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Chase Freedom Points

• Gas Stations: Use your card for fuel, repairs, car washes, and other purchases
• Quick Service Restaurants: Rewards add up fast from pizza to hamburgers to tacos - even sandwich shops, coffee houses and more
• Earn 1 Point for every $1 spent in purchases everywhere else
• Reward yourself with as few as 1,000 Points
• Save with 0% APR* for up to 6 months** and No Annual Fee

Issuer:  Chase

APR:   0.00% applied to purchases and balance transfers

Introductory Period: 6 months

APR After Introductory Period:  9.90% or 15.99% depending on your credit rating that is fixed and applied towards balance transfers

Annual Fee: $0

Credit Line Possible: This is based on your credit rating.

Insurance included:  The Chase FreedomSM Visa: Points / Chase Freedom Points offers travel accident insurance, auto rental insurance, and travel and emergency assistance services.

Financing Configuration – Interest is calculated on your average daily balance.

Grace Period – You have twenty days during which you do not have to pay interest on purchases.

The Best Thing About It – There is a generous travel rewards program with no blackout dates and rebate program that lets you earn back 1% to 3% every time you spend money and there is no annual fee.

The Worst Thing About It – Cash advances are exceptionally high at 24.24% variable and there are lots of fees.

Credit Rating Needed For Acceptance -  Very Good to Excellent.

Who Is It For?

The Chase FreedomSM Visa:  Points / Chase Freedom Points card is an excellent card for travelers who want rewards that can be applied towards any airline with no blackout dates and the flexibility of being allowed to switch those points for cash back rewards if need be.

The Benefits

 

There is both a points and rebate program a good rewards program. Through the reward program, cardholders earn a 3% rebate on purchases made at grocery stores, gas stations, and quick service restaurants and a 1% rebate on all other purchases. Cardholders can receive a $50 check once $50 in rewards have been earned or a $250 check once $200 in rewards have been earned.  Cardholders also may choose to earn points instead of cash back. Cardholders are eligible to receive a $50 check once $50 in rewards have been earned,

The points won’t expire!  You can accumulate your points for as long as you want before you use them.

You can access your account online.  You can access all of your information and make payments easily over the Internet.

You have 100% fraud protection. You are not charged a fee if your Chase FreedomSM Visa: Cash / Chase Freedom Points is used in a fraudulent manner.

You are protected in an emergency. This card offers immediate emergency cash and card replacement if you are robbed.

You can get a year-end financial statement. Upon request you can get this document which makes doing taxes easier.

The Drawbacks

 

The introductory period is only six months. There are many cards out there that offer an introductory rate for as long as a year.

You are not necessarily guaranteed the introductory rate. The APR for purchases varies according to the applicant’s credit history and is 5.99%, 9.99% or 14.99% + Prime Rate.

There is a high interest rate for taking out cash advances. Chase will charge you a whopping 24.24% for each cash advance transaction or balance transfer.

Monthly payments are applied to purchases first until they are paid off and then to purchases.  This can get very expensive if you use it to take out cash, as the interest rate is high.

A short grace period. The grace period is twenty days.

The 0% introductory rate is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the prime rate.

There are lots of hidden fees. The fees for this card can add up and make it seem like you are paying an annual fee anyway.

Fees To Watch Out For

 

Late payment fee:  $15 on balances up to $100; $29 on balances over $100 up to $250; $39 on balances over $250

Over The Limit fee: $39

Cash advance Fee: 3%, $10 minimum

Balance Transfers: 3%, $10 minimum, $75 maximum

To Summarize –

Chase FreedomSM Visa: Points / Chase Freedom Points is a great all purpose card for people who like the flexibility of earning points every time they travel or rent a car and who also like to earn rebate points instead. It is not a good card to carry a balance on or take out cash advances.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%	6 Months	14.99%	None	Yes	Good Credit