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Looking for a credit card that helps you earn rewards without much hassle? The Chase Freedom Flex could be excellent for your profile.
From dining out to grocery shopping, you can earn up to 5% cashback in specific categories, with no annual fee. Let’s take a closer look at how the Chase Freedom Flex works, its benefits, and how to apply for it.
Chase Freedom Flex
No annual fee 3% foreign transaction feeHow does the Chase Freedom Flex work?
The card works by offering different cashback rates based on where you spend your money. To get the most out of it, you’ll need to activate the rotating bonus categories each quarter.
These categories typically include areas like groceries, gas, or other common expenses. When you make purchases in those categories, you earn 5% cashback, but there’s a cap of $1,500 in combined purchases per quarter.
For all other purchases, you earn 1% cashback. Additionally, there’s 3% cashback on dining and drugstore purchases, so if you often eat out or buy essentials, you’ll get more rewards in those areas.
Main benefits for the Chase Freedom Flex
One of the biggest advantages is that it comes with no annual fee, meaning all the rewards you earn are just extra money.
The card also gives you the chance to earn 5% cashback on rotating bonus categories every quarter. These categories change, but they often cover areas like grocery stores, gas stations, and online retailers.
Another perk is the 0% introductory APR for the first 15 months on both purchases and balance transfers. This makes it a great option if you need to make a big purchase and pay it off over time without worrying about interest.
After the intro period, the APR increases to a variable rate between 19.24% and 28.49%, depending on your creditworthiness.
Lastly, the Chase Freedom Flex offers additional benefits like purchase protection, extended warranties, and travel insurance. These features add value and peace of mind to your everyday spending.
Cons of the Chase Freedom Flex
While the Chase Freedom Flex has great features, it also has a few drawbacks. First, you must activate the 5% cashback categories each quarter. If you forget to do this, you miss out on the higher rewards.
There’s also a spending cap for the bonus categories. You can earn 5% cashback on up to $1,500 in combined purchases each quarter. After hitting that limit, you’ll only earn 1% cashback for any additional purchases in those categories.
If you spend a lot in these areas, this cap may limit your rewards.
Another downside is the 3% foreign transaction fee, which means this card may not be the best option for international travelers. If you plan to use your card abroad, you might want to consider a card that doesn’t charge foreign transaction fees.
Lastly, while the Chase Freedom Flex offers good cashback in some categories, it doesn’t offer the highest rewards in all areas. If you prefer a simple rewards structure or higher cashback in certain categories like dining or groceries, this card might feel a bit complicated with its rotating categories.
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APR and Fees
The Chase Freedom Flex offers a 0% introductory APR on purchases and balance transfers for the first 15 months. This is a big benefit if you need time to pay off a large purchase or transfer a balance from another card without paying interest.
After the introductory period, the APR goes to a variable rate of 19.24% to 28.49%, based on your creditworthiness.
One of the biggest advantages is that there’s no annual fee, so you don’t need to worry about paying for the privilege of using it. However, there are still some fees to consider.
For example, balance transfers come with a fee of either $5 or 3% of the transfer amount, whichever is higher. If you make a late payment, you could face a fee ranging from $40 or more.
The card also charges a 3% foreign transaction fee, which is something to keep in mind if you’re planning to use it while traveling internationally. This fee can add up quickly if you use the card abroad, making it less ideal for frequent travelers.
How to Apply for the Chase Freedom Flex
Applying for the Chase Freedom Flex is easy and can be done online, by phone, or even in person at a Chase branch. Before applying, make sure you meet the eligibility requirements, which typically include having a good to excellent credit score.
To apply online, visit the Chase website and complete the application form with your personal and financial details.
After submitting your application, you’ll usually get an instant decision, though sometimes it may take a few days for Chase to review your application. If approved, your card will arrive within 7-10 business days.
If you prefer, you can apply in person at a Chase branch, where a representative will guide you through the process and answer any questions. Once you receive your card, activate it and start using it to earn cashback on your everyday purchases.
