things being equal? You can opt to get the Chase Freedom now (since there are rumors that it may be discontinued soon), then sign up for the Chase Freedom Unlimited a few months after. Taking into consideration Chase’s new 5/24 rule, it makes more sense to space out your applications accordingly, so that you can get both cards and enjoy the sign up bonuses that come with them. It all depends on your goals: whether you’ll want to use the card for travel or just as a regular cash back card, both the Chase Freedom and Chase Freedom Unlimited are great and should definitely be wallet staples.

Posted on by

Card Comparison: Chase Freedom vs. Amex Blue Cash Preferred

Many cards are similar in nature.  We’ve all seen that before.  But, between cards, which one is truly better?  One such matchup of titans is the very popular Chase Freedom credit card and the Amex Blue Cash Preferred credit card.  Which one is better?  Let’s see if we can decipher the true winner below, in yet another card comparison!

 

Annual Fee

The annual fee on any credit card is a deal for potential customers, myself included.  So, let’s dive into the details on the annual fees for these credit cards, shall we?  For the Amex Blue Cash Preferred credit card, you’ll have a $75 annual fee, and no fee for any additional cards on the account.  That is pretty high for a cash back credit card.

The Chase Freedom card, on the other hand, has no annual fees, ever.  So, this category goes to the Chase Freedom card, by a landslide.

 

Sign Up Bonus

Another way credit card companies make the importance of their cards known is through the sign-up bonus, a reward for spending a certain amount of money in a certain amount of time.  For the Amex Blue Cash Preferred card, you’ll have no sign up bonus.

For the Chase Freedom card, you’ll receive a $100 cash back credit (or 10,000 Ultimate Rewards points if you own one of their Chase Sapphire cards) when you make $500 in purchases in the first 90 days of card membership.  I’d say the Chase Freedom card wins this round, especially since they’ve been known to raise the bonus to $200 now and then.

 

Bonus Points

This category is where the Amex Blue Cash Preferred card really picks up steam.  If you spend your money at supermarkets, you’ll receive 6% cash back at US supermarkets (up to $6,000 a year).  At gas stations and select department stores, you’ll receive 3% cash back, and 1% cash back on everything else.

The Chase Freedom card gives you 1% cash back on every dollar spent, as well as 5% cash back in a rotating group of categories (Restaurants and Lowe’s for April-June, Gas Stations and Kohl’s for July-September, and Amazon/Zappos/Department stores for the rest of the year).  This category goes to Amex Blue Cash Preferred.

 

Other Benefits

The Amex Blue Cash Preferred credit card includes purchase protection and car rental loss and damage insurance.  The Chase Freedom card offers up access to Ultimate Rewards points if you have another card in the program, like a Chase Sapphire Preferred® Card.  For this category, I’ll say it’s a tie.

 

Conclusion

For this comparison, it’s really hard to declare a winner.  If you spend a lot of money at supermarkets each year, and max out the bonus, you’ll receive $360 in cash back rewards, more than enough to cover the annual fee.  However, if you do most of your dining out, I can’t really see the benefits of the annual fee of the Amex card.  So, analyze your spending, and choose which one is best for you.

We hope that this comparison at least put the pros and cons, side by side, to make your decision making a little easier.  Let us know in the comments what you think!

Posted on by

Card Comparison: Chase Freedom vs. Capital One Quicksilver

It’s time for yet another credit card comparison!  Up today are the Chase Freedom® and Capital One Quicksilver credit cards.  Each offer up cash back to card holders, but have their differences in bonus cash back execution.  Which one is superior?  Let’s check it out below, and see which one reigns supreme!

 

Here are links to full reviews of these cards:

Chase Freedom Credit Card Review

Capital One Quicksilver Review

Apply Now: Chase Freedom®

 

Sign-Up Bonus

The sign up bonus is a very important factor for anyone signing up for a credit card. For the Capital One Quicksilver Credit card, you’ll see yourself netting $100 for spending $500 in three months.  The winner here is clear, the Chase Freedom® credit card.

 

Bonus Spending

With the Capital One Quicksilver credit card, you’ll net one and a half percent back on every purchase that you make on the card.  There are no categories or rotating calendars to remember.  The Chase Freedom card gives you 1% cash back on every dollar spent, as well as 5% cash back in a rotating group of categories (Restaurants and Lowe’s for April-June, Gas Stations and Kohl’s for July-September, and Amazon/Zappos/Department stores for the rest of the year).  The winner here, in my opinion, is the Quicksilver credit card, since you don’t have to remember any pesky categories!

 

Other Benefits

With your 15 months of 0% APR on purchases and balance transfers (then a variable APR of 13.99%-22.99%) and cash back rewards, you can’t go wrong with the Chase Freedom card.  Furthermore, you’ll have access to the Ultimate Rewards travel network if you have another credit card that earns Ultimate Rewards points with Chase.  This is huge, as it gives you the versatility to really expand on your rewards.

For the Quicksilver credit card, it offers 0% APR until March 2015.  Afterwards, it’ll be 12.9%-22.9%.  It also has no foreign transaction fees, and is a Visa Signature card, with purchase protection and travel benefits.  So, I would say that it depends on what your life is like for the winner between these cards.  If you value travel, and have another Chase card, the Freedom card wins in my book.  But, if you like travelling abroad, you could see the Quicksilver card winning this round.

