![]() ![]() In September of 2020, Chase added a new card to the Freedom family: the Chase Freedom Flex℠, and it’s a jacked-up version of the Freedom.Ī Chase rep confirmed to Forbes Advisor that current holders of the Chase Freedom are even welcome to product change to the Chase Freedom Flex-which means no new hard pull on your credit report, although you won’t be eligible for the Flex’s welcome bonus. Here’s what really makes the Chase Freedom a subpar choice compared to others. Earning 1% sure beats earning nothing, but when there are a plethora of no-annual-fee cards on the market that earn 1.5% or even 2% cash back on all spending, the Chase Freedom’s 1% looks downright paltry. You could theoretically also use the card on all of your other purchases, earning 1% back on that spending. If you’re able to max out the spending limit each quarter on the rotating categories alone, you could put a cool $300 a year back in your pocket, just on spending in the bonus categories. Getting 5% cash back, even with a cap of $1,500 in quarterly spending, is a pretty good earn rate for a card that costs you nothing to carry. You may want to increase your credit score first, and then apply for a Freedom-branded credit card once you have good credit.The Chase Freedom card used to be a decent option for anyone with the tolerance to track their spending in various categories. However, there's a much higher likelihood of a denial. It's still possible, and having a bank account with Chase can help. Successful applications from consumers in this position are rare. If you haven't reached a credit score of 670 yet, Chase probably may not approve you for the Chase Freedom Unlimited® or the Chase Freedom Flex℠. ![]() You could consider opening a Chase bank account if you want to improve your chances of success. There are indications that consumers who bank with Chase have better approval odds for Chase credit cards. ![]() Otherwise, Chase could deny your application because your credit file is too thin, regardless of your credit score. That means you should have a credit card you've been using for a year or longer with no late payments. Other factors that can affect your application include:īased on reports consumers have made, a credit history of at least one year is recommended before applying for the Chase Freedom Unlimited® or the Chase Freedom Flex℠. You're better off not applying for now if you won't pass this rule. This practice is known as Chase's 5/24 rule. If it's five or more, Chase almost always denies the application. One of the most important is the number of Chase credit cards you have opened in the past 24 months. Chase looks at several factors in addition to an applicant's credit score. Keep in mind that a credit score of 670 or above doesn't guarantee an approval. Just make sure you choose a way that provides your FICO® Score. There are plenty of free ways to get your credit score online to see if you're likely to meet the threshold for the Chase Freedom Unlimited® credit score. This is another type of credit score that can be much different. Quite a few online credit score tools provide your VantageScore. When Chase checks your credit, it pulls a specific type of credit score known as your FICO® Score. Most successful applicants have good credit, which starts at a credit score of 670, and many have credit scores in the 700s. ![]() To get the Chase Freedom Unlimited® or the Chase Freedom Flex℠, you should have a credit score of 670 or higher. ![]()
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