Chase Freedom Unlimited^® Review

In this Chase Freedom Unlimited^® credit card review, we’ll look at who this card is for, its credit score requirements, fees, key characteristics, and more. 

This Article Contains: 

(Click on a link to jump to the specific section) 

• Who is the Chase Freedom Unlimited for?
• Chase Freedom Unlimited Credit Score Requirements
• Chase Freedom Unlimited Card Fees
• Chase Freedom Unlimited APR
• Chase Freedom Unlimited Benefits
• Key Characteristics of the Chase Freedom Unlimited
• Alternatives to the Chase Freedom Unlimited

Let’s get started.

Who is the Chase Freedom Unlimited for?

The Chase Freedom Unlimited is an excellent credit card for anyone looking for a daily-driver credit card with a solid rewards program. 

The card offers competitive cash back rewards on up to $20,000 spent during the 
first year of account opening:

• 6.5% cash back on travel purchased through Chase Ultimate Rewards^®
• 4.5% cash back on drugstore purchases and dining at restaurants
• 3% on all other purchases 
  

After the first year or $20,000 spent you get: 

• 5% cash back on travel purchases made through Chase Ultimate Rewards^®. 
• 3% cash back on dining and drugstore purchases. 
• 1.5% cashback on all other purchases. 

Chase has also packed in a lengthy 15 month 0% introductory APR period on purchases and balance transfers (the ongoing APR is 20.49% - 29.24% Variable).

Although commonly regarded as a cashback rewards card, it’s clear that this is also an excellent card for racking up travel rewards and taking advantage of the 15 month long intro APR on large purchases.

Chase Freedom Unlimited Credit Score Requirements

The card issuer designed this rewards card for people with a good credit score or better. As such, you should apply for this card with a credit score of 670 or better. 

Applying with a lower credit score won’t guarantee rejection, but you may be subject to higher interest rates. 

Something else to consider before applying is how many credit cards you’ve applied for in the past. If you’ve applied for too many, Chase’s 5/24 rule will result in automatic rejection. 

What is Chase’s 5/24 rule?

In a nutshell, the 5/24 rule prohibits people who have opened five or more credit cards in 24 months from getting a new credit card with Chase. So, even if you have a perfect credit score of 850 and plenty of disposable income, the card issuer will still reject you.

Next, let’s take a look at the kind of fees you can expect from the Chase credit card.

Chase Freedom Unlimited Card Fees

The $0 annual fee will be attractive to many consumers since the cardholder receives tons of benefits at no cost. 

However, there are a few other fees the potential cardholder should be aware of: 

• Balance transfer fee: Either $5 or 5% of the transfer amount, whichever is greater. 
  
  
• Cash advance fee: Either $10 or 5% of the transaction, whichever is greater. 
  
  
• Foreign transaction fee: 3% of each transaction in U.S. dollars.
  
  
• Penalty fees: The credit card company charges up to $40 for each late or returned payment. 
  
  

Chase Freedom Unlimited APR

In addition to minimal fees, the Chase Freedom Unlimited credit card has a very competitive interest rate. 

There’s a 0% introductory APR on purchases and balance transfers for the first 15 months of account opening. After which, depending on your credit score, you’ll be assigned a regular purchase APR ranging between 20.49% - 29.24% Variable. The regular APR on balance transfers is also 20.49% - 29.24% Variable.
 

Chase Freedom Unlimited Benefits

Since the Chase Freedom card is part of the Visa family, it includes several other benefits: 

• Trip cancellation/ interruption insurance means you can claim up to $1500 per person and $6000 per trip for your prepaid, non-refundable passenger fares. Covered reasons include sickness, severe weather conditions, and more.
  
  
• For a limited time, cardholders receive a complimentary DoorDash DashPass for the first three months, followed by a 50% discount for the next nine months.
  
  
• Purchase protection covers your new purchases for 120 days against damage or theft. This is limited to $500 per claim and $50,000 per account. 
  
  
• Receive coverage for damage due to collision or theft with Visa’s Auto Rental Collision Damage Waiver. All you need to do is make the rental transaction with your Freedom Unlimited card and decline the rental company’s insurance policy.
  
  
• As a cardholder, Visa’s Zero Liability policy covers you for any unauthorized transactions or if your card is lost or stolen. 

Next, we’ll take a closer look at some of the benefits and downsides of this card from Chase.
 

Key Characteristics of the Chase Freedom Unlimited

Here are some noteworthy features of this credit card offering from Chase: 

• Bonus cash back - Cardholders earn an additional 1.5% in cash back rewards for the first year on up to $20,000 spent. That's 6.5% cash back on travel booked through Chase Ultimate Rewards, 4.5% on restaurants ( including takeout and eligible delivery services) and drugstore purchases, and 3% cash back on other eligible purchases. 
  
  
• Appealing cash back scheme - The regular cash back rewards rate for the Freedom Unlimited is nothing to scoff at either - you earn 5% cash back on travel booked through Chase Ultimate Rewards, 3% on restaurants ( including takeout and eligible delivery services) and drugstore purchases, and 1.5% cash back on other eligible purchases. 
  
  
• Foreign transaction fee - Although there are perks to booking travel with your Freedom Unlimited card, there’s a 3% foreign transaction fee. As such, if you’re planning on traveling frequently, you’ll need to keep this in mind.
  
  
• No minimum redemption amount - You can redeem your Chase Ultimate Reward points through the Chase travel portal for any amount. Many similar cash rewards cards will often require a minimum redemption amount, such as $25. However, with this credit card, you could redeem as little as $0.01.
  
  It’s important to note that you earn cash back in the form of Chase Ultimate Rewards points, for most transactions each Ultimate Reward point is worth a penny apiece.
  
  
• Several redemption options - Cardholders can redeem their Ultimate Rewards Point for statement credit, gift cards, and travel purchases. You can also use Chase’s “Pay Yourself Back” feature to exchange your points for a statement credit on eligible purchases you’ve made.
  
  
• Transferable rewards points - The true power of the Chase Freedom Unlimited card comes from pairing it with another Chase card. For example, if you use the Chase Freedom Flex^℠ for purchases in its 5% cash back category and the Chase Freedom Unlimited on everything else, you can significantly boost your overall earnings and transfer points earned one from one card to the other. What’s more, you can easily transfer points to one of Chase’s 14 travel partners.
  
  
• Rewards can be complicated - While the flat 1.5% cash back is easy to understand, the mix of rewards rates for each bonus category can quickly become complex.
  
  
• Points will not expire - As long as your account with the credit card company remains open, your points will never expire. 
  
  

Alternatives to the Chase Freedom Unlimited

Here are some alternative cards you could consider comparing this card to:

• Citi^® Double Cash Card – 18 month BT offer
• Discover It^® Cash Back
• Blue Cash Preferred^® Card from American Express
  
  

Wrapping Up

With minimal fees, a fantastic welcome bonus, and a host of cash rewards, the Chase Freedom Unlimited card is an excellent everyday cash back card - especially for those who already have the Chase Sapphire Preferred^® or Chase Sapphire Reserve^®. 

Although the Chase Ultimate Rewards Points aren’t quite as simple as others, the various redemption options and unlimited flat-rate cash back make the Chase Freedom Unlimited one of the most appealing credit cards available. 

You can apply for this card here.