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You are here: Home / Credit Cards / Chase Freedom Flex(SM)

Chase Freedom Flex(SM)

December 31, 2021 by Rob Berger

The Chase Freedom Flex(SM) offers an excellent signup bonus and ongoing cash back rewards as high as 5%. It does this without charging an annual fee and offers a 0% intro APR.

Chase Freedom Flex(SM)
Learn More
Our Rating
4.7/5.0
Welcome Offer
$200
Annual Fee
$0
0% on Purchases
15 Months
Rewards Rate
1% - 5%
0% on Balance Transfers
15 Months

Chase Freedom Flex(SM) is replacing the original Chase Freedom credit card which, along with Freedom Unlimited, represent Chase’s lineup of Freedom cards. We dig into the details of the Chase Freedom Flex(SM) card in this review.

Table of Contents
 [show]
  • History of Chase Freedom Credit Cards
  • Chase Freedom Flex(SM) Snapshot
  • Rewards
    • Signup Bonus
    • 5% Cash Back
    • 3% Cash Back
    • 1% Cash Back
  • Value of Rewards
  • Combining Points with Other Chase Cards
  • Additional Card Benefits
  • Pros and Cons
    • What we like
    • What could be better
  • FAQs
  • Rating
  • Related Articles

Chase Freedom Flex(SM) Rewards

5% cash back
Rotating Categories
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate
5% cash back
Travel
5% cash back on travel purchased through Chase Ultimate Rewards
3% cash back
Drugstores
3% cash back on drugstore purchases
3% cash back
Dining
3% cash back on dining at restaurants, including takeout and eligible delivery services
1% cash back
On all other purchases
1% cash back on all other purchases

Signup Bonus

New cardmembers will earn a $200 bonus after spending $500 in purchases in the first 3 months of account opening. Note that the bonus is available to new cardmembers if they have not received a cardmember bonus from Chase in the last 24 months.

History of Chase Freedom Credit Cards

To best understand where the Chase Freedom Flex(SM) fits in, some history helps. Chase first launched the Chase Freedom card in 2006. It was a first in that rewards could take the form of either cash back or rewards points. It was best known for offering 5% cash back on up to $1,500 in purchases in select categories that changed every quarter. Though there were changes over the years to the card.

In 2016, Chase launched the Freedom Unlimited card. This card was ideal for those who didn’t want to fuss with rotating categories. It simply paid 1.5% on all purchases. As part of the launch of Freedom Flex, Chase is making major updates to Freedom Unlimited, which you can read about here.

With the introduction of Chase Freedom Flex(SM), the bank is discontinuing the original Chase Freedom card. For those who love rotating categories, however, you won’t be disappointed. Chase has combined the 5% cash back quarterly rewards and elevated rewards in a number of purchase categories, all in one card–Freedom Flex.

Value of Rewards

The Chase Freedom Flex(SM) actually earns points. The value of the points depends on how they are redeemed. And there are several ways to redeem rewards. And it’s here that we can unlock some incredible value. First, here’s a table of the redemption options and their respective point values.

Redemption MethodPoint Value
Cash1 cent
Gift Cards1 cent
Travel1 cent
Chase Pay0.8 cents
Pay with PointsVaries

We’ll first assume you’ll redeem for cash. Then we’ll look at transferring the points to another Chase card and redeeming the points for travel (which is the highest possible value, as you’ll see).

To determine the potential value of the Chase Freedom Flex(SM), we have to make some assumptions. We also have to distinguish between the first year, which offers extra rewards. With that, here is the potential value to a hypothetical family of four.

CategoryAnnual Amount SpentReward RateValue
Groceries$12,0001%$120
Travel$5,0005%$250
Restaurants$3,0003%$90
Drugstores$3,0003%$90
Rotating Categories$6,0005%$300
Everything Else$15,0001%$150
Signup Bonus$500—$200
TOTAL$1,200

Combining Points with Other Chase Cards

Chase allows cardmembers to transfer Chase Ultimate Rewards points to other Chase cards with Ultimate Rewards. You can even transfer the points to a card belonging to a member of your household. But why transfer points at all?

Good question. Some Chase cards pay a bonus when you use Ultimate Rewards to book travel through Chase. In fact, two of the most popular travel cards Chase offers pay a bonus:

  • Chase Sapphire Reserve (50% bonus)
  • Chase Sapphire Preferred (25% bonus)

I’ve carried the Reserve card since it was first launched, and it’s arguably the best travel credit card available today. So, if you have or get that card, you can transfer the points earned with Flex over to the Reserve. When you then use those points for travel through Chase, you get a 50% bonus each time.

This bonus would turn $1,680 in first year rewards into $2,520. And it would turn $880 in rewards beginning in year two into $1,320. It’s one of the best deals available in the credit card rewards space today.

