Credit card issuers continue to innovate, this time it’s Chase with the Chase Freedom Flex card. Chase clearly sees an opportunity in the market as this card is targeted at specific bonus categories. The categories include a quarterly category (similar to the Chase Freedom), travel, dining, and drug stores. Read more about the categories here.
In addition to the Chase Freedom Flex, Chase is updating the Chase Freedom Unlimited. Cardmembers currently earn 1.5% cashback on all transactions. Starting September 15, 2020, the Chase Freedom Unlimited earns additional bonus points on travel, dining, and drugstore purchases.
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Chase Freedom Flex Details
Starting September 14, 2020, Chase Freedom Flex cardmembers earn a $200 bonus after spending $500 in purchases in the first three months of account opening. Not bad for a $0 annual fee card. More card details can be found here.
As you might expect with a $0 annual fee card, the Chase Freedom Flex has foreign transaction fees. This means you want to bring other cards with you when traveling internationally.
Chase Freedom Flex Perks
The Chase Freedom Flex is a Mastercard. With a Mastercard, you receive the following benefits: a $1,000 yearly cell phone insurance protection, $10 in Lyft credits with every five rides per month, 5% cash rewards on Boxed purchases, a two-day ShopRunner shipping membership, and double VIP+ points on Fandango purchases.
Cell phone protection, Lyft, and ShopRunner are benefits seen on other cards. Out of all of these benefits, the Lyft credits and ShopRunner membership are the most interesting to me.
How to Earn Cashback with the Freedom Flex
The Freedom Flex earns 5% cashback on quarterly bonus categories, 5% cashback on travel purchased through Ultimate Rewards, 3% cashback on dining, and 3% cashback at drugstores. In addition, you earn 5% cashback on all Lyft rides through March 2022 and 5% cashback on grocery store purchases on up to $12,000 in the first year.
In order to convert cashback earned from the Chase Freedom Flex into points, you need to also have the Chase Sapphire Reserve, Chase Sapphire Preferred, or Ink Business Preferred.
How to Redeem Cashback with the Freedom Flex
Converting cashback earned into points is likely to yield the highest value. With that said, you need to have the Chase Sapphire Reserve, Chase Sapphire Preferred, or Ink Business Preferred to convert cashback into points. The points can then be used to book flights through the Chase Ultimate Rewards portal or transferred to Chase’s airline or hotel partners to book award travel.
If you don’t have one of the cards above, you can use your cashback to redeem it for statement credits, gift cards, travel, and/or pay with points for products or services.
Which Cards Compete with the Freedom Flex?
The Chase Freedom Unlimited and Citi Double Cash are the closest competitors to Chase Freedom Flex. However, the Freedom Flex is in a league of its own. Chase Freedom Unlimited cardmembers earn 5% cashback at grocery stores, 3.5% cashback on Lyft rides through 03/2022, and 1.5% cashback on everything else. You earn 2% cashback on all transactions with the Citi Double Cash.
Common Freedom Flex Questions
Is Chase Freedom Flex a good credit card?
The Freedom Flex earns 5% cashback on quarterly bonus categories, 5% cashback on travel purchased through Ultimate Rewards, 3% cashback on dining, 3% cashback at drugstores, and 5% cashback on Lyft rides through March 2022.
What are Chase Freedom Flex rewards?
The Freedom Flex earns cashback. You can then redeem your cashback in the Ultimate Rewards portal for gift cards, travel, statement credits, and for purchases made through shopping partners.
Which is better Chase Freedom Flex or Chase Freedom Unlimited?
The Freedom Flex earns 5% cashback in quarterly bonus categories and the Freedom Unlimited earns 1.5% cashback on all purchases. The Freedom Unlimited is a Visa and the Freedom Flex is a Mastercard.
Can you have the Chase Freedom and Chase Freedom Flex?
Yes! You can have the Freedom Flex and Freedom at the same time.
Can you have the Chase Freedom Unlimited and Chase Freedom Flex?
Yes! You can have the Freedom Flex and the Chase Freedom Unlimited at the same time.
Conclusion on the Freedom Flex
The Freedom Flex announcement is arguably one of the most exciting announcements for a $0 annual fee card. Expanded bonus earning categories is what we’re all looking for right now in a time of restricted travel.
What do you think of this Freedom Flex Review? How do you find value with this card? Please let me know in the comments or by contacting me on my contact page.
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