Chase Freedom Flex℠ review 2024
Chase Freedom Flex card comes with a $200 welcome bonus after you spend $500 on purchases in the first three months from account opening. Impressively, this card has no annual fee, making it an attractive option for those looking to maximize rewards without incurring yearly costs.
Rewards Structure
Quarterly Rotating Categories: Earn 5% cash back on up to $1,500 in combined purchases in categories that rotate every quarter (requires activation). Past categories have included gas stations, grocery stores (excluding Walmart and Target), and select online merchants.
Travel: Get 5% cash back on travel purchased through Chase Ultimate Rewards®.
Dining and Drugstores: Enjoy 3% cash back on dining at restaurants, including takeout and eligible delivery services, and on drugstore purchases.
All Other Purchases: Earn 1% cash back on all other purchases.
Additional Benefits
- 0% Intro APR: For the first 15 months on purchases and balance transfers (then a variable APR of 20.49% – 29.24% applies).
- Mastercard World Elite Benefits: Includes cellphone insurance, trip cancellation/interruption insurance, and extended warranty protection.
- No Minimum for Cash Back Redemption: Redeem your rewards as a statement credit or direct deposit into most U.S. checking and savings accounts.
Detailed Examination
Earning and Redeeming Rewards
The Chase Freedom Flex’s earning structure is designed to reward various spending habits. Let’s break down the potential annual earnings based on average household spending:
| Category | Earning Rate | Estimated Annual Spend | Estimated Annual Earnings |
|---|---|---|---|
| 5% Categories | 5X | $6,000 | 30,000 points (or $300) |
| Travel Purchased via Chase | 5X | $8,573 | 42,865 points (or $428.65) |
| Dining and Drugstores | 3X | $5,403 | 16,209 points (or $162.09) |
| All Other Purchases | 1X | $19,361 | 19,361 points (or $193.61) |
| Total | 108,435 points ($1,084.35) |
Utilizing the Rewards
Points earned can be redeemed in several ways:
- Travel: Book through Chase Ultimate Rewards® for 1 cent per point.
- Statement Credit or Direct Deposit: 1 cent per point.
- Gift Cards: 1 cent per point.
- Amazon Purchases: 0.8 cents per point.
For those with other Chase Ultimate Rewards® cards, such as the Chase Sapphire Preferred® or Chase Sapphire Reserve®, points can be transferred to airline and hotel partners, potentially increasing their value.
Introductory Rates and Fees
- 0% Intro APR: On purchases and balance transfers for the first 15 months.
- Balance Transfer Fee: Up to 5% of the amount transferred, with a minimum of $5.
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars.
Comparative Analysis
Chase Freedom Flex vs. Chase Freedom Unlimited®
While both cards offer substantial cash back, the Freedom Unlimited® is simpler with 5% cash back on travel purchased through Chase, 3% on dining and drugstores, and 1.5% on all other purchases. For those preferring straightforward rewards without the need to activate quarterly categories, the Freedom Unlimited might be more appealing.
Chase Freedom Flex vs. Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® card is known for its travel benefits and 60,000-point welcome bonus. It offers 5 points per dollar on travel purchased through Chase, 3 points on dining and select streaming services, and 2 points on other travel purchases. Although it has a $95 annual fee, it provides additional travel perks like transferring points to airline and hotel partners.
Chase Freedom Flex vs. Blue Cash Preferred® Card from American Express
The Blue Cash Preferred® offers 6% cash back at U.S. supermarkets (up to $6,000 per year), 6% on select streaming services, 3% at U.S. gas stations and on transit, and 1% on other purchases. With a $95 annual fee (waived the first year), it is ideal for those who spend heavily on groceries and streaming services.
Is the Chase Freedom Flex Worth It?
Absolutely. The Chase Freedom Flex stands out with its no annual fee, versatile rewards structure, and comprehensive benefits. It’s a top contender for those looking to maximize cash back on everyday purchases, travel, dining, and more. Pairing it with another Chase Ultimate Rewards® card can further enhance the value of your earnings.
FAQ
Q: What is the Chase Freedom Flex welcome bonus?
A: The card offers a $200 bonus after you spend $500 on purchases within the first three months from account opening.
Q: Are there any annual fees with the Chase Freedom Flex?
A: No, the Chase Freedom Flex has no annual fee.
Q: How do the rotating categories work?
A: Each quarter, the card offers 5% cash back on up to $1,500 in combined purchases in categories that change every three months. Cardholders need to activate these categories to earn the bonus.
Q: Can I transfer points to travel partners with the Chase Freedom Flex?
A: While the Freedom Flex itself doesn’t allow direct transfers, you can combine points with other Chase Ultimate Rewards® cards, like the Chase Sapphire Preferred® or Chase Sapphire Reserve®, to transfer to airline and hotel partners.
Q: Does the Chase Freedom Flex offer any travel insurance benefits?
A: Yes, it includes trip cancellation/interruption insurance, auto rental collision damage waiver, and travel and emergency assistance services.
Q: What other benefits come with the Chase Freedom Flex?
A: Additional benefits include cellphone insurance, extended warranty protection, purchase protection, and 5% cash back on Lyft rides through March 2025.
Q: How does the 0% intro APR work?
A: New cardholders get 0% APR on purchases and balance transfers for the first 15 months. After the intro period, a variable APR of 20.49% – 29.24% applies.
Q: Are there any foreign transaction fees with the Chase Freedom Flex?
A: Yes, there is a 3% foreign transaction fee for purchases made outside the U.S.
The Chase Freedom Flex is a powerhouse of rewards and benefits without the burden of an annual fee. Its rotating bonus categories, lucrative welcome bonus, and additional perks make it an excellent choice for anyone looking to maximize their cash back potential. Whether you’re a frequent traveler, a dining enthusiast, or just looking for a versatile credit card, the Chase Freedom Flex has something to offer.
