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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.
Read This: If you’re unsure about the card or want to learn more about whether or not it’s worthy of a spot in your wallet, check out our in-depth Chase Freedom review.
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. Regardless of your score, you can see if you prequalify for the Chase Freedom with CardMatch. It’s free to check and doesn’t hurt your credit score.
Chase won’t do a hard credit pull until you submit an official application.
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 means 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.
$150 Signup Bonus
If you feel confident about your approval odds, now can be a good time to get the Chase Freedom. The signup bonus is easy to earn. You only have to spend $500 in the first 3 months to earn $150 bonus cash.
Periodically, Chase bumps up the signup bonus to $200 with the same $500 minimum spend threshold.
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. Every calendar quarter, Chase rotates which purchases earn bonus points. All non-bonus spending earns an unlimited 1% back.
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 the 13 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 (as you can read more about in our in-depth Chase Freedom review). 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.
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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.