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We’re seeing some exciting new credit card launches and signup bonus boosts as we go into the closing months of 2020. One of the newest credits cards you might consider going for is the Chase Freedom Flex℠. You can earn up to 5% back on purchases, but there are other reasons to get this new card.

You might visit places like the iconic Stanley Hotel in Colorado if you get the Chase Freedom Flex and use its rewards. Credit: Johnny Jet

Earn Up to 5% Back on Purchases

The Chase Freedom Flex℠ has one of the highest rewards rates for a cashback credit card.

First, you earn 5% back on the first $1,500 in qualifying purchases each calendar quarter (once activated). The bonus categories change each quarter. PayPal and Walmart purchases earn 5% back in October, November, and December of 2020.

The Freedom Flex also earns unlimited bonus cash on other categories throughout the year:

  • 5% back on travel purchases through Chase Ultimate Rewards
  • 3% back on dining, including takeout and eligible delivery services
  • 3% back on drugstore purchases

All non-bonus purchases earn 1% back, which is the standard base rate for most cards.

Your first $12,000 in grocery store purchases (excludes Target and Walmart) earn 5% during the initial 12 months of having the Chase Freedom Flex℠. This supermarket bonus is worth up to $600 back before your remaining grocery store trips earn 1% back.

$200 Signup Bonus

There’s also a $200 signup bonus—you only need to spend $500 in the first 3 months to earn it. This bonus offer may not be the biggest limited time offer, but it’s easy to earn.

It’s also one of the largest bonuses for a cashback credit card.

As the Freedom Flex is a brand new credit card, you should most likely qualify for this bonus if Chase approves your application. Even if you currently hold the Chase Freedom® or Chase Freedom Unlimited®, you can qualify for this card and earn the bonus if you don’t want to upgrade.

Be sure you’re under the 5/24 rule and only consider the Freedom Flex if you have opened fewer than 5 new credit cards in the last 24 months.

Flexible Redemption Options

The Chase Freedom Flex℠ has flexible point redemption options as you earn Chase Ultimate Rewards. If you don’t know, Ultimate Rewards are some of the most valuable credit card points you can earn.

While Chase bills the Freedom Flex as a cash rewards card, there are other ways to redeem your points:

  • Award travel booked through Chase Ultimate Rewards
  • Cash redemptions (statement credit or bank deposit)
  • Gift cards
  • Amazon.com purchase credits
  • Apple Store purchase credits

Your points have the highest redemption value for award travel, cash redemptions, and gift card redemptions. Each point is worth 1 cent each (20,000 points equals $200) for these redemptions.

Each point is only worth 0.8 cents each for shopping credits, but it can help reduce out of pocket expenses.

There isn’t a redemption minimum, so you can redeem your points monthly. Your points don’t expire as long as you keep your card account open and in good standing.

The Freedom Flex doesn’t offer point transfers directly to airlines and hotels. However, you can first transfer your points to your Chase Sapphire Preferred® or Chase Sapphire Reserve® card. Once the points are in your Sapphire account, you can transfer to a travel partner or redeem for a travel redemption bonus.

Delivery Partner Benefits

The Chase Freedom Flex℠ is extending the same DoorDash and Lyft partner benefits as the Chase Freedom Unlimited.

You get 3 months of free DoorDash DashPass membership and then 50% off for the next 9 months. DashPass benefits include a $0 delivery fee for $12 minimum orders on DoorDash and Caviar. This offer must be activated by December 31, 2021.

Lyft rides earn 5% back (instead of the usual 1% back) through March 2022.

Mastercard World Elite Benefits

Another exciting reason to get the Chase Freedom Flex℠ is to have a Mastercard in your wallet. The Freedom Flex is a Mastercard World Elite product, which is similar to a Visa Signature.

There are few Mastercard rewards cards in the US. You can enjoy a suite of card benefits you Visa Signature may not offer.

  • $10 Lyft credit once per month for every 5 rides you take in a month
  • 5% Cash Rewards at Boxed (to be used for a future Boxed purchase)
  • Complimentary ShopRunner membership
  • $5 off Fandango movie tickets and at-home purchases (for every 2 tickets purchased)

Free Cellphone Protection

You get up to $1,000 in cell phone protection per year (up to $800 per claim) compliments of Mastercard. The Chase Freedom Unlimited Visa Signature doesn’t offer this perk.

Qualifying theft and damage events can qualify for this protection when you pay your monthly cell phone bill with the Chase Freedom Flex℠.

You can make up to two claims in a 12-month period and there is a $50 deductible per claim.

Purchase Protection

Chase provides purchase protection on new purchases for up to 120 days against theft and damages up to $500 and $50,000 per account.

You can also get extended warranty protection of an additional year on eligible warranties of three years or less.

Trip Protection Benefits

The Chase Freedom Flex℠ offers some of these travel protection benefits as well:

  • Trip cancellation and reimbursement (up to $1,500 per person/$6,000 per trip)
  • Secondary auto rental collision damage waiver

No Annual Fee

One of the best reasons to get the Chase Freedom Flex is that you don’t pay an annual fee. Not having an annual fee means the Freedom Flex can be your primary credit card or one that you only use for its bonus categories when your go-to card earns the base rate of 1 point per $1.

Upgrading to the Chase Freedom Flex

If you already hold the Chase Freedom, you can upgrade to the Chase Freedom Flex℠. You might go this route if you don’t want to consider a new credit card but want to keep your current account open and active. However, you forfeit the $200 signup bonus.

You can call Chase or send a secure message in the online member dashboard to request an upgrade.

Summary

The Chase Freedom Flex℠ increases the competition for cashback credit cards. Its attractive signup bonus, purchase rewards, and no annual fee can be the best reasons to consider this card.

FAQs

Does the Chase Freedom Flex have an annual fee?

No, there is no annual fee for the Chase Freedom Flex. There is a 3% foreign transaction fee though, so you will want to use another card for international travel.

What is the Chase Freedom Flex signup bonus?

New cardmembers can earn a $200 bonus cash (20,000 Chase Ultimate Rewards) by making $500 in purchases during the first 3 months of account opening.

The first $12,000 in grocery purchases (excluding Walmart and Target) earn 5% back (then 1% back) during the first 12 months.

What credit score is needed for the Chase Freedom Flex?

You should consider the Chase Freedom Flex℠ when your credit score is at least 700. A score above 700 places you firmly in the “good credit” range and a score above 740 means you have “excellent credit.”

In addition to having a high score, make sure you consider the Chase Freedom Flex only if you have opened four or fewer new credit cards in the last 24 months. Too many recent credit card account openings can be an automatic disqualification, even if you have a high credit score.

Can you upgrade a Chase Freedom to a Chase Freedom Flex?

Yes, existing Chase Freedom cardholders can request an upgrade to the Chase Freedom Flex℠. Upgrading instead of considering a new account helps you avoid a hard credit check. While you keep your existing credit line to continue building credit, you won’t qualify for the Freedom Flex signup bonus.

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Josh Patoka
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