Chase Reveals New Card: Freedom Flex

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Chase has just announced they will be introducing a new card, the Freedom Flex. In addition to introducing a new card, the bank is improving the Freedom Unlimited Card and discontinuing the popular Freedom Card. Is the card worth considering?

THE FREEDOM FLEX CARD

Next week, Chase will be introducing a new card called the Freedom Flex. Let’s look at the details.

Similar to the Freedom Unlimited Card and discontinued Freedom Card (more on this below), this card will also be a no annual fee card. It will offer the following benefits:

  • 5% on travel purchased through Chase Ultimate Rewards
  • 3% cash back on drugstores
  • 3% cash back on dining, takeout, and delivery services
  • 1% cash back on everything else

The card will also offer 5% cash back in rotating quarterly bonus categories (up to $1,500/quarter).

NO LONGER VISA, BUT MASTERCARD

Surprisingly, the Chase Freedom Flex Card will not be a Visa card but will instead be a Mastercard. If my memory serves me correctly, the only exceptions to this trend are the IHG Rewards Club Premier Credit Card and the IHG Rewards Club Traveler Credit Card. However, this means the Freedom Flex card will offer Mastercard World Elite benefits including:  

  • Cell phone insurance 
  • Lyft – Take 5 rides in a month and get a $10 Lyft credit once per month.
  • Boxed – Earn 5% Cash Rewards on Boxed orders for use on future purchases.
  • ShopRunner – Receive 2-day shipping (and free return shipping) at over a hundred online retailers, including Saks Fifth Avenue, Brooks Brothers, Kate Spade, Adorama, 1-800-Flowers and more.

DISCONTINUATION OF THE CHASE FREEDOM

On September 15, 2020, the launch date for the Freedom Flex, Chase will stop accepting applications for the Chase Freedom. Current card have two few options; 1) Keep the Chase Freedom or 2) product change to the Chase Freedom Flex.

WELCOME BONUS ELIGIBILITY

The Freedom Flex will offer $200 cash back (or 20,000 points) after spending $500 within the first 3 months of being approved for the card and 5% cash back (or 5x points) on grocery store purchases for the first year (up to $12,000).

Generally, the next question most credit card holders are concerned about is the welcome bonus. Well, if you have the Chase Freedom Unlimited, you are still eligible for the welcome bonus on the Freedom Flex, HOWEVER, you will not be eligible if you are holding the Chase Freedom.

CHANGES TO THE CHASE FREEDOM UNLIMITED CARD

At the moment the Chase Freedom Unlimited offers 1.5% cash back on all purchases. However, coinciding with the launch of the Freedom Flex, the Freedom Unlimited will offer new perks, including:

  • 5% cash back on travel purchased through Chase Ultimate Rewards
  • 3% cash back on dining, takeout, and delivery services
  • 3% cash back on drugstores
  • 1.5% cash back on everything else

FINAL STAMP

Over the past few months, we’ve seen card issuers tighten the ropes during the economic uncertainty. It’s awesome to seen Chase introduce a new card and improve another card simultaneously.

In addition to improving the perks of the card, you can also rack up Ultimate Rewards points. Although the Chase Freedom cards are marketed as offering cash back, you can convert the ‘cash back’ into Ultimate Rewards points if you possess the Chase Sapphire Reserve Card or the Chase Sapphire Preferred Card. For a no annual fee card, that’s hard to beat.

Are you planning to add the Freedom Flex card to your portfolio of Chase cards? What do you think about the improvements to the Freedom Unlimited card?

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