Introduction
In this comprehensive review, we’ll dive into the Chase Freedom Student credit card and examine its key features, benefits, drawbacks, and how it stacks up against other student credit cards. Whether you’re a college student looking to build your credit or someone seeking a student-friendly credit card, read on to discover if this card is the right fit for you.
Key Features of the Chase Freedom Student Credit Card
Credit Building for Students
- Designed to help college students establish and build their credit history.
- Provides a valuable opportunity for students to enter the world of credit responsibly.
Welcome Bonus
- Offers a $50 cash bonus (equivalent to 5,000 Chase Ultimate Rewards points) after making the first purchase within three months of account opening.
- Provides a straightforward and attainable welcome incentive for new cardholders.
Rewards Program
- Offers a simple and easy-to-understand rewards program.
- Earns 1 percent cash back on all purchases, allowing students to accumulate rewards with everyday spending.
No Annual Fee
- Does not charge an annual fee, making it budget-friendly for students.
- Eliminates the burden of yearly fees commonly associated with credit cards.
Good Standing Bonus
- Rewards cardholders who maintain their account in good standing by paying their balance on time.
- Offers a $20 good standing credit each year on the cardmember anniversary for up to the first five years.
Credit Limit Increase
- Provides the opportunity for a credit limit increase.
- Requires making at least five on-time payments within a 10-month period, encouraging responsible credit use.
Purchase Protection
- Includes purchase protection coverage for items bought with the card.
- Covers eligible purchases against damage or theft for up to 120 days after the purchase date.
Extended Warranty Coverage
- Extends the warranty on items purchased with the card.
- Offers an extra year’s worth of coverage for manufacturer warranties of three years or less.
Trip Cancellation and Interruption Insurance
- Uncommon among student credit cards, provides trip cancellation and interruption insurance.
- Reimburses non-refundable travel expenses due to covered reasons such as severe weather, illness, or family emergencies.
Foreign Transaction Fee Waiver
- Does not charge foreign transaction fees, making it suitable for international travel or study abroad.
- Eliminates additional costs associated with using the card outside the United States.
Online Account Management
- Offers an online platform for easy account management.
- Allows cardholders to make payments, track rewards, and monitor their account activity conveniently.
Flexible Reward Redemption
- Provides multiple options for reward redemption, including cash back, gift cards, travel, and purchases with Chase partners.
- Offers versatility in how cardholders can use their accumulated rewards.
Lower Ongoing APR
- Features a reasonable ongoing APR of 19.74 percent variable.
- Offers a more forgiving interest rate compared to some other student credit cards.
No Introductory APR
- While it lacks introductory APR offers, its lower ongoing APR can be advantageous for cardholders who carry a balance.
Additional Cardholder Benefits
- Includes benefits such as zero liability and fraud protection, providing security and peace of mind to cardholders.
This comprehensive outline highlights the key features and benefits of the Chase Freedom Student credit card, making it a suitable choice for students looking to build credit and earn rewards while managing their finances responsibly.
Chase Freedom Student Card Overview
Quick Overview
- Finance Devil Rating: 3.4 stars out of 5
- Rewards Rate: 1% cash back on all purchases
- Annual Fee: $0
- Intro Offer: $50 Bonus
- Regular APR: 19.74% Variable
The Chase Freedom Student credit card is an excellent choice for college students embarking on their credit journey. It not only rewards you on every purchase but also encourages responsible credit use. This card stands out by offering no annual fee and a reasonable ongoing APR. Moreover, it provides access to the lucrative Chase Ultimate Rewards program, known for its flexibility and value.
Pros and Cons
Pros:
- Designed with students in mind, making it easier to qualify for.
- A $50 welcome bonus after the first purchase within three months.
- No annual fee, making it budget-friendly.
- Incentives for good standing and responsible credit use.
Cons:
- The 1 percent cash back rate is lower than some other student cards.
- Lacks introductory APR offers.
Current Welcome Bonus
Chase currently offers a $50 cash bonus (equivalent to 5,000 Chase Ultimate Rewards points) when you make a purchase with the Chase Freedom Student Unlimited card within three months of account opening. This easily attainable bonus is a standout feature compared to other student credit cards.
Rewards Rate
The Chase Freedom Student card offers a straightforward 1 percent cash back on all purchases. While simple to earn rewards, some competing student cards offer higher cash back rates in specific spending categories.
