Chase Freedom Student card review: Graduate with good credit

12 April 2023

Chase Freedom Student Credit Card overview

The Chase Freedom Student Credit Card is a solid option for students looking to build credit and earn rewards on their purchases. It offers bonus rewards for good credit standing and earns cash back on all purchases. Still, its everyday earning potential is lower than that of some other student cards. Card rating*: ⭐⭐

*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

Whether you’re looking for a student card because you want to earn rewards on all your textbook purchases or because you know you’ll need a good credit score to get an apartment and a travel rewards card when you graduate, the Chase Freedom Student credit card is a good option for students with little to no credit.

This card is available only to students and is designed to help you build your credit while you’re in school. But it’s far from the only student card on the market, so below, we’ll help you decide if this is the best student card for you.

Chase Freedom Student Credit Card welcome offer

As a new cardholder, you’ll receive a $50 bonus after making your first purchase on the card within the first three months from account opening.

THE POINTS GUY

Many student cards don’t offer a sign-up bonus at all, so the fact that the Chase Freedom Student card does is a win. Even though this one is relatively small, every little bit helps when you have to buy textbooks and a new outfit for your internship.

Plus, there’s no minimum spending threshold to get the bonus; just use your card on a late-night taco run during your first three months of having it.

Related: Best cash-back credit cards

Earning rewards on the Chase Freedom Student Credit Card

With this card, you’ll earn 1% cash back on all your purchases, whether you’re buying a new laptop or coffee to fuel an all-nighter. Plus, through March 2025, you’ll earn 5% back on Lyft purchases.

This isn’t an earning structure to write home about, but still a serious upgrade from using a debit card and not earning any rewards.

Related: Is a credit card better than a debit card?

Redeeming rewards on the Chase Freedom Student Credit Card

You can redeem your rewards for cash back as a statement credit or direct deposit, with no minimum to redeem.

You can also redeem your points for gift cards or use them to pay for your purchases at Amazon or for Apple products through the Apple Ultimate Rewards Store. Or, if you’re already planning your graduation trip, you can use your rewards to book travel through the Chase Ultimate Rewards portal.

Related: How to use the Chase Ultimate Rewards portal

Chase Freedom Student Credit Card benefits

This card’s standout benefit is that you’ll receive 2,000 points (worth $20) as “good standing rewards” after each account anniversary for the first five years. Again, this isn’t a bonus you’ll get rich from, but it’s a nice perk.

You’ll also get benefits like trip cancellation and interruption insurance, purchase protection and extended warranty protection.

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And to help you build your credit, Chase will increase your credit limit after you make five monthly payments on time within 10 months from account opening when you meet the credit criteria. You’ll also be able to check your credit score anytime for free with the Credit Journey tool.

Related: How to improve your credit score

Which cards compete with the Chase Freedom Student Credit Card?

The Chase Freedom Student isn’t the only card available to students. If you want to earn more rewards on specific categories or travel abroad and want a card without foreign transaction fees, you may want to get a different card.

If you want to earn on rotating quarterly categories: The Discover it Student Cash Back card earns 5% cash back from rotating quarterly categories such as Amazon, grocery stores and gas stations. With it, you’ll also receive a cash-back match at the end of your first year. For more details, check out why one TPG student chose this card.
If you want to earn bonus cash back on everyday spending: The Capital One SavorOne Rewards for Students card earns unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores. For more details, check out why one TPG student loves this card.
If you want a higher earning rate on all your purchases: The Capital One Quicksilver Student Cash Rewards Credit Card earns 1.5% cash back on all purchases. Plus, it earns 10% cash back on Uber rides and Uber Eats orders (through Nov. 14, 2024). For more details, check out why we think this is one of the best student cards.

For additional options, check out our favorite credit cards for college students and building credit.

Read more: 8 things you should know before applying for a credit card in college

The information for the Discover it Student Cash Back card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Is the Chase Freedom Student Credit Card worth it?

If you’re a student who wants a card with a simple earning structure and incentives to develop good credit habits, the Chase Freedom Student card is a great option. However, if you want a card that earns more on bonus categories or doesn’t have a foreign transaction fee, you’re probably better off with a different student card.

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Bottom line

If you’re a student, now is the time to build your credit, develop good financial habits and start getting rewarded for your purchases. The Chase Freedom Student Credit Card offers straightforward rewards and bonus perks for good standing.

But college is a time for exploring your options, and a credit card is no exception. Whichever card you choose, you can walk across the graduation stage with a degree and a good credit score. Watch out, world.

Apply here: Chase Freedom Student credit card

 

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