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.
Chase Freedom Flex(SM) Rewards
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 Method | Point Value |
|---|---|
| Cash | 1 cent |
| Gift Cards | 1 cent |
| Travel | 1 cent |
| Chase Pay | 0.8 cents |
| Pay with Points | Varies |
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.
| Category | Annual Amount Spent | Reward Rate | Value |
|---|---|---|---|
| Groceries | $12,000 | 1% | $120 |
| Travel | $5,000 | 5% | $250 |
| Restaurants | $3,000 | 3% | $90 |
| Drugstores | $3,000 | 3% | $90 |
| Rotating Categories | $6,000 | 5% | $300 |
| Everything Else | $15,000 | 1% | $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
- Excellent cash back rewards
- Excellent signup bonus
- No annual fee
- 0% intro APR
- Free credit score access
- Charges foreign transaction fees
- Requires good to excellent credit
Features & Benefits
| Security | Credit Score Monitoring, EMV Chip Enabled, Fraud Monitoring, Zero Liability |
| Contactless Payments | Tap to Pay, Apple Pay, Google Pay, Samsung Pay |
| Benefits | Cell Phone Protection, Extended Warranty Coverage, Purchase Protection, Free credit score access, 24/7 customer service |
| Travel Perks | Auto Rental Collision Damage Waiver, Trip Cancellation Insurance |
Interest Rates & Fees
| Annual Fee | $0 |
| Foreign Transaction Fee | 3% of the amount of each transaction in U.S. dollars. |
| Regular APR | 19.24% - 27.99% (V) APR |
0% Intro APR
| Balance Transfers | 0% Intro APR for 15 months on balance transfers, then 19.24% - 27.99%(V) APR after that. |
| Purchases | 0% 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 Status | Date | Credit Score | Bureau | Credit Limit |
|---|---|---|---|---|
| Approved | 05/13/2022 | Experian | ||
| Approved | 08/27/2022 | Experian | ||
| Approved | 08/27/2022 | TransUnion | ||
| Approved | 10/01/2022 | Experian | ||
| Approved | 04/12/2021 | Experian | ||
| Approved | 11/01/2022 | Experian | ||
| Approved | 04/04/2022 | Experian | ||
| Approved | 10/01/2020 | Experian |
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®
Rating
4.9
Rewards Range
1.5% - 5%
Annual Fee
$0
Citi Custom Cash Card
Rating
4.7
Rewards Range
1% - 5%
Annual Fee
$0
Citi® Double Cash Card - 18 month BT offer
Rating
4.9
Rewards Range
1% to 2%
Annual Fee
$0
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.
