Author: Tim Chen
The Freedom card is Chase’s version of the “5% cash back” cards, which pay bonuses of 5% cash back on categories that rotate each quarter. Discover it
is another card offering 5% in rotating categories.
Each of these cards tend to have similar rewards program structures, and they each offer roughly the same bonus categories each quarter. Plus all require that cardholders sign up at the beginning of each quarter, in order to earn these bonuses.
They both have quarterly spending limits, but the two card often have different bonus categories.
Below is the calendar of bonus categories for 2014:
- Q1 (January 1 – March 31): Gas stations, movie theaters and Starbucks stores
- Q2 (April 1 – June 30): Restaurants and Lowe’s home improvement stores
- Q3 (July 1 – September 30): Gas stations and Kohl’s
- Q4 (October 1 – December 31): Amazon.com, Zappos.com and select department stores
Although we often gripe about how these cards require users to proactively "opt in" to their rewards each quarter, Chase allows users to sign up retroactively
, and still earn the rewards.
And right now, Chase is also offering a killer signup bonus that makes the card a lot more appealing: Get a $200 Bonus after spending $500 on purchases in your first 3 months from account opening.
Finally, if you need a bit of help getting back on your feet, the Freedom has your back with an introductory APR offer: 0% on purchases and balance transfers for 15 months, and then the ongoing APR of 13.99% - 22.99% (Variable)
. Nerd tip: If you're planning on transferring a balance, keep in mind that there is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.