Pros & Cons

Pros

  • Excellent cash back rewards
  • Excellent signup bonus
  • No annual fee
  • 0% intro APR
  • Free credit score access

Cons

  • Charges foreign transaction fees
  • Requires good to excellent credit

Features & Benefits

SecurityCredit Score Monitoring, EMV Chip Enabled, Fraud Monitoring, Zero Liability
Contactless PaymentsTap to Pay, Apple Pay, Google Pay, Samsung Pay
BenefitsCell Phone Protection, Extended Warranty Coverage, Purchase Protection, Free credit score access, 24/7 customer service
Travel PerksAuto Rental Collision Damage Waiver, Trip Cancellation Insurance

Interest Rates & Fees

Annual Fee$0
Foreign Transaction Fee3% of the amount of each transaction in U.S. dollars.
Regular APR19.24% - 27.99% (V) APR

0% Intro APR

Balance Transfers0% Intro APR for 15 months on balance transfers, then 19.24% - 27.99%(V) APR after that.
Purchases0% Intro APR for 15 months on purchases, then 19.24% - 27.99% (V) APR after that.

Our Take

How Does the Freedom Flex Compare?

Chase Freedom Flex has no annual fee, but has rewards of up to 5% cash back on rotating categories and 3% on dining and drugstores. The sign on bonus of $200 after spending just $500 in 3 months makes it a sweet deal.

Who Is the Freedom Flex Best For?

Anyone looking for a high cash back reward card with no annual fee will find the Chase Freedom Flex a worthy choice. This card is also best for those who don’t mind keeping track of quarterly rotating bonus categories to maximize rewards.

Who Would Do Better With a Different Card?

If you prefer not to have to worry about what categories you’re spending your money on, the Chase Freedom Unlimited® could be perfect for you. You’ll earn 1.5% cash back on all purchases, plus there are still a few categories that offer boosted cash back rewards.

If you want an introductory 0% APR, consider the Citi Custom Cash Card. You’ll get 0% for 15 months on balance transfers and 15 months on purchases. And earn up to 5% cash back on up to $500 in purchases.

If you want to earn great cash back on all your purchases, the Citi® Double Cash Card - 18 month BT offer is an excellent choice. You can earn an unlimited 2% cash back on all your purchases. You get 1% cash back when you make a purchase and another 1% cash back when you pay the purchase off. There’s also no annual fee.

What Credit Score Is Required To Get the Chase Freedom Flex(SM)?

Based on data we’ve collected from public forums, a 720 credit score or higher is ideal. The information below shows someone was approved with a score of 703. But keep in mind that credit card issuers consider more than just your credit score when evaluating a credit card application.

App StatusDateCredit ScoreBureauCredit Limit
Approved05/13/2022
703
Experian
$3,900
Approved08/27/2022
611
Experian
$500
Approved08/27/2022
632
TransUnion
$500
Approved10/01/2022
800
Experian
$16,000
Approved04/12/2021
715
Experian
$1,500
Approved11/01/2022
622
Experian
$2,200
Approved04/04/2022
750
Experian
$12,000
Approved10/01/2020
687
Experian
$4,500

Other Card Benefits

The card comes with a list of additional benefits, some from Chase and some because the card is part of Mastercard’s World Elite program:

Lyft: $10 in credit for every five rides taken in a calendar month, automatically applied to the next ride and capped at once per month. And earn 5% cash back on Lyft rides through March 2022.

Boxed: 5% cash rewards on Boxed purchases for use on future purchases.

ShopRunner: Free membership to receive two-day shipping and free return shipping at over a hundred online retailers.

Fandango: Double VIP+ points for movie tickets purchased via the Fandango app or Fandango.com, which can be used towards purchasing movie tickets on Fandango or towards streaming movies and TV shows on FandangoNOW.

Travel and Emergency Assistance Services: You can call the Benefit Administrator for legal or medical referrals or other travel and emergency assistance.

Alternatives

Chase Freedom Unlimited®
Chase Freedom Unlimited®

Rating

4.9

Rewards Range

1.5% - 5%

Annual Fee

$0

Read Review
Citi Custom Cash Card
Citi Custom Cash Card

Rating

4.7

Rewards Range

1% - 5%

Annual Fee

$0

Read Review
Citi® Double Cash Card - 18 month BT offer
Citi® Double Cash Card - 18 month BT offer

Rating

4.9

Rewards Range

1% to 2%

Annual Fee

$0

Read Review

FAQs

What credit score do you need to get approved for the Chase Freedom Flex(SM)?

Given the rich rewards and no annual fee, you’ll need good to excellent credit to get approved. While it’s possible a score in the high 600s could get approved, aim for a score of at least 720.

What credit score do you need to get approved for the Chase Freedom Flex(SM)?

Given the rich rewards and no annual fee, you’ll need good to excellent credit to get approved. While it’s possible a score in the high 600s could get approved, aim for a score of at least 720.

Is the Chase Freedom Flex(SM) a good credit card?

Yes, it’s an excellent offer. I would certainly include it in the top 5 cash back cards available today. Whether it’s the best option for you will depend on how you use the card.

Is the Chase Freedom Flex(SM) replacing the Chase Freedom card?

Yes, Chase is no longer accepting applications for the Chase Freedom. The Chase Freedom Unlimited, however, is still available.

How does the Chase Freedom Flex(SM) compare to the Chase Freedom Unlimited®?

The cards are nearly identical, with one major exception. The Chase Freedom Flex(SM) offers 5% cash back on up to $1,500 in quarterly rotating categories and 1% on all other purchases not part of the bonus rewards categories described above. In contrast, the Chase Freedom Unlimited® doesn’t offer the 5% on rotating categories, but pays 1.5% on all other purchases not part of the bonus rewards categories. Both have no annual fee.

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About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.

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