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Editor’s note: The Chase Freedom® is being replaced by the Chase Freedom Flex℠. Learn more about this new Chase card and how you can earn even more rewards in our in-depth Chase Freedom Flex review.
The Chase Freedom® generates a lot of buzz for people looking to get a new credit card. After all, 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 Card, is your credit report good enough? Let’s take a look.
The information for the Chase Freedom® has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
You will find out what personal credit score you need to have the best approval odds for this reward earning credit card.
There are also a few other things you should know before applying for the Freedom or any of the other best Chase credit cards.
Credit Score Needed for Chase Freedom
Your approval odds for the Chase Freedom almost entirely depends 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.
Jack19701 on May 3, 2019, reports getting the Chase Freedom with a $2,000 credit limit with a 650 credit score.
Yulisa250 on March 12, 2019, is proof you can be approved with a fair credit score. They had a 598 credit score at the time. The downside is only being approved for a $1000 credit limit. But, it’s still a free way to build credit and earn one of the highest rewards rates on purchases.
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 approval odds is how many new credit cards you have. Too many new credit cards mean Chase can reject your Chase Freedom 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” and it applies to every Chase credit card that earns Ultimate Rewards or a co-brand travel credit card.
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. 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 applying for the Chase Freedom 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 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.
Earn 5% Back
The main reason to get the Chase Freedom is earning 5% back on the first $1,500 spent in quarterly bonus categories, once activated. Every calendar quarter, Chase rotates which purchases earn bonus points.
Some of the past bonus categories include gas stations, grocery stores, home improvement stores, and tolls. If your current credit only earns 1 point per $1 on these daily purchases, the Freedom can be a good fit for you.
Because of the 3% foreign transaction fee, you should consider a different credit card for international travel.
Pooling Chase Ultimate Rewards
Many consider the Chase Freedom a cash rewards 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
Your points are worth 1.25 cents each when booking travel on the Chase travel portal with the Chase Sapphire Preferred or Chase Ink Business Preferred. 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?
There are many reasons to get the Chase Freedom. 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 2 or 3x Ultimate Rewards points on other purchases. As long as you have a 670 credit score and not too many new credit cards, this is an easy credit card to get.
Chase Sapphire Preferred® Card
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
- Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 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.