How to Redeem Rewards
Redeeming your Chase Freedom Student rewards is hassle-free. You can exchange points for cash back, gift cards, travel expenses, or purchases with Chase partners. Amazon users and Apple enthusiasts can also benefit from reward redemptions tailored to their preferences.
The Value of Rewards
The value of your rewards depends on how you choose to redeem them. While cash back offers a 1 cent per point value, merchandise redemptions through Chase may offer less value. However, savvy users can find opportunities to get more value, especially during gift card promotions.
Other Cardholder Perks
The Chase Freedom Student card comes with several benefits that enhance its appeal, including a $20 good standing bonus, potential credit limit increases, purchase protection, extended warranty coverage, and trip cancellation/interruption insurance. These perks make it a well-rounded choice for students.
Rates and Fees
This card stands out among student credit cards for its lack of an annual fee. While it doesn’t provide introductory APR offers, its ongoing APR of 19.74 percent variable is more forgiving than many other student cards. Keep in mind there are late payment and returned payment fees, but no over-the-limit or returned check fees.
How the Chase Freedom Student Card Compares to Other Student Cards
We’ll compare the Chase Freedom Student card to two other popular student credit cards to help you make an informed choice.
Chase Freedom Student vs. Discover it® Student Cash Back
The Chase Freedom Student card offers solid credit-building and rewards benefits. However, the Discover it® Student Cash Back card provides the opportunity to earn more cash back, especially with its cashback match feature. Students looking for higher rewards potential might prefer the Discover option, but it comes with its own set of considerations.
Rewards Rate:
- Chase Freedom Student: Offers a flat 1 percent cash back on all purchases.
- Discover it® Student Cash Back: Provides the opportunity to earn 5 percent cash back in rotating categories (up to $1,500 in purchases per quarter, then 1 percent back) upon enrollment, along with 1 percent back on all other purchases.
Welcome Bonus:
- Chase Freedom Student: Offers a $50 cash bonus after the first purchase within three months.
- Discover it® Student Cash Back: Doubles all the cash back earned in the first year for new cardmembers, essentially matching your rewards.
Introductory APR:
- Chase Freedom Student: Lacks introductory APR offers on purchases and balance transfers.
- Discover it® Student Cash Back: Offers a six-month 0 percent intro APR on new purchases and a six-month 10.99 percent intro APR on balance transfers (then a standard variable APR applies).
Credit Score Requirement:
- Chase Freedom Student: Generally requires a fair credit score.
- Discover it® Student Cash Back: Can be more accessible to those with no credit history.
Cashback Match:
- Chase Freedom Student: Does not offer a cashback match.
- Discover it® Student Cash Back: Matches all cash back earned in the first year for new cardmembers, potentially doubling your rewards.
Categories and Activation:
- Chase Freedom Student: Offers a straightforward 1 percent cash back on all purchases with no need to activate rotating categories.
- Discover it® Student Cash Back: Requires activation for 5 percent cash back categories, which change quarterly.
Chase Freedom Student vs. Journey Student Rewards from Capital One
While the Chase Freedom Student card offers a straightforward 1 percent cash back, the Journey Student Rewards from Capital One can boost your rewards rate to 1.25 percent for one month after on-time payment. Additionally, it offers 5 percent cash back on specific travel expenses. However, it lacks a welcome bonus and Chase’s $20 good standing bonus.
Comparing the Chase Freedom Student card to other student credit cards can help you determine which card aligns best with your financial goals and spending habits. Here’s a comparison of the Chase Freedom Student card with two other popular student cards: Discover it® Student Cash Back and Journey Student Rewards from Capital One.
Rewards Rate:
- Chase Freedom Student: Earns 1 percent cash back on all purchases.
- Journey Student Rewards from Capital One: Offers 1 percent cash back on all purchases, which increases to 1.25 percent for one month after making on-time payments.
Welcome Bonus:
- Chase Freedom Student: Provides a $50 cash bonus after the first purchase within three months.
- Journey Student Rewards: Does not offer a welcome bonus.
Credit Score Requirement:
- Chase Freedom Student: Generally suitable for those with fair credit.
- Journey Student Rewards: Tailored for those with fair to good credit.
