Chase Refreshes the Freedom Lineup With A New Card-The Chase Freedom Flex By Mastercard

Chase Freedom Flex by Mastercard

LEARN HOW TO APPLY FOR THE CHASE FREEDOM FLEX BY MASTERCARD HERE

One of our favorite no-fee credit cards is getting a major refresh and new name, the Chase Freedom Flex by Mastercard! A brand-new credit card product is always welcome news, but when it improves upon its predecessor, it's even more exciting to discuss. Starting September 15, 2020, Chase Freedom Flex by Mastercard replaces the much-loved Chase Freedom card to become the ultimate no-fee credit card.

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A Bonus That Will Earn This Card a Top Spot in Your Wallet

Not all credit card welcome bonuses are equal. The best value bonuses are easy to meet and provide a great return for your spending. The Chase Freedom Flex by Mastercard offers a solid $200 cash back after $500 in purchases within the first three months from account opening. But there's an ongoing benefit to significantly boost this card's value. In addition to the cash back bonus, new cardholders will earn 5% cash back on grocery store purchases (not including Target or Walmart purchases) on up to $12,000 spent in the first year.

Several cards offer increased earning in a variety of categories, many of which, like ride-share or internet services are limited to small portions of the average household budget. Carrying a card that offers high earnings on groceries is huge and one that everyone can take advantage of.

LEARN HOW TO APPLY FOR THE CHASE FREEDOM FLEX BY MASTERCARD HERE

Maximizing The Bonus

How much value can you get from this offer? For those who max out the grocery bonus limit of $12,000, that's an additional $600 in cash back. Even those aiming for a goal of $2 per person per meal will make out on groceries. A family of four spending $2 per person per meal will have a grocery budget of $168 per week or $8,736 a year. At 5% back, that's $437!

While spending $1,000 a month may be well out of range for many families, don't forget that grocery stores sell more than food. A wide variety of gift cards are sold in grocery stores. And chances are, your neighborhood supermarket sells gift cards to restaurants and retailers you already frequent. Stop by the display and see what cards your grocery store offers.

Extra Cash Back in Categories You'll Use

Regular earnings rates on no-annual-fee cards tend to be rather ho-hum. However, the Chase Freedom Flex by Mastercard offers higher earnings in categories that make it feel like a premium card.

Cardholders will earn a whopping 5% cash back on travel purchases made through Chase Ultimate Rewards. While it might sound like your travel options are limited using their booking portal, users should note that the Chase Ultimate Rewards is powered by Expedia.

A bonus category often seen in only premium credit card products is dining. Chase Freedom Flex by Mastercard cardholders will earn a solid 3% cash back on restaurants, including takeout and eligible delivery services. In addition to restaurants, drugstore purchases also earn 3% cash back.

And finally, all other purchases qualify 1% cash back, so you're always earning at least 1% with every use.

More Card Perks to Love

A favorite feature of the Chase Freedom card are the rotating quarterly bonus categories. Although the Chase Freedom Flex by Mastercard offers so many great bonus categories to earn with year-round, it's great news to hear the quarterly category bonuses aren't going away. Cardholders can earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter they activate. Past bonus categories for the Chase Freedom card included gas stations, streaming services, and Amazon purchases to name just a few.

Another perk that's sure to be popular is cell phone protection. You know that anxiety experienced dropping on a shiny new phone and watching it tumble to the ground? Breathe easy. Cardholders can get up to $800 per claim and $1,000 per year in cell phone protection against covered theft or damage. Phones are automatically covered when listed on the monthly phone bill paid with the Chase Freedom Flex by Mastercard. There is a maximum of two claims in a 12-month period, with a $50 deductible per claim.

In comparison, cell phone protection with AppleCare+ starts at $7.99 per month per device.

Users of app-based services will appreciate earning 5% cash back on Lyft rides through March 2022. Cardholders also receive three months of DashPass, DoorDash's subscription service with unlimited $0 delivery fees, and reduced services fees on orders of $12 or more.

