This card is intended to be a first card for students and those who want to rebuild their credit. The 5/24 rule states that you will not be approved for any UR-earning card if you were approved for five or more new accounts in the last 24-months. The Chase Freedom Student is subject to the 5/24 Rule. Young adults and students with good habits will be more likely to make educated decisions in the future after being mentored early in life. Such knowledge is instrumental for setting them up for the rest of their lives. This is especially true because many young adults do not learn about personal finance while in school. Learning about personal finance and having a mentor is huge for students and young adults. One of the purposes of the Freedom Student Card is to instill positive financial habits into young adults. But they will have 10 months to prove themselves to Chase before being rewarded. However, the automatic credit limit increase implies that cardholders will receive a low starting limit straight away. This is nice because Chase is normally very picky with giving out credit limit increases.
Automatic Credit Limit IncreaseĬardholders will receive a credit limit increase automatically after making five on-time payments within the first 10 billing cycles. However, Chase got creative and added some perks that reflects their target market well. This card does not have any traditional credit card perks. Chase has the following transfer partners: Hotels But they are only available if you also have either Sapphire card or the Chase Ink Business Preferred. Transfer partners are by far Chase’s most valuable redemption option. The Chase Freedom Student is not for you if either of these options is better than points. This is the best-case scenario if you have the card by itself. Sometimes, Chase discounts some of their gift card options, enabling cardholders to redeem for more than 1 CPP. The other option is to redeem for gift cards at 1 CPP. Points are worth 1 CPP when redeemed for cash back. Chase has multiple options for points redemption: Cash Back & Gift CardsĬash back is one of just two redemption options if you have the Freedom Student by itself.
But Chase is rewarding you for good credit, not good grades.Įarning points is fantastic, but points earned are useless if you cannot redeem them for anything of value. This is like the 3.0 GPA bonus from the Discover It for Students. Chase will reward you with 2,000 UR points (or $20) each year you keep your account in good standing. This is the easiest Chase sign-up bonus to earn, but its also the least valuable.įurthermore, the Freedom Student card has a built-in incentive to build your credit responsibly. You can earn the points after making one purchase in the first 3 months. The Freedom Student card has a sign-up bonus worth 5,000 UR points (or $50 cash back). The ability to transfer points is the most powerful feature Chase has to offer, especially if you want to travel in the future. This is because you can transfer the points from your Freedom Student account to either a Chase Sapphire or Ink Business Preferred account. Maximizing points will come upon acquiring more Chase cards. The two exceptions are the Freedom Unlimited and the Ink Business Unlimited.įortunately, UR points can be worth more than 1 cent per point (CPP).
Almost every other UR-earning Chase card also earns one point per dollar on all purchases. It earns only one Ultimate Rewards (UR) point (or 1% cash back) per dollar on all purchases. The Chase Freedom Student card has a simple earning structure. Furthermore, the Freedom Student card is a way for students and young adults to be mentored about personal finance and credit cards by a Chase banker. It is also huge for Chase as they build relationships with Generation Z. This can be huge for students and young adults who build their credit wisely and responsibly. One purpose of the Chase Freedom Student card is to give students and young adults a chance to get into the Chase “ecosystem”. Launched in June 2019, it’s also a nice alternative for those who are starting out and building their credit. The Chase Freedom Student card serves as Chase’s foray into the growing student card market.
0 kommentar(er)
