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The terms of the Chase Freedom Unlimited® have changed, and this article is out of date. See our details page on the Chase Freedom Unlimited® for up-to-date details.
The Chase Freedom Unlimited® has ended its 3% cash-back experiment after six months and is going back to a traditional cash sign-up bonus.
Chase's popular cash-back card has always paid 1.5% cash back on purchases, but it has experimented with different bonus offers to try to entice customers. In April 2019, it began offering a bonus rate of 3% cash back on the first $20,000 in purchases during the first year your account is open, then 1.5% on everything after that.
The 3% offer has been eliminated as of Oct. 10, 2019. In place of the higher rate in the first year, new cardholders can now claim a lump-sum cash bonus: Unlimited Matched Cash Back. Chase will automatically match all the cash back you earned at the end of your first year! There is no limit to how much cash back you can earn.
The new bonus is actually the same offer that was in place before the 3% promotion.
Previous offer (before Oct. 10, 2019)
New offer (starting Oct. 10, 2019)
• 3% cash back on up to $20,000 in purchases in the first year. • 1.5% cash back on all other purchases.
• 1.5% cash back on all purchases.
Upfront sign-up bonus
Unlimited Matched Cash Back. Chase will automatically match all the cash back you earned at the end of your first year! There is no limit to how much cash back you can earn.
The revised bonus offer is a better deal for smaller spenders — people who plan to put less than $10,000 on the card in the first year. Assuming they earn the bonus, such cardholders will collect more in total rewards than they would have under the 3% offer. It's a worse deal for those who spend more than $10,000; they would have come out ahead with the 3% versus 1.5% plus $150.
There had been hints that the 3% bonus offer was on the way out. In August 2019, Chase removed the 3% offer from its own website and replaced it with a $200 cash bonus offer, but the 3% bonus remained available on other sites, including NerdWallet.
The Chase Freedom Unlimited® is making one other significant change: The balance-transfer fee is increasing to 5% of the amount transferred (minimum fee: $5). That's a significant increase from the previous fee of 3% (minimum $5).