LEARN HOW TO APPLY FOR THE CHASE FREEDOM FLEX BY MASTERCARD HERE

What Are Chase Ultimate Rewards Points?

One thing we enjoy with Freedom cards is their flexibility. Points and miles frequently lock you into using a specific airline or hotel. Transferable points cards open the door to many more options. Even better are cash back cards earning these more flexible points in disguise.

The Chase Freedom Flex by Mastercard is one of these wonderful cards. The cash back earned with this card may be redeemed for cash in the form of a statement credit or spent as Ultimate Rewards points when booking travel through Chase's Ultimate Rewards.

Related: How Chase Ultimate Rewards Actually Work

Why We Love Earning Chase Ultimate Rewards Points

Chase Ultimate Rewards points are a highly valued travel currency. But it's even more so when paired with one of Chase's premium cards, such as the Chase Sapphire Preferred, Chase Sapphire Reserve, or Ink Business Preferred Credit Card. Ultimate Rewards points are worth more when combined with one of these cards. Here's why:

Ultimate Rewards points earned with one of these premium cards give cardholders the option of transferring Ultimate Rewards points to one of the many transfer airline partners. Partners include popular airlines like Southwest, Singapore Airlines, and British Airways. Or transfer to hotel partners such as Hyatt. Finding the right transfer partner for your Ultimate Rewards points can score a real bargain on international travel or get you into a comfy business class for practically nothing.

Related: The Chase Sapphire Preferred Card-Great For Cash Back Or Travel Rewards

Transfer Ultimate Rewards points to Southwest

On the other hand, some appreciate the simplicity of booking travel. The Chase Ultimate Rewards booking portal allows just that, but premium cardholders points go further. Points earned with the Chase Freedom Flex by Mastercard are worth a straight 1 cent per point. However, the premium cards' points are all worth more. When redeemed for travel through the portal, the Chase Sapphire Preferred and Ink Business Preferred Credit Card's points are worth 25% more, or 1.25 cents per point. Even more incredible, the Chase Sapphire Reserve's points are worth 50% more, or 1.5 cents per point.

Related: Chase Sapphire Reserve Review-The Best Chase Has To Offer

Pool Your Points For Greater Value

Better yet, when you combine points earned from a Freedom card with Ultimate Rewards points earned with a premium card, they take on the value of the points earned from the premium card when redeemed for travel through Chase Ultimate Rewards. Cardholders can first maximize spending using the Chase Freedom Flex by Mastercard's generous category bonuses. Then boost their value by transferring to a premium card's account.

And finally, Chase cardholders in the same household can transfer points to each other. You'll be able to pool points with each other to both maximize their value or before sending the points to a transfer partner.

Using the Chase Ultimate rewards Portal To Book Travel

It couldn't be easier to use the Chase Ultimate Rewards portal to book your next trip. Select mode of travel, flights, hotels, cruises, rental cars, and more, input your details and submit.

Booking travel with Chase Ultimate Rewards points

The displayed results list prices in both US dollars and the number of required points with the appropriate point value already applied.

Booking travel with Chase Ultimate Rewards Points

In the above example, a flight from Richmond to Orlando is available for less than 18,000 Ultimate Rewards points. It's far less than the 25,000 American Airlines Advantage miles you would likely need to book an award seat directly with the airline–that's if you can find availability. Booking travel through the Ultimate Rewards portal not only means greater availability even during peak travel periods, but it is the same as booking with cash. From the airline's perspective, it's is a revenue flight. You can earn frequent flier miles even when you used points to book.

Who is this Card Good for?

The Chase Freedom Flex by Mastercard is an excellent card to hold for 3 types of people.

