Get $150 Cash Back when You Spend $500 with the Chase Freedom Card

Get $150 Cash Back when You Spend $500 with the Chase Freedom Card
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The Chase Freedom Card is an excellent "everyday" spending card, due to its rotating list of 5% cash back merchants each quarter. Let's dive into the card to see if its right for your wallet.

Earn a $150 Sign Up Bonus with the Chase Freedom Card

The card is currently offering $150 cash back for spending $500 in the first three months of card membership.  That's a 30% rebate on the first $500 in shopping you make this year- which is great, but we've seen the bonus higher in the past ($200).

Chase Freedom Unlimited® $150 Bonus

In addition, Chase Freedom is one of those cards with special “5% Cash Back Categories.” For the 2nd quarter of 2019, which is April-June, the stores that are eligible for 5% are grocery stores (not including Walmart or Target) and home improvement stores.  The first $1,500 in purchases are eligible for this offer, which is amazing for folks doing their normal grocery shopping. Keep in mind, gift cards bought at grocery stores also qualify- so you'd be getting a further 5% discount on any discounts a gift card may offer!

All other purchases on the card receive a 1% cash back bonus, and there is no limit to the amount you may spend in that category.  Plus, the card features 0% APR for the first 15 months of card membership.

How Does This Compare With Other Cash Back Cards?

There are other cards with a rotating list of 5% cash back merchants, including the Discover It card, which I hold in my wallet. These are roughly comparable, though the Freedom card usually has a better sign up bonus. In addition, currently members who have the Freedom 5% card and a Chase Sapphire Preferred or Reserve card can transfer their cash back into Ultimate Rewards points, at a 1 cent to 1 points ratio. That essentially doubles your return on spending, as I value Ultimate Rewards points at 2 cents per point. This makes the Chase Freedom card currently the stronger option, though rumors in the blogosphere point to this benefit ending sometime soon.

For everyday spending, there are other cash back cards that are stronger. Consider the Alliant Cash Back card, with 3% cash back the first year, and 2.5% cash back every year thereafter. Also, Chase's own Freedom Unlimited Card offers 1.5% cash back per dollar (or 1.5 Ultimate Rewards points, if you have one of the Sapphire products).

Freedom Unlimited

What do you think?  Will you add the Chase Freedom card to your wallet?