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The Chase Freedom Flex℠ generates a lot of buzz for several reasons. There is no annual fee, you get up to 5% back on purchases, and you earn some of the most valuable credit card rewards points. If you are one of many who want to get the Chase Freedom Flex Card, is your credit report good enough? Let’s take a look.
Should You Get The Chase Freedom Flex Card?
Before we break down how hard it is to get the Chase Freedom Flex, let’s take a quick look at the benefits and bonuses that come with this card.
For one, there are several ways to earn rewards. Cardholders earn 5% cash back on rotating quarterly bonus categories (once activated), up to $1,500 spent per quarter. Plus, you can earn 5%, 3%, or 1% back anytime on select bonus categories:
- 5% cash back on the first $1,500 on quarterly bonus categories you activate (then 1% back)
- 5% cash back on travel purchases in the Chase Ultimate Rewards portal
- 3% cash back on restaurants, including takeout and delivery services
- 3% cash back on drugstore purchases
- 1% cash back on everything else
New Chase Freedom Flex℠ cardholders can earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening. Plus, they can earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
Unlike The Chase Freedom Unlimited®, the Chase Freedom Flex is a Mastercard (the Unlimited is a Visa product). You can learn more about both cards in our comparison of the Chase Freedom Flex vs Freedom Unlimited.
Credit Score Needed for Chase Freedom Flex
Now, there are a few things you should know before trying for the Chase Freedom Flex or any of the other best Chase credit cards. Your approval odds for the Chase Freedom Flex almost entirely depend on two factors. The most important factor is your credit score.
Having a minimum 670 credit score gives you the best approval odds. Many banks and consumers consider a 670 to 739 credit score as good credit. A 740 credit score or above means you have excellent credit and qualify for essentially any card that doesn’t require a special invite. A higher score also makes it more likely you will get a higher initial credit limit.
Being a current Chase customer can also boost your approval odds if you have a fair credit score.
How Many New Credit Cards Do You Have?
The second most important factor for your Chase Freedom Flex approval odds is how many new credit cards you have. Too many new credit cards mean Chase can reject your Chase Freedom Flex application even if you have near-perfect credit.
Each bank has different credit card application guidelines. For example, Wells Fargo only lets you qualify for a new signup bonus once every 15 months, even if you apply for two completely different cards. Capital One only lets you have up to 5 open accounts at one time.
Chase has one of the most restrictive policies meant to discourage churning. It’s known as the “5/24 rule“. If you added at least 5 new credit cards to your wallet in the last 24 months (even as an authorized user), you will most likely need to wait to get the Chase Freedom Flex. Once you only have four or fewer cards opened in the last 24 months, you can apply.
Wait 30 Days Between Applications
If you recently applied for a card, you may also wait 30 days before trying for the Chase Freedom Flex℠ to show the first on-time payment for your newest card. If your credit score is right around 670 or a few points less, you might wait up to 6 months after your last credit card application to apply for the Freedom Flex Card.
Although you are still below the 5/24 mark, you want the highest credit score and cleanest credit report possible to optimize your approval odds.
Waiting between three and six months is usually enough time for your credit score to rebound from the temporary dip that comes from every credit card application. And, you can show Chase that you are paying your balance in full each month.
Pooling Chase Ultimate Rewards
Many consider the Chase Freedom Flex a cash back credit card. Your points are actually worth 1 cent each for cash, travel, and gift cards. However, you can transfer them to the Chase Ultimate Rewards travel partners or get a travel redemption bonus. These two perks are exclusive to the Ultimate Rewards cards that have an annual fee.
What you may not know is that your points can be worth more if you have a Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, or Ink Business Preferred® Credit Card. These three cards also earn Ultimate Rewards points. And Chase lets you pool your points between any card you own that earns Ultimate Rewards.
Travel Redemption Bonus
Each point is worth 1.5 cents each with the Chase Sapphire Reserve.
1:1 Point Transfers
Your points can be worth even more than the travel redemption bonus by transferring your points to Chase transfer partners and booking award travel directly from your loyalty account.
Some of the best partners include United Airlines, Southwest, Emirates, and British Airways.
Are You Ready to Get the Chase Freedom Flex?
There are many reasons to get The Chase Freedom Flex℠. For some people, this is their only credit card and they redeem the points for cash rewards. Others only use this card for the 5% bonus categories but use their other Chase card to earn points on other purchases. As long as you have a 670 credit score and not too many new credit cards, this card may be yours.
- Why You Should Get The Chase Freedom Flex
- Capital One Savor vs Chase Freedom Flex: Best Cash Rewards Credit Cards?
- Chase Freedom Unlimited Review
Chase Sapphire Preferred® Card
- Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.
- Enjoy new benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 100,000 points are worth $1,250 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.