  • Anyone who wants a solid and easy to use cash back credit card
  • Travel rewards beginners wary of annual fees
  • Ultimate Rewards fans wanting to bank a supply of points

There's no doubt about it, if Chase is looking to corner the market on a no-fee cash back card, the Chase Freedom Flex by Mastercard is going to be a tough one to beat. With solid earnings in a wide variety of categories, if cash back is your thing, this will be your go-to card

The idea of paying an annual fee for a credit card can seem counterintuitive to many. The concept of travel rewards is intriguing but they aren't sure if it's worth the effort. The Chase Freedom Flex by Mastercard may just be the perfect card to get your feet. With a fantastic earnings structure and easy-to-use points, this card may be the one to finally convince you travel rewards are worth the pursuit.

Users of app-based services will appreciate earning 5% cash back on Lyft rides through March 2022. Cardholders also receive three months of DashPass, DoorDash's subscription service with unlimited $0 delivery fees, and reduced services fees on orders of $12 or more.

Chase Freedom Flex by Mastercard

LEARN HOW TO APPLY FOR THE CHASE FREEDOM FLEX BY MASTERCARD HERE

Ultimate Rewards Earning Cards Comparison

 Chase Freedom Flex by MastercardChase Freedom UnlimitedChase Sapphire PreferredInk Business Preferred Credit CardChase Sapphire Reserve
Annual Fee$0$0$95$95$550
Point Value on Travel Purchased Through Chase Ultimate Rewards1 cent1 cent1.25 cents1.25 cents1.5 cents
Earnings at Grocery Stores5% cash back on up to $12,000 in the first year (not including Target or Walmart)1.5%1X point1X point1X point
Earnings on Travel5% cash back when purchased through Chase Ultimate Rewards5% cash back when purchased through Chase Ultimate Rewards2X points3X points3X points
Earnings at Restaurants3% cash back3% cash back2X points1X point3X points
Earnings at Drugstores3% cash back 3% cash back1 point1X point1X point
Earnings on Shipping, Internet, Cable, and Phone Services1% cash back1.5% cash back1X point3X points1X point
All Other Purchases 1% cash back 1.5% cash back1 point1X point
Bonus Categories Each Quarter You Activate5% cash back on up to $1,500 in combined purchasesNoneNoneNoneNone
Points Transferable to Travel PartnersNoNoYesYesYes

Related: Ink Business Preferred Credit Card Review: Best Credit Card For Side Hustles

5/24 and Why You Need to Understand What it Means

The 5/24 Rule is the name given to an unofficial policy where Chase will not approve any credit card applications if you've had more than five new personal (and some business) credit cards issued from any financial institution in the last 24 months. This includes being an authorized user on someone else's credit card. When in doubt, check your credit report. If it shows up on your report, Chase is going to count it.

Chase business cards are not reported to your personal credit report, and they do not count toward 5/24. Once 5/24 status is reached, even Chase business cards will no longer be available to you until you fall back under than magic number.

Because of this rule, when considering opening up a new credit card account, Chase options should always be considered first.

Final Thoughts

After a remarkably tough year, seeing new credit cards hit the market feels like a bright light shining through. The Chase Freedom Flex by Mastercard is offering amazing new bonus categories for a no-fee card. When paired with a premium Ultimate Rewards earning card like the Chase Sapphire Preferred, cardholders will be able to earn at an incredible rate and increase point values by at least 25%.

At the moment, travel is limited for US passport holders. Use this as an opportunity to bank your points. Once travel does open back up, that aspirational trip may finally be in reach.

Users of app-based services will appreciate earning 5% cash back on Lyft rides through March 2022. Cardholders also receive three months of DashPass, DoorDash's subscription service with unlimited $0 delivery fees, and reduced services fees on orders of $12 or more.

LEARN HOW TO APPLY FOR THE CHASE FREEDOM FLEX BY MASTERCARD HERE

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ChooseFI seeks to uncover helpful services that help you be financially resilient. However, we may receive compensation, at no cost to you, from the issuers of some products mentioned in this article, including from CardRatings for our coverage of credit card products. Opinions are the author’s alone, and this content has not been provided by, reviewed, approved or endorsed by any of these entities. See our disclosures for more info.

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