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If you love cash back, the Chase Freedom card might be the card for you. It’s a cash back credit card with a high rate of return on the most common purchases you make throughout the month. The cash back system works simply. Each quarter the company releases the different categories that pay cash back at a higher rate of return. Every purchase you make is worth 1 percent cash back, but every quarter you have an opportunity to earn 5 percent cash back on various categories up to $1,500. These categories typically include everything from groceries to travel to entertainment and more.

Cash Back

cashbackYour cash back is redeemed any way you prefer. You can ask for a direct deposit into your bank account, an Amazon store credit, gift cards, or you can ask for a statement credit on your next statement. Every purchase you make is worth 1 percent unless it’s part of the bonus category for the quarter. For example, if the bonus category for the quarter is gas, you’ll earn 5 percent cash back on all your gas purchases up to $1,500.

The Chase Freedom card offers a sign-up cash back bonus, too. Anyone who applies for this card and spends $500 in the first three months is eligible to receive a $150 cash bonus. You can redeem this cash back bonus any way you want.

Interest Charges

The Chase Freedom card is great for people who carry a balance on other credit cards. You’ll receive 15-months of 0 percent APR. Interest does accrue, however, so you must pay off your transfers before the 15-month introductory period is over of you’ll pay interest on the balance from this point forward as well as the past 15-months.

When your interest rate kicks in, it is going to fall somewhere between 14.24 percent and 23.24 percent. Your rate depends on your credit history. If you have excellent credit, you’ll have a much lower rate. As long as you pay off your card in full each month, however, you never have to worry about your interest rate.

Annual Fees and Other Information

chase-freedom-1The Chase Freedom card does charge a foreign transaction fee. This makes the card more beneficial to customers who don’t spend much time traveling outside the country. There is no annual fee at all with the Chase Freedom Card. All the cash back you earn while using this card is free and clear so long as you pay off the balance of the card in full each month.

Using the Chase Freedom card is beneficial to those who carry no revolving balances. There is no interest to worry about, and it allows you to earn the maximum amount of cash back at all times. This card has the ability to pay you handsomely every year if you use it correctly and responsibly. The high cash back rate on popular categories provides customers with a chance to earn even more cash back, and that’s what people love about this card.