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Chase Freedom Card Offers $200 Bonus

The Chase Freedom credit cardThe Chase Freedom credit card is now offering $200 in bonus cash back after you spend just $500 within three months of opening an account. That’s double this card’s usual account-opening bonus of $100.

Not only is this bonus a cinch to earn, the card is worth hanging on to.

Unlike many cards that have generous account-opening bonuses, the Chase Freedom card has no annual fee – ever.

It also offers ongoing rewards of 5% back in popular spending categories that change each quarter.

Chase hasn’t yet announced all of its 5% back categories for 2014, but through the end of this year, you’ll earn 5% back on purchases at Amazon.com and select department stores (including Sears, JCPenney, Kohl’s, Macy’s, Nordstrom and many more). In January through March, you’ll earn 5% back on gas, movies and purchases at Starbucks stores.

If next year’s other cash-back categories look like the ones we saw earlier this year, you might earn 5% back on purchases at restaurants, movie theaters, Lowe’s home improvement stores, gas stations and theme parks.

There are some limitations to the 5% back, but they’re fairly generous (creditcards.chase.com):

  • You must sign up each quarter, but Chase will send you an email or text message to help you remember. The sign-up deadline is late in the quarter (Dec. 14 for this quarter, for example) and you can earn bonus cash back retroactively. In other words, if you forget to sign up until Dec. 14, you’ll still earn 5% back for bonus-category purchases you made on Oct. 1.
  • You’ll only earn 5% back on up to $1,500 in purchases per quarter (for a maximum of $75 per quarter or $300 per year).

Chase Freedom’s other major perk is an unlimited 1% cash back on all other purchases, including bonus category purchases beyond the $1,500 limit.

To earn even more cash back, do your online shopping through Chase’s Ultimate Rewards portal. By logging in and clicking on a link from Chase to the retailer you want to shop with, you’ll earn another 1% to 5% back on top of the 1% or 5% back you’re already earning from regular spending or bonus spending. That means you could earn a total of 10% back at Macys.com this quarter or 2% back at Walmart.com any time.

If you need breathing room to clean up old debts, you’ll also appreciate Chase Freedom’s 15-month 0% introductory APR on purchases and balance transfers.

You’ll pay a 3% balance transfer fee, but you could save hundreds by shifting high-interest balances to this card, as long as you commit to paying them off and don’t add to your debt. Balance transfers are limited to $15,000 or your available credit, whichever is lower.

Once you’ve earned $20 or more in cash back, you can easily redeem it online for a statement credit, direct deposit or a check. With $25 or more, you can get a gift card to a variety of stores. During promotions, select gift cards are available for 10% to 20% off.

If you have more than one Chase credit card, you can combine your reward earnings from multiple accounts. This perk means you might be able to cash out more frequently or get better rewards.

For example, if you also have the Chase Sapphire Preferred card, your Freedom card rewards will become more valuable if you redeem them for travel because of the 25% travel bonus available to Sapphire card holders.

Compare this offer to all of the credit cards in our database.

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