Chase Freedom Flex Review

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If you want to increase your earning potential and are interested in the Chase Ultimate Rewards® system, the Chase Freedom Flex will be in your wallet. The latest addition to the Freedom series ticks many boxes on the perfect credit card wish list.

Everyone can make friends with a rewards card with no annual fee. But Freedom Flex also does the heavy lifting for more expensive rewards cards with an income program on steroids.

As long as you activate the bonus, this card gives you 5% cash back on quarterly rotating categories on total purchases up to $1,500 per quarter. You’ll also earn 5% cash back on a quarterly rotation in categories up to $1,500 (activation required), 5% on travel purchased through Chase Ultimate Rewards®, 3% at restaurants and pharmacies, and 1% on all other purchases.

What’s notable about Freedom Flex’s rewards structure is that it rivals, and in some cases exceeds, two other Chase credit cards: the ultra-premium Chase Sapphire Reserve® Credit Card and the mid-range Chase Sapphire Preferred® Card, both of which are active is the annual fee.

Freedom Flex operates on the Mastercard network and offers world elite Mastercard benefits including cell phone insurance and more.

At first glance

No annual fee
Welcome Bonus: $200 bonus after spending $500 within the first 3 months of account opening
Earn 5% cash back on up to $1,500 in quarterly rotating categories (activation required), 5% on travel purchased through Chase Ultimate Rewards®, 3% at restaurants and pharmacies, and 1% on all other purchases.
Rewards are usually worth one cent and can be redeemed for cash back, statement credit, gift cards or travel.
World Elite Mastercard Benefits

Chasing Free Elastic Rewards

Earn rewards

Freedom Flex comes with a welcome bonus: spend $500 within the first 3 months of account opening and receive a $200 bonus.

Cardmembers can also earn 5% cash back on quarterly rotating categories (activation required) up to $1,500, 5% on travel purchased through Chase Ultimate Rewards®, 3% at restaurants and pharmacies, and 1% on all other purchases.

Redeem rewards

Freedom Flex redemption options include:

Travel booked through Chase Ultimate Rewards® (1 cent per point)
Settlement Credit (1 cent per point)
Direct Deposit (1 cent per point)
Voucher (1 cent per point)
Amazon Purchases (0.8 cents per point)

Rewards never expire as long as your account remains open and in good standing. Freedom Flex earnings may be even more valuable when combined with earnings from cards such as the Chase Sapphire Preferred® Card, Chase Sapphire Reserve® or Ink Business Preferred® Credit Cards.

Alternatively, you can maximize your earnings by transferring your Chase Ultimate Rewards® points to Chase’s airline and hotel partners, including United, Southwest Airlines and Hyatt. This is only possible if you also have a card that allows transfers.

Reward Potential

To determine the reward potential of the Chase Freedom Flex Card, we need to look at the reward categories and calculate how much U.S. households are likely to spend in those areas. Chase didn’t release the quarterly categories for the Freedom Flex card early, so we looked at the four quarterly categories of the recently announced Freedom card for comparison.

Q1 2022: Grocery stores (excluding Target and Walmart) and PayPal
Q4 2021: Walmart and PayPal
Q3 2021: Grocery stores (excluding Target and Walmart) and some streaming service
Q2 2021: Gas stations and hardware stores

Forbes Advisor uses data from various government agencies to determine basic income and average spending for each category. 70% of wage-earning households bring in $100,172 per year, and our payout is based on that number.

With that in mind, many households spend at least $1,500 a quarter on bonus categories listed according to U.S. government data. Chase maximizes quarterly earnings bonuses to $1,500 per quarter or $6,000 per year. When maxed out, Chase Freedom Flex Cardmembers will earn 30,000 Chase Ultimate Rewards® from the quarterly bonus category alone.

In addition to quarterly categories, Chase offers the following expense categories:

5% on travel purchased through Chase Ultimate Rewards
3% on restaurant purchases, including takeout or eligible delivery
3% off drugstore purchases
1% Unlimited Cash Back on All Other Purchases

Forbes Advisor estimates that our sample family spends $3,185 on travel and earns 15,925 Chase Ultimate Rewards® points, assuming all purchases are made through Chase Ultimate Rewards®. Additionally, they earned 16,152 Chase Ultimate Rewards® points on $5,384 spent at eligible restaurants and pharmacies.

We estimate that the remaining annual household credit card spending that can be loaded onto the credit card is $17,841. If all of these charges are charged to the Chase Freedom Flex Card, cardholders will earn an additional 17,841 Chase Ultimate Rewards®. Total earnings of 79,918 Chase Ultimate Rewards® per year in addition to the welcome bonus.

Note that the Chase Ultimate Rewards® Card is best used by the whole family. When the Freedom Flex Card is combined with the Sapphire Preferred, Sapphire Reserve or Business Ink Preferred, rewards may be combined into one account. This account enables the transfer of Chase Ultimate Rewards® to Chase’s airline and hotel partners, potentially making points worth well over 1 if you only have a Freedom Flex card.

