Chase Freedom Unlimited Credit Card Review
- December 1, 2016
- Posted by: Jeff Gitlen
- Category: Credit Cards
- Earn 1.5x unlimited cash back on all purchases
- No annual fee
- Return protection
- 14.24% - 23.24%
- Cash Advance APR: 25.24%
- $150 bonus for spending $500 on purchases in your first 3 months
- Cash back rewards
- Zero liability protection
JP Morgan Chase Bank is a very popular bank in the United States, but you may know them better as just Chase Bank. Chase offers a wide selection of financial tools and services for their customers, not just banking services. They also have an assortment of credit cards for you to consider.
If you are in the market for a new credit card, then you may want to know a little bit more about what Chase has to offer. Let’s first start by taking a look at the Chase Freedom Unlimited card, one of their more popular cards, and see how it compares.
Benefits & Rewards
First, we will look closer at the benefits and rewards of the Chase Freedom Unlimited card. The main benefit of this card is that it allows you to earn cash back on every purchase. In fact, you can earn 1.5% cash back on each and every purchase, no matter where you spend your money. There are no categories to keep track of, unlike some of the other cards that offer points when you shop at grocery stores, gas stations and other small businesses.
You get your cash back automatically with purchases, so you don’t have to worry about keeping track of anything. Also, it should be noted that you can redeem your cash back at any point, and there are no minimum balances for you to do so. If you add an authorized user to your account and use the card to make a single purchase within three months of opening your account, you will get a $25 cash back bonus as well.
Aside from being able to earn cash back, you will also not be held liable for any fraudulent purchases with their zero liability protection service. You also get purchase protection on any purchases for the first 120 days for up to $500 on each claim, or a total of $50,000 for lifetime of your account. You can also take advantage of their price protection, giving you a reimbursement if you pay more than an advertised price within 90 days of the purchase. You can also opt for extended warranty protection and return protection, protecting you with every purchase- big or small.
Rates & Fees
$5 or 5%
It is also important to look at the rates and fees that come along with the Chase Freedom Unlimited card. The good news is that you won’t have to pay an annual fee to be a cardholder. This is often one of the first things that people look for when getting a new credit card. You will have to pay certain fees though, such as balance transfer fees and cash advance fees with certain transactions.
The transaction fees are as follows. With balance transfers, you can expect to be charged a fee of 5% of the total amount, or $5, whichever is more. With cash advances, the fee is 5% or $10, and foreign transactions hold a flat rate 3% fee with each transaction. You may also have to pay penalty fees, if you don’t make your payments on time each month. Your late payment is up to $15 if you have less than $100 balance on the account, and up to $27 for balances between $100 and $250. For balances that are greater than $250, your fee may be up to $37. Returned payment fees also go up to $37. There are no over the limit fees though.
Now that you know more about the fees, let’s look into the interest rate. The great news is that there is an introductory 0% interest rate for the first fifteen months on balance transfers and purchases. After that, you will be looking at a rate anywhere between 14.24% and 23.24%. This will depend on your personal creditworthiness when you open your account, and the prime market rates. Cash advances do have a bit higher of a rate, at 25.24%. The good news is that you can avoid interest by paying balances in full by your due date.
It is easy to see that the Chase Freedom Unlimited card has a lot to offer their cardholders. If you are looking for a card that is without an annual fee, with comparable interest rates in the market, then this may be a great choice for you. Unlike travel rewards, you definitely have more freedom when it comes to redeeming your rewards in the form of cash or statement credits. This makes it an ideal card for just about anyone.
Not satisfied? Check out some of the best Chase credit cards that we have reviewed.