Boosted Rewards:
- Chase Freedom Student: Offers a straightforward cash back rate without temporary boosts.
- Journey Student Rewards: Rewards cardholders who make on-time payments with a 1.25 percent cash back rate for one month.
Travel Benefits:
- Chase Freedom Student: Provides purchase protection, extended warranty coverage, and trip cancellation/interruption insurance.
- Journey Student Rewards: Offers 5 percent cash back on hotels and rental cars booked through Capital One Travel, making it a good option for students who travel frequently.
Good Standing Bonus:
- Chase Freedom Student: Offers a $20 good standing credit annually for up to the first five years.
- Journey Student Rewards: Does not provide a good standing bonus.
Foreign Transaction Fees:
- Chase Freedom Student: No foreign transaction fees.
- Journey Student Rewards: May charge foreign transaction fees, making it less suitable for international travel.
In summary, the Chase Freedom Student card offers a straightforward approach to credit-building and rewards, with a $50 welcome bonus and no annual fee. However, the Discover it® Student Cash Back card provides more significant cash back potential and a cashback match for the first year. On the other hand, the Journey Student Rewards from Capital One offers boosted rewards for on-time payments and travel-related benefits, making it a good fit for frequent travelers. The choice depends on your credit history, spending habits, and preferences.
Best Cards to Pair with Chase Freedom Student Card
For students looking to maximize their rewards, pairing the Chase Freedom Student card with another student card, like the Discover it® Student Cash Back, can expand the range of bonus categories and increase cash back earnings.
Who is the Chase Freedom Student card Ideal For?
The Chase Freedom Student card is an ideal choice for:
- College Students: It is specifically designed for college students who are looking to start building their credit history responsibly while pursuing their education.
- Those New to Credit: If you’re new to the world of credit and looking for a card with reasonable approval odds, this card offers a solid starting point.
- Budget-Conscious Students: With no annual fee, it’s suitable for students on a budget who want access to credit without the burden of yearly fees.
- Responsible Credit Users: It rewards responsible credit card use with a $20 good standing credit each year and the opportunity for a credit limit increase.
- Travelers: The card’s lack of foreign transaction fees makes it a practical choice for students studying abroad or those who frequently travel internationally.
- Students Seeking Rewards: While the rewards rate is modest, it still offers 1% cash back on all purchases, allowing students to earn a little extra with their spending.
Overall, the Chase Freedom Student card is tailored to help students build credit, providing them with a pathway to responsible credit management and potential rewards along the way.
Finance Devil’s Take
The Chase Freedom Student card offers an excellent opportunity for students to build credit and earn rewards. It’s especially attractive due to its low barriers to entry and valuable welcome bonus. However, students seeking higher rewards rates or introductory APR offers should explore other options suited to their specific needs.
Frequently Asked Questions
Here are answers to some common questions about the Chase Freedom Student card:
1. Is the Chase Freedom Student card available to international students in the United States?
Yes, the Chase Freedom Student card is available to international students studying in the United States. To apply, you typically need to provide proof of enrollment at a U.S. educational institution and meet other eligibility criteria.
2. Can I request a credit limit increase with the Chase Freedom Student card, and how does it work?
Yes, Chase offers the possibility of a credit limit increase with the Chase Freedom Student card. To be eligible, you typically need to make at least five on-time payments within a 10-month period. A higher credit limit can be beneficial for improving your credit utilization ratio and overall credit score.
3. Does the Chase Freedom Student card have foreign transaction fees?
No, the Chase Freedom Student card does not charge foreign transaction fees. This means you can use the card for purchases abroad without incurring additional fees, making it a suitable choice for students who plan to travel or study abroad.
4. Can I manage my Chase Freedom Student card account online, including making payments and tracking my rewards?
Yes, Chase provides an online account management platform where you can easily monitor your account, make payments, view your rewards balance, and redeem your rewards. It’s a convenient way to stay on top of your card activity.
5. What should I do if I lose my Chase Freedom Student card or suspect unauthorized transactions on my account?
If you lose your Chase Freedom Student card or notice unauthorized transactions, it’s crucial to act promptly. Contact Chase’s customer service immediately to report the loss or fraudulent activity. They will assist you in securing your account and potentially issuing a replacement card. It’s essential to monitor your account regularly to spot any suspicious transactions early.
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