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Building credit can be daunting for those just starting out, but the new Chase Freedom Rise℠ credit card can help ease that process — and make it more rewarding, too.
The latest addition to the Chase Freedom line of credit cards, the Freedom Rise is designed for new-to-credit consumers looking to start building their credit profile. The new card offers:
1.5% cash back on every purchase, with no maximum.
$0 annual fee.
$25 statement credit when you enroll in automatic payments within the first three months of account opening.
Although online applications are available on its site, Chase says it prefers Freedom Rise applicants to visit a branch to speak with a banker and learn about educational tools that can help improve their financial health. Applicants can increase their chances of approval by having or opening a Chase checking account with a minimum balance of $250 within two days of submitting an application. Once approved, there is no minimum balance requirement, according to Chase.
The card also offers access to credit development resources and Chase Credit Journey, which allows users to track their credit score as it grows.
Though it's touted as a cash-back card, rewards earned come in the form of Chase Ultimate Rewards® points. Points are worth 1 cent each when redeemed as cash back.
Does the card rise to the occasion?
The Chase Freedom Rise joins a relatively short list of cards that don’t charge exorbitant fees and are available for people with no credit history. The 1.5% cash back earnings on all purchases are also solid for a credit-builder card.
You can be evaluated for a credit line increase in as soon as six months. If you're using your card responsibly, having a larger credit limit can help your credit score.
Since the card is part of the Chase Ultimate Rewards® program, you can eventually choose to upgrade to a more lucrative Ultimate Rewards® earning card once you build a credit profile. This will help buoy your credit score by allowing you to keep the same account age on your credit report while avoiding the hard inquiry that comes with opening a new card.