Chase’s New Freedom Flex Card Pumps Up Rewards

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If you’re trying to stretch your dollars further in the COVID-19 economy, the new Chase Freedom Flex cash back credit card could help. The card charges no annual fee and boosts rewards and benefits compared with Chase Freedom.

That card is effectively retiring, and if you have it, you can request a product change once it’s available. Applications open Sept. 15 for the Chase Freedom Flex card.

Here’s more about this new card in the Chase Freedom family.

What Is the Offer?

The Chase Freedom Flex credit card charges no annual fee and earns rewards for everyday and travel purchases. New cardholders can also earn a $200 bonus after spending $500 within three months of opening an account.

Here are the rewards you can earn with this card:

  • 5% cash back on up to $1,500 in combined purchases in bonus categories you activate each quarter
  • 5% cash back on up to $12,000 in grocery store purchases in your first year as a cardholder
  • 5% back on travel booked through the Chase Ultimate Rewards portal
  • 5% cash back on Lyft rides through March 2022
  • 3% back on dining, including takeout purchases and eligible delivery services
  • 3% back at drugstores
  • 1% back on all other purchases

Cardholder perks get an upgrade with Mastercard World Elite benefits, including:

  • Cellphone protection, with up to $800 per claim for theft or damage
  • A $10 Lyft credit when you take five rides in a calendar month
  • 5% cash rewards on orders from Boxed to use on future purchases
  • ShopRunner membership, which includes two-day shipping and free returns with more than 100 retailers
  • Fandango double VIP+ points to use toward buying movie tickets or streaming programs
  • Three-month DoorDash DashPass, which provides free deliveries on orders from eligible restaurants

Is This a Good Offer?

The Chase Freedom Flex card has a virtual buffet of cash back categories. It holds broad appeal, whether you want to earn bonus cash back for everyday purchases at the grocery store or drugstore, or you plan to earn with travel purchases, takeout orders and Lyft rides.

With no annual fee, plus a solid sign-up bonus and elite cardholder perks, this new card has a lot to like. But before you act on this offer, consider its drawbacks.

The quarterly activated 5% cash back bonus, as with Chase Freedom, is limited to the first $1,500 in purchases. In addition, the 5% bonus cash back at grocery stores is good only for your first year and on up to $12,000. It also doesn’t apply at Target or Walmart.

Lastly, you have to book through Chase Ultimate Rewards if you want to earn 5% back on travel. You may want more flexibility.

Overall, other credit cards might offer more value, depending on your spending habits. Make sure you consider alternatives in Chase’s lineup and cards from other issuers.

How Does Chase Freedom Flex Stack Up?

The Chase Freedom Flex card casts a wide net, with 3% cash back or more on many purchases. This rate isn’t easily matched – especially by cards with no annual fee.

If you’re considering the Chase Freedom Flex credit card, you might want to compare it with these similar cards:

  • Chase Freedom Unlimited is expanding beyond 1.5% flat-rate cash back on Sept.15, adding 5% back on Chase Ultimate Rewards travel; 3% on dining, including takeout purchases and eligible delivery services; and 3% on drugstore purchases. New cardholders also earn 5% cash back for the first year on up to $12,000 at grocery stores, excluding Target and Walmart. The card charges no annual fee, and you’ll earn a $200 sign-up bonus when you spend $500 within the first month. This card is a good alternative to the Chase Freedom Flex card if you prefer a flat rate of 1.5% cash back. You may also want to consider it if you’re not sure you’ll take full advantage of all the bonus categories.
  • The Amazon Rewards Visa Signature Card earns a competitive 5% unlimited cash back at Amazon and Whole Foods Market for Amazon Prime members, as well as 2% back at restaurants, gas stations and drugstores, and 1% back on all other purchases. The card charges no annual fee, but Amazon Prime membership costs $119 yearly.
  • The Blue Cash Preferred® Card from American Express earns 6% cash back on up to $6,000 spent annually at U.S. supermarkets, then 1%; 6% cash back on select U.S. streaming subscriptions; 3% cash back on transit and at U.S. gas stations; and 1% cash back on all other purchases. New cardholders can earn a $250 introductory bonus after spending $1,000 within the first three months, but the card has a $95 annual fee.
  • Discover it® Cash Back earns 5% cash back on up to $1,500 spent each quarter on rotating bonus categories each time you activate them. The card earns 1% cash back on all other purchases. Bonus categories through September are restaurants and PayPal. Discover also charges no annual fee and matches the cash back you earn at the end of your first year as a cardholder.
  • Citi Double Cash Card offers an effective 2% cash back rate on all purchases, which means you earn 1% when you buy something and another 1% when you pay it off. There’s no annual fee, but there’s no sign-up bonus either.

Should You Get the Card?

The Chase Freedom Flex credit card has a lot of positives, including no annual fee, making it a safe choice for many cardholders. If you regularly make purchases in the Flex card’s bonus categories, you’ll get plenty of value from the card.

But if you’re looking for flat-rate cash back, you can find better options.



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