12 October 2023
When it comes to no-annual-fee credit cards, it doesn’t get much better than Chase’s duo of the Chase Freedom Flex and Chase Freedom Unlimited. And one of them just launched a fantastic special offer for new applicants — with the potential to take home a slew of valuable Ultimate Rewards points.
The Freedom Unlimited’s new offer takes a page out of Discover’s playbook, as it will offer unlimited matched cash back for the first year. When you use your card for purchases, Chase will automatically match all the cash back you earn at the end of your first year — with no limit whatsoever. This effectively means that you can double your cash back earned through the first 12 months with your card.
Depending on your spending habits (and whether you have other popular Chase credit cards), this is perhaps the best offer this card has ever seen.
Meanwhile, the Chase Freedom Flex has a solid offer when you apply through Chase’s public application page. That’s because you’ll not only get the initial sign-up bonus, but you’ll also receive 5% back for the first year on combined gas station and grocery store purchases (excluding Target and Walmart), on up to $12,000 spent in your first year. All told, that’s a value of up to $800.
In general, both the Chase Freedom Flex and Chase Freedom Unlimited cards feature excellent rewards rates with no annual fee. Even better, they also offer the flexibility to earn either cash back or fully transferable Ultimate Rewards points when combined with other Chase products, such as the Chase Sapphire Preferred Card.
Let’s dive a bit deeper into these offers and see how they stack up.
Chase Freedom Unlimited welcome offer
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Sign-up bonus
With this special Chase Freedom Unlimited offer, you’ll have all your cash back matched by Chase at the end of your first year. This effectively means that your earning rates are doubled — though you won’t receive this extra cash back until the end of your first year with the card.
However, note that you can still access the previous offer directly through Chase — which is a $200 cash-back bonus after spending $500 in the first three months plus 5% back on combined gas and grocery store purchases (excluding Walmart and Target) on up to $12,000 spent in the first year.
Earning rates
5% on travel booked through Chase Ultimate Rewards
3% on dining
3% at drugstores
1.5% on everything else
Remember that these rates are effectively doubled for your first year. That means that applying today would boost your earning rates for the first 12 months to 6% on both dining and at drugstores and then 3% on everything else you buy.
However, be sure to crunch the numbers to see if applying directly through Chase makes more sense.
Related: Review of the Chase Freedom Unlimited
Chase Freedom Flex welcome offer
JOHN GRIBBEN/THE POINTS GUY
Sign-up bonus
With the public Chase Freedom Flex offer, you’ll earn $200 back after you spend $500 in the first three months. However, you’ll also earn 5% back for the first year on combined gas station and grocery store purchases (excluding Target and Walmart), on up to $12,000 in combined spending. If you max out the bonus category, you’ll take home a total of $800 in cash-back rewards.
Earning rates
5% on the first $1,500 spent on rotating categories each quarter (activation required)
5% on travel booked through Chase Ultimate Rewards
3% on dining
3% on drug stores
1% on all other purchases
That’s an impressive lineup of earning categories for any card, let alone a no-annual-fee credit card.
Related: Review of the Chase Freedom Flex
Combine points for even more value
However, what really makes these two cards powerful is how well they play with others.
If you have another Chase card that earns transferable Ultimate Rewards points, such as the Chase Sapphire Preferred, Chase Sapphire Reserve or Ink Business Preferred Credit Card, you can combine the points from your Freedom Unlimited or Freedom Flex. This boosts your redemption value for travel through Chase to 1.25 cents per point on the Sapphire Preferred or 1.5 cents per point on the Sapphire Reserve.
However, it also unlocks the ability to transfer them at a 1:1 ratio to the Ultimate Rewards program’s airline and hotel partners — including valuable programs like British Airways Executive Club, Air France-KLM Flying Blue, Air Canada Aeroplan and World of Hyatt. In this scenario, TPG values Chase points at 2.05 cents apiece, so your rewards have significantly more flexibility when used in this way.
Let’s look at how this affects the Chase Freedom Unlimited under the current offer for those who also have a Sapphire Preferred or Sapphire Reserve.
Since Chase will match all of the cash back you earn in the first year, that’s the same as doubling your earning rates. And if you combine those rewards in a more valuable Chase card account, you can effectively earn the following in the first year:
10 points per dollar spent on Chase Travel purchases
6 points per dollar spent on dining
6 points per dollar spent at drugstores
3 points per dollar spent everywhere else
Simply put, that’s a phenomenal earning structure for a card with no annual fee.
However, it’s worth pointing out that both the Freedom Unlimited and Freedom Flex impose foreign transaction fees, so they’re not good to use outside the U.S. In addition, you’ll want to make sure you comply with Chase’s 5/24 rule along with the issuer’s other application restrictions before applying. You’d hate to waste a hard inquiry on your credit report only to not get approved.
Bottom line
If you’re a current holder of the Sapphire Preferred or Sapphire Reserve and don’t have the Chase Freedom Unlimited, now could be the perfect time to jump on it. For the first year, new cardholders can earn the equivalent of 6 Ultimate Rewards points per dollar spent on dining and at drugstores. You’ll then earn 3 Ultimate Rewards points per dollar spent everywhere else. While only half of those rewards will come at the time of your purchase, you could be swimming in Chase points by the end of your first year.
Of course, the current offer directly through Chase may still be more appealing to some — especially those with large amounts of grocery and gas purchases each year. Nevertheless, this new special offer on the Freedom Unlimited is one of the best in the card’s history. If you’ve been thinking about applying, now is definitely the time.
The Freedom Flex is also worth a look, especially if you can apply directly with Chase and make the most of its rotating quarterly bonus categories — but the Freedom Unlimited will be better for most cardholders given the terrific new special offer.
Apply here: Chase Freedom Unlimited with all your cash back matched by Chase at the end of your first year with no limit whatsoever.