Please note that existing Freedom cardholders can also request to convert their original Freedom card product to Freedom Flex (currently not available for new applicants), which is recommended by Forbes Advisor. This allows you to take advantage of new categories of bonuses without having to compromise your credit score or your 5/24 status with a new app.

Benefits of Chase Freedom Flex

The Chase Freedom Flex offers the following benefits, some of which go beyond the World Elite Mastercard benefits included with the card:

Car Rental Collision Damage Waiver: Buy secondary insurance for your rental if you decline the rental company’s collision insurance and the full rental fee is charged to your card.
Trip Cancellation/Interruption Insurance: Up to $1,500 per person and $6,000 per trip for prepaid non-refundable passenger fares if your trip is canceled or shortened due to illness, severe weather, or other covered conditions
Extended Warranty and Buyer Protection: Extend your U.S. manufacturer’s warranty by one year to eligible warranties of three years or less, and protect your new purchase from damage or theft for 120 days, up to a maximum per claim $500, up to $50,000 per account
Lyft: Earn $5 per month in credit. 3 trips in a calendar month and pay by card, the points will be automatically used for the next trip, limited to once a month
Cell Phone Insurance: Up to $800 per claim, up to $1,000 per year for cell phone protection against theft or damage to the cell phone listed on the cardholder’s monthly bill
ShopRunner: Free membership with two-day shipping and free returns from over a hundred online retailers
Fandango: $5 off movie tickets or home purchases for every 2 movie tickets purchased

Beautifully printed

Interest expense

Regular APR: 14.99% – 23.74% variable
Purchase introductory APR: 0% for 15 months of introductory APR
Introductory APR for Balance Transfers: Introductory APR for 15-month balance transfers is 0%

Cost

Annual fee: $0
Transfer Fee: $5 or 5% of each transfer amount, whichever is greater.
Cash Advance: $10 or 5% of each transaction amount, whichever is greater.
Outsourcing transaction fee: 3% per dollar transaction.

How does the Chase Freedom Flex perform?

Chase Freedom Flex and Chase Freedom Unlimited

Although the names are similar, there are some differences between the two cards. Unlike Freedom Flex’s tiered rewards, Chase Freedom Unlimited® earns an easy-to-digest 1.5% cash back on all non-bonus spend. Chase Freedom Unlimited® also earns 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% cash back at eligible restaurants and pharmacies, and 1.5% on all other purchases. Freedom Unlimited does not offer categories that rotate by season. For some, this might be an easier rewards program.

A better plan might be to have both cards. Use Freedom Flex for quarterly categories and Chase Freedom Unlimited for all other categories. A group of cards like this can yield higher returns than owning one card alone.

Chase Freedom Flex℠ and Chase Sapphire Preferred® Card

Another popular credit card, the Chase Sapphire Preferred, earns the full amount of Ultimate Rewards points. Cardholders often choose to carry both cards, but it’s also a good idea to choose just one of them.

The Sapphire Preferred offers a consistent rewards tier throughout the year, earning 5 points per dollar on travel purchased through Chase Ultimate Rewards®, 3 points per dollar on dining, 2 points per dollar on all other travel purchases, and 1 point per dollar on all other purchases. You Also get a 10% bonus on your card anniversary.

Those who make the most of the rotating category on the Freedom Flex will likely outperform the Sapphire Preferred and also save $95 on the annual fee. However, Sapphire Preferred also offers perks like annual hotel points and the transfer of Ultimate Rewards points to partner travel loyalty programs.

Chase Freedom Flex℠ and Blue Cash Preferred® Cards from American Express

If your budget is more for home cooking and local travel, the Blue Cash Preferred® card from American Express may be a more valuable solution. The annual introductory fee is $0 for the first year and $95 thereafter. (Terms and conditions apply. See rates and fees). The card offers the following rewards: 6% cash back on purchases up to $6,000 per year (1% at the time) at US supermarkets, 6% cash back on select US streaming subscriptions, US gas stations and in transit (including taxis) /Carpool) 3% cash back, parking, tolls, trains, buses, etc.) and 1% cash back on other eligible purchases. You receive cash back in the form of reward dollars that can be redeemed for statement credit

The card also includes benefits, including offers from American Express and access to the American Express Global Helpline.

Is the Chase Freedom Flex right for you?

Freedom Flex packs a punch in its no-annual-fee plan, and it stands out from the competition. On its own, it’s a formidable workhorse that deserves good returns in a variety of categories. When you combine it with the Chase Premium Rewards Card, you can maximize your earnings with every dollar you spend as part of your strategic card matching strategy.

Escrito por

Jake Smith

He is the editor of Eragoncred. Previously, he was editor-in-chief of Eragoncred and a financial industry reporter. Jake has spent most of his career as a Digital Media journalist and has over 10 years of experience as a writer and editor.