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Attention students: there’s a credit card that can earn rewards, increase your credit, and build your relationship with a top card issuer. The Chase Freedom® Student credit card is one of the latest cards Chase has added to its lineup. There’s also a bonus offer to earn on this no annual fee card.

freedom student credit card
Use the Chase Freedom® Student credit card to earn rewards on purchases at popular shops, like Target. Part of the new USC Village, Target’s small-format store opened at the base of a retail development under residential student apartments and across the street from campus. Credit: Target

The Chase Freedom Student Credit Card

As mentioned above, the Chase Freedom® Student credit card has a $0 annual fee. It is also a contactless card.

Cardholders can earn:

  • 1% cash back on all purchases

So, you can earn 1% cash back rewards for every $1 spent, regardless of the purchase.

Cash Back rewards are tracked as points. Each $1 in Cash Back Rewards that you earn is equal to 100 points.

$20 Good Standing Rewards

Cardholders can also earn $20 Good Standing Rewards after each account anniversary, for up to 5 years. They’ll earn 2,000 points which can be redeemed for $20 after each account anniversary for the first 5 years.

To earn the Good Standing Rewards, the account must be open and in good standing (not in default).

$50 Bonus Offer

New Chase Freedom® Student credit card cardholders can earn a $50 bonus after making their first purchase, so long as it is made within the first 3 months from account opening.

You will receive 5,000 bonus points with this bonus offer, which can be redeemed for $50 cash back.

However, note that Chase states that “this product is not available to either (i) current cardmembers of this credit card, or (ii) previous cardmembers of this credit card who received a new cardmember bonus for this credit card within the last 24 months.”

Credit Limit Increase

Chase Freedom Student Credit Card cardholders can also earn a credit limit increase after making 5 monthly payments on time within 10 months from account opening and meeting credit criteria.

Note that only one payment per billing cycle can qualify. Payments must be at or above the minimum due amount to qualify. In regards to this offer, a zero balance will not qualify as an on-time payment. Late payments within the 10 month period will disqualify you from this offer.

You can also get free credit score management with Chase Credit Journey. Credit Journey provides you with personalized insights to help you build, monitor, and protect your credit health.

Related: Best Places to Get Free Credit Score Checks Without Affecting Your Credit

Fees

The annual fee for the Chase Freedom Student credit card is $0.

However, there is a 3% foreign transaction fee (3% of each transaction in U.S. dollars).

So, if you’re studying abroad, you may want to consider another option. The best credit cards for international travel may be a good place to start, though it may be harder to get one of the cards listed.

How To Use Your Points

Your points can be redeemed in several ways, including:

  • Cash
  • Gift cards
  • Travel
  • Products and services made available through Chase

Cash back can come in the form of a statement credit or direct deposit into most U.S. checking and savings accounts.

Cardholders can also redeem cash back rewards to pay for part or all of their eligible Amazon.com purchases (including tax and shipping fees). To do this, simply link your Chase Freedom Student Credit Card to your Amazon.com account.

There is no minimum needed to redeem for cash back. Your points won’t expire so long as your account remains open, active, and in good standing.

Related: Best Cash Back Credit Cards

Conclusion

Should you get the Chase Freedom® Student credit card? If you can earn the bonus and make the payments to earn the Good Standing Rewards and credit limit increase, consider this card. Plus, Chase has some of the best credit cards you can have in your wallet.

Having the Chase Freedom Student Credit Card and staying in good standing can help you build a positive relationship with Chase. This may open the doors to some of the best Chase credit cards available.

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