 

Conclusion

So, who is the winner here?  It’s hard to say.  I think that the 5% benefits puts the Chase Freedom card ahead of the Quicksilver credit card.  But, I still am a firm believer in higher return for regular spending, not in specific categories.  So, if you see yourself spending a lot on these cards, I would edge yourself towards the Quicksilver credit card.  Ultimately, it’s up to you to analyze your spending and see which card is the best for you and your family.  Which one did you choose? Or, did you choose both?  Let us know below in the comments!

Apply Now: Chase Freedom®

Posted on by

Category Bonus Comparison: Discover it vs. Chase Freedom

Everyone loves a little extra bit of moolah in their pocket, especially in the form of cash back on your credit cards!  The Discover it® and Chase Freedom® credit cards do just that, in the form of their famous bonus categories that change each quarter.

These categories, a rotating list of stores and types of purchases, offers up 5% bonuses for the first $1,500 in purchases each quarter.  After that, the bonus will resort back to just 1% cash back for each dollar you spend in the category.  Let’s compare the two cards’ categories, and see which ones is right for you, shall we?

 

Discover It

As stated above, Discover It has four rotating categories each year.  This year began with restaurants and movie theaters.  Any purchase the company considered was a restaurant or a movie theater, you earned 5% cash back (up to $1,500).  This category ended on March 31st.

The current category that we are in is ‘home improvement stores, furniture stores, and Bed, Bath and Beyond.’  Think of it as sort of a spring cleaning event for you!  This quarter ends June 30th.

In the future quarter, from July 1st until September 30th, we only have a vague ‘Summer Fun’ category to go off of at this time.  In 2013, this category featured 5% cash back on gasoline purchases, no doubt to help families on their summer road trips.  Only time will tell which shops we will earn 5% cash back on this year, but check back here in May for the details!

The final quarter for this card is also just as vague, dubbed ‘Holiday Shopping.’  In 2013, this category was online holiday shopping, and featured Amazon.com, iTunes, and facebook purchases.  I would imagine that similar stores will offer up 5% cash back October through December this year!

 

Chase Freedom

The current Chase Freedom categories are similar, but with some key differences that you will want to take note of.  The past quarter from January until March was gas stations, movie theaters, and Starbucks stores.  In the current quarter, restaurants and Lowe’s home improvement stores are in the 5% bonus categories.  You must activate by June 14th, 2014 to reap the benefits!

In the summer months of July until September, you’ll have gas stations and Kohl’s stores.  You can begin activation on June 15th, 2014 for this category.

Finally, during the holiday months of October until December, Amazon, Zappos, and select department stores (click here for a list) will be offered up.  You can activate that category on September 15th, 2014.

 

Conclusion

So, which card is best for you in 2014?  It’s hard to say, since we don’t know exactly which stores Discover It will offer in the last two quarters of 2014.  We do know, however, all of the Chase stores.  I would say that both cards offer similar benefits, so it’s all about which categories appeal most to you and make the most sense for your personal spending.

Though we can’t yet see Discover it’s upcoming categories, looking at last year’s offerings should help you with what to expect.  It’s hard to go wrong with either card, as they both have solid benefits, including no annual fee and the ability to earn 5 points per dollar!

What do you think?  Which card tickles your fancy?

Posted on by

Chase Freedom Quarter 2 Bonus Categories

Link: Chase Freedom®

The Chase Freedom® card, a favorite cash back card for students and those looking for an ‘easy to use’ credit card with some fun bonuses, is currently in the ‘quarter two’ of its bonus categories, a popular feature on the credit card.

Starting April 1st, cardmembers can earn 5% back on all purchases at Restaurants and Lowe’s Home Improvement stores.  After $1,500 in purchases in the category, though, the bonus slips back down to the standard 1% earning.  But, that’s not the only benefit of the Chase Freedom card.  Let’s explore below and see what they are!

 

 

Benefits

This card features no annual fee, which is a great incentive to apply.  But, there’s more!  For the first fifteen (15) months of cardmembership, you’ll have an introductory 0% APR on purchases and balance transfers.  Afterward, it’ll adjust upward based on your credit worthiness.  Once that kicks in, too, is a tool geared for those of you worried about interest.  The Blueprint tool is a manage purchase decisions on the credit card. It’ll let you design ways to pay off a giant purchase, or separate your spend into categories so you know where your money goes each month (if you’re a student, beer and fast food).

The Chase Freedom credit card offers 5% cash back on the rotating categories previously mentioned (four per year) and 1% cash back on all other purchases (or in those categories after $1,500 in spend).  You must activate the category each quarter, but if you forget until the end of the quarter, they’ll add in the bonus cash back retroactively.  The link to sign up is here.

You can also earn more points by shopping through Chase’s Ultimate Rewards shopping mall, which offers eight times the points in some instances.  As far as redeeming, there is no limit to the number of points you can earn, and no expiration date, as long as you still own the credit card. Points can be transferred if you own the Chase Sapphire Preferred or Ink Bold credit card products that earn Ultimate Reward points.  If you want cash, that will come in the forms of statement credits, direct deposits, or paper checks, in $20 increments.

 

Conclusion

The Chase Freedom® Credit Card is a great cash back credit card for anyone, really.  But, I can especially recommend the Chase Freedom card for students and people new to credit cards.  It’s no annual fee, no APR for fifteen months, and large bonuses for spending categories appeal to this demographic greatly.  And, with its Blueprint spending tool, it can take a lot of the stress out of the credit card process that keeps so many from owning a credit card.  Don’t forget to sign up for your category bonus here when you get the card, which is all restaurants and Lowe’s Home Improvement stores between April 1st and June 30th, 2014.  So, what are you waiting for?  Is the Chase Freedom the card for you?

Want the Chase Freedom card for yourself? Here’s the link: Chase Freedom®