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Review of the 5% Cash Back Chase Freedom Credit Card

Monday, March 8, 2010 - 1:30 PMChase Manhattan Bank - Details
According to the press release from Chase
Chase Freedom is increasing the cash back rate to 5 percent on popular seasonal spending categories, like home improvement, gas and department stores. In addition, customers will earn a full 1 percent cash back on every purchase - with no tiers, no caps, no annual fee
The NYT Bucks Blog has a review of this card and mentions some downsides. The obvious one is the seasonal categories. Less obvious is the $300 annual cap for 5% cash back. Any other downsides?
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
1. Monday, March 8, 2010 - 3:49 PM
I use a Chase Freedom card that pays 3% cash back on 5 of 15 categories each month. I use it for only 5 of the 15 each month. 1. Gas and electric bill 2. telephone and cell phone bill 3. groceries 4. fast food 5. cable, satellite and internet provider. I have the total bill deducted out of my account each month.

They gave me $50 the first time I used it and if I did not collect on it and left it until  $200 was earned then I would be given $250. Next month I will have earned my $200. Hope they continue it because these are things you would use anyway. They only pay on 5 categories each month but other categories are drugstore, gas and convenience stores, department stores, pet stores and vets, gym memberships etc.

I do like this card and it is a easy way to earn a few extra dollars each month. I understand they no longer offer this. I sure hope they do not discontinue it.
Ally6770Ally6770936 posts since
Jan 16, 2010
Rep Points: 2,723
2. Monday, March 8, 2010 - 4:33 PM
I think the card mentioned by rosie43 is the called Chase Freedom for Business.  It has been an especially sweet deal these last few years.  However for several months now Chase has been "upgrading" these cards to groups of their customers in an apparent attempt to phase it out.

At the beginning of March I received a letter from Chase describing a mandatory "upgrade" from "Freedom for Business" to "Chase Ink" effective April 1.  I was dismayed with the letter's cheerful double-talk, an honest letter saying Chase had to reign in the freebies would have been the honest thing to do.

I immediately took advantage of the of the $250 check for $200 rewards, which was still available as of a couple of days ago by logging into their website.  I then placed their card in a drawer.

rosie43, for your sake I hope Chase desists with these "upgrades", but if not and you just shy of receiving the $250 check deal there was one valuable piece of advice I found: have Chase adust your billing cycle so that you top $200 in rewards before the forced conversion date to a new program.  Hope this helps.
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,952
3. Tuesday, March 9, 2010 - 3:33 AM
"an honest letter saying Chase had to reign in the freebies would have been the honest thing to do."

Yes. I too loved the cheery, misleading letters from the "Executive Vice President of Customer Experience"  at Chase. I put the cards away after getting my next rewards.

Chase has a clever trick on all their cards of accumulating the rewards until you reach a specific amount. Makes it easy to miss out on a reward. And gives them the use of the money.

PenFed simply rebates the cash the next month back to the card - so you never lose any reward money.

cactuscactus51 posts since
Jan 17, 2010
Rep Points: 384