When used responsibly, credit cards can be a way to earn cash back and supplementary benefits. One of the most generous cashback rewards cards is the Chase Freedom Unlimited card. Not only is there a solid rewards program, but there are other credit card perks that can offer extra value.
Overview: Chase Freedom Unlimited
The Chase Freedom Unlimited is a cash back card with no annual fee. You can earn 3% cash back on all your purchases during your first year of membership, up to $20,000 spent — that’s potentially $600 cash back in the first year. After that, you earn 1.5% cash back on all purchases.
You can redeem cash back through a statement credit or by having the cash directly deposited in an eligible checking or savings account, and you don’t have to worry about cash back rewards expiring.
It’s important to note that you can’t get the 3% cash back deal if you already have the Chase Freedom Unlimited card or received a sign-up bonus for Freedom Unlimited in the past two years.
Additionally, if you’ve already signed up for five new credit card accounts in the last 24 months, your chances of being approved for a new Chase credit card are pretty slim. This is what’s known as Chase’s 5/24 rule.
9 Chase Freedom Unlimited benefits you can’t miss
There are more Chase Freedom Unlimited benefits available than just the cash back rewards program. When you understand what’s on offer, you might be surprised you didn’t get on board with this credit card sooner.
1. Up to $600 cash back in the first year
This is one of the most generous cash back signing bonuses available. You can earn 3% cash back when you spend up to $20,000 in your first year of card membership. This amounts to $600 cash back if you spend the full amount.
If you use your credit card for all your budgeted purchases during this time (and pay off the balance each month), you may be able to easily claim the full cashback amount.
2. 0% APR for 15 months on purchases and balance transfers
One of the most valuable Chase Freedom Unlimited benefits is the introductory APR. You can get 0% APR on balance transfers and new purchases for the first 15 months of card membership.
This could be convenient if you’d like to slowly pay for a large purchase you plan to make soon. If you’re trying to pay down credit card debt, this can also be a useful way to consolidate your debt and pay it off quicker.
It’s important to note that though you will pay no interest on balance transfers during this period, there is a Either $5 or 5% of the amount of each transfer, whichever is greater fee on each transfer you make.
3. Refer-A-Friend bonus
With the Chase Freedom Unlimited Refer-A-Friend program, you can get $100 cash back for each friend that gets approved, with a maximum of $500 per year. All you have to do is refer friends through your account; when they’re approved, you earn the points.
4. Flexible redemption options
The Freedom Unlimited includes access to the Chase Ultimate Rewards program. When you spend, you earn points that can be redeemed for a number of rewards — not just cash. It’s possible to use your rewards toward Apple merchandise, gift cards, and travel in addition to cash back.
When you redeem for cash, gift cards, and travel, your points are worth $0.01 each ($1 for every 100 points). When you use your points for purchases at participating merchants, though, the points are only worth $0.08 (80 cents for every 100 points).
5. Purchase protection
Made a purchase and the item is damage, stolen, or lost? You could receive compensation of the purchase price of up to $500. This purchase protection can be helpful if something you buy isn’t covered by insurance or exceeds what you can be compensated for.
If you bought the item with your Chase Freedom Unlimited card, you must notify the Benefit Administrator about the claim within 90 days of the problem and have all the completed documentation submitted within 120 days. If you’re claiming stolen property, you’ll also need to file a police report.
6. Extended warranties
Similar to the list of benefits for the Chase Freedom, items you purchase with your Freedom Unlimited can get a one-year extension on eligible U.S. manufacturer’s warranties of three years or less. You get up to $10,000 per claim, depending on the value of the item.
7. Roadside dispatch
If you find yourself stuck on the side of the road in need of services like a tow, tire change, or gas, call the number provided to get help sent your way. Though the phone call and dispatch is free, you will be responsible for the cost of the car service you receive.
8. Secondary rental car insurance
Use your Chase Freedom Unlimited credit card to pay for a rental and receive secondary coverage for auto collision damage, up to the cash value of the rental car. To qualify, you need to decline the rental company’s loss damage waiver.
9. Trip cancellation insurance
Something preventing you from taking a trip? As long as you use the Chase Freedom Unlimited card to book eligible arrangements, you can be reimbursed by up to $1,500 per traveler. There are a number of scenarios, including severe weather or sickness, that can result in you getting some of your money back.
The benefits of the Chase Freedom Unlimited can be valuable in providing you with peace of mind, flexibility, and a generous rewards program. If you’re looking for a cash back credit card, this should be one to strongly consider.