Chase Freedom Review: Closed to New Applicants, but 5% Bonus Remains

This card is no longer accepting applications. Existing cardholders still earn 5% back in rotating bonus categories they activate each quarter, on up to $1,500 in combined quarterly spending, plus 1% back on everything else.

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Frequently asked questions

The original Chase Freedom® was closed to new applicants in September 2020. A revamped version with richer rewards, the Chase Freedom Flex℠, has taken its place and is accepting applications. If you have the original Chase Freedom®, you can continue to use it as before, or you can request a change to the Chase Freedom Flex℠.

Both earn 5% cash back in rotating categories, on up to $1,500 in combined purchases per quarter. The Chase Freedom Flex℠, however, also earns 5% cash back on travel purchased through Chase and 3% on dining and drugstore purchases. Both cards pay 1% on purchases outside their bonus categories. Both have a $0 annual fee. Also, the Chase Freedom® is a Visa, while the Chase Freedom Flex℠ is a Mastercard.

Freedom-branded cards technically earn Chase Ultimate Rewards® points, which you can redeem for 1 cent apiece as cash back. You can get cash back as a credit on your statement or a direct deposit into most U.S. bank accounts. Other options include redeeming points for travel, gift cards and shopping at Amazon.

Points earned on the Chase Freedom® are generally worth 1 cent apiece. If you also hold one of Chase's Sapphire-branded travel cards, however, you can combine your points and redeem them for travel at a rate of 1.25 cents apiece (with the Chase Sapphire Reserve®) or 1.5 cents apiece (with the Chase Freedom®).

The Chase Freedom® earns 5% cash back in the rotating categories, and 1% on all other purchases. The Chase Freedom Unlimited® earns 5% cash back on travel purchased through Chase, 3% back on dining and drugstores and 1.5% back on all other purchases. If you don't mind keeping track of bonus categories and can maximize them, the Chase Freedom® can be more rewarding. If you prefer simplicity, the Chase Freedom Unlimited® is the better choice.