Get $200 Cash Back when You Spend $500 with the Chase Freedom Flex℠ Card
The Chase Freedom Flex℠ 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 $200 Sign Up Bonus with the Chase Freedom Card
The card is currently offering $200 cash back for spending $500 in the first three months of card membership. That's a 40% rebate on the first $500 in shopping you make this year- which is great.
In addition, Chase Freedom is one of those cards with special “5% Cash Back Categories.” For the 4th quarter of 2020, which is October through December, the stores and services that are eligible for 5% are Walmart and PayPal. The first $1,500 in purchases are eligible for this offer, which is amazing for folks doing their normal grocery shopping. You'll also receive 5% on travel purchased through Chase, and 3% on dining at restaurants and drugstores. 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. The Freedom Flex card is now a stronger option than that card based on its new cash back categories mentioned above. In addition, current members who have the Freedom Flex 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 Flex card currently the stronger option.
The Chase Freedom Unlimited card also offers bonus spending like the Freedom Flex card, but also offers 1.5% cash back on every purchase. Depending on where your spending falls, the Freedom Unlimited card could be a better option for your wallet.