The $0 annual fee Chase Freedom Student credit card is a top-rated product in its category. This is due to its credit-building capabilities, solid incentives, and possible upgrade path to higher-end Chase credit cards. The card is only available to students. However, it's open to anyone with a low credit score or no credit history. It's the only starter credit card Chase offers. Chase rewards-earning credit cards require credit scores of at least 690. This is a very high standard for credit novices.
Responsible card usage may allow you to qualify for "Good Standing" rewards, credit limit increases, and possibly, even product changes to a better Chase card. It is possible to get richer ongoing rewards with other student credit cards. However, this card charges a foreign transaction fee. This card may not be ideal for students who are studying abroad.
Chase Freedom Student Card Bonus
Unlike most credit cards, you don't have to spend a minimum amount to receive a bonus. If you open your account within three months, you'll receive a $50 bonus on your first purchase. No matter how small your purchase is, you can get a reward. You can earn $50 more for buying sheets or groceries.
Rewards Earning Details
Chase Freedom Student cards have a flat rewards structure. You will earn 1% cashback on all purchases. You'd receive $10 cash back if you spend $1,000 on purchases. You should be aware that not all transactions are eligible for 1% cashback. Balance transfers, cash advances, and other cash-like transactions are exempted.
Transferring Points
It allows you to transfer points to another Chase card, with Ultimate Rewards, provided that the account is yours. This is a great benefit. Although this card does not allow you to transfer points directly to airline and hotel partners, it is possible to transfer points from this card first to another card.
Cardholder Experience
Chase enjoys a good reputation when it comes to customer satisfaction. The 2021 J.D. The 2021 J.D. Power U.S. Credit Card Satisfaction Study ranked Chase fourth among 11 card issuers, scoring just two points less than the average. Contact customer service via the mobile app, secure messaging center, or by calling 1-800-432-3117.
How to Maximize Your Rewards
The Chase Freedom Student credit card makes it easy to earn rewards. The card gives you 1% cashback on all purchases. You also get a 1-cent reward for every dollar spent. After five years of account opening, cardholders can earn $20 worth of Good Standing rewards. This reward is worth 2,000 points. Shop through Chase Portal, and special promotions may allow you to earn bonus points.
Chase Ultimate Rewards allows you to redeem points for travel, Amazon.com purchases, cash, and gift cards. These options have different redemption values, depending on the issuer. You can shop at Amazon with points, but 100 points at the checkout are worth 80c instead of $1.
Is This Card Best For You?
Chase Freedom Student credit cards are a great choice for students who might benefit from a long-term relationship with Chase. There is no yearly fee, and you can earn a welcome bonus. Other student credit cards may be better options. There are no fees on the student credit cards offered by Capital One, Discover, or Bank of America. However, they offer greater rewards for spending.
Conclusion
You will likely be a student and want an affordable card with a clear rewards program. There is no yearly fee, and you will earn 1% cashback on all purchases. There is no limit to how much you can earn, and there is no expiration date. It offers incentives to keep your account in good standing, such as $20 annual rewards and an automatic review of credit limits. It's not bad at all, either. It is lower than the 17.13% national average for cards that have accessed interest.
The Chase Freedom Student card does not offer an introductory 0% interest rate and charges foreign transaction fees. Other student cards offer 0% APR for purchases for up to six months if you want to finance large purchases or travel abroad. This benefit allows you to use half of your year to make large purchases and not pay interest fees. The bonus is that you get $50 in the welcome bonus, even though Chase does not offer any introductory interest.
