【2020.9 Update】While this round of benefit updates is very good news overall, there are also a few hidden drawbacks. It looks like CFF is a rather special card. Here’s a quick summary:

  • Each person can only have one CFF This comes from the new card’s FAQ. What Chase media means is that one person cannot hold more than 1 CFF. If you convert your old freedom to CFF, you will no longer be able to apply for a new CFF; and even if you newly apply for a CFF, there is some chance that your old freedom may not be convertible to CFF afterward (personally, I think it should probably still be possible).
  • CSP and CSR cannot be converted to CFF: According to FM’s report, the Chase media team confirmed this. In other words, unlike the old freedom, not all UR-family cards can be product changed to it. CFF will exist as a card separate from the UR family, and it cannot be converted from CFU, CSP, or CSR.
  • After September 14, you will no longer be able to convert to the old Freedom card: Originally, personal UR cards could all be converted to freedom, which allowed people to hold multiple cards to earn the quarterly 5x cash back. That path will be closed going forward. So my suggestion is: if you have a CSP or CSR that you do not plan to keep long term, try to convert it to freedom first. After all, a discontinued 5x card is still very powerful.
As for why Chase is putting these rules in place, the reason is simple: 5x cards are just too unprofitable for Chase! Merchant swipe fees are generally around 1%-3%, and if the bank gives 5% cash back, it may not even cover the cost. Right now, people are using various methods to hold multiple freedom cards and only spending in 5x categories, so Chase is losing badly. There had previously been rumors that Chase would cancel freedom, but this Flex revamp is clearly better than canceling it outright. First, it preserves freedom as a classic quarterly 5x product, while also adding lifestyle-related benefits. More people will keep the card long term, and more people will also use it for 1x-category spending. At the same time, Chase has shut down the path to multiple freedom and CFF cards, preventing points hobbyists from grabbing multiple 5x cards.

In the end, I can only repeat this reminder once again: get on board with the old freedom while you still can! Either a new application or a product change works~

【2020.8 Update】Big news! This card will be renamed on September 14 to Chase Freedom FLEX (CFF? ). In addition, it will add 3% cash back (3x) on dining and drugstores, and it will also add 5x on bookings through the Chase UR Travel Portal. The original quarterly 5X remains unchanged! Personally, I think this is a very positive change. On the one hand, we no longer have to wonder which card “Freedom” refers to; on the other hand, the added dining and drugstore categories make this a card that can stay in your wallet for the long term as an everyday card.

In addition, this card will become a Mastercard, so getting the corresponding cell phone protection benefit is quite nice.

【2020.7 Update】A new offer is here: $200 (20,000 UR) signup bonus + 5% back at grocery stores in the first year. The 5% grocery benefit does not include discount stores such as Target and Walmart. The cap is $12,000, which means up to an extra 60,000 UR. This is a very solid offer. One thing that was still unclear at the time is whether this grocery-store 5x would stack with quarterly grocery-store 5x. If it really became 10x or 9x, that would be quite a bug.

Chase Freedom Credit Card Overview

Highlights

  • 2020 quarterly 5x categories:
    • The first quarter’s (January-March) 5x bonus categories are gas, internet, phone services, and streaming services. It feels like a good time to prepaid a bunch of phone and internet bills. For gas, you could also try buying gift cards or Visa gift cards at convenience stores attached to gas stations and see whether they earn 5x.
    • Second quarter
  • 5X earning, fast points accumulation: groceries, online shopping, department stores, gas. If you max it out for the year, you can earn 30,000 UR points. For 5x categories, see: Quarterly 5x Credit Card Categories Summary
  • UR points are very flexible: they can be redeemed for cash at 1:1, under certain conditions for airfare or hotels at 1.2c/p or 1.5c/p, and under certain conditions transferred to airline miles at 1:1
  • Shopping portal (UR mall) Chase’s own rewards portal also offers extra rewards at merchants including Walmart, Sears, Staples, and Apple Store, which is also a great way to accumulate points quickly

Drawbacks

  • If you want to transfer points to airline miles or hotel points, you need a UR card with an annual fee

Points Program Overview

  • Point value: The average value is 1.6c/p, so 100 UR = $1.6 (Point Values and Analysis)
  • Direct redemption: Cash redemptions are worth 1c; travel redemptions are worth 1c (without a premium card). Premium hotel redemptions or business/first class flights can yield 1.75c (with Ink Preferred or Sapphire Preferred), and 2c with the Sapphire Reserve.
  • Point transfers: Transfer 1:1 to United miles (good for China–US economy, domestic US economy, and one-way tickets); transfer 1:1 to British Airways miles (good for China–Japan and short-distance domestic US redemptions); transfer 1:1 to Hyatt points (great for Hyatt hotel stays, with value up to 1.8 cents per point).
  • Point features: Ultimate Rewards points can be freely moved among your own cards. They can also be transferred to one designated spouse or partner. To transfer points to airline miles or hotel points, you need support from Ink Preferred, Sapphire Preferred, or Sapphire Reserve. You can also transfer to the mileage or points account of an authorized user.
  • My take: UR’s main airline transfer partners are United Airlines, British Airways, Aeroplan, and Air France. UA can book most Star Alliance award tickets, while BA covers some domestic US AA flights. On the hotel side, Hyatt is the best option and can often deliver about 1.6c in value per point, but Hyatt has a relatively small footprint in the US, so your choices may be limited. If you have the Sapphire Preferred or Sapphire Reserve, booking flights, hotels, and activities through Chase Travel can get you 1.25c/1.5c in value, which is one of the best high-value options for beginners. Cash/gift card redemptions are worth 1 cent.
  • Detailed analysis: Ultimate Rewards Guide >>

My Take:

This was my fourth card, but it was my first real points-earning card. If you treat points and cash back as equivalent, this card is somewhat similar to Discover it. But points take this card to another level. Once you also have the Chase CSP, you can transfer points to UA miles for China-US flights or transfer them to Hyatt for free hotel stays, both of which are excellent options. The strength of this card is the quarterly 5x earning. With a little strategy, it is easy to max out. See also: Category Swaps

How to Apply:

  • This card has fairly average approval requirements. I recommend applying if you have at least one year of credit history or a Chase bank checking account.

Chase Credit Card Application Guide

  • Chase application status check link (login required). Or call: 888-338-2586
  • The 5/24 rule: if you have opened more than 5 new cards in the past 2 years (including cards from other banks), you will not be approved for a new Chase card
  • You can be approved for at most two Chase credit cards within every 30 days
  • If you have received the welcome bonus on this card within the past 24 months (48 months for the Sapphire family), your application will be automatically denied
  • You can call the reconsideration line (800-453-9719) to expedite card approval or request a review of a denied application.
  • Having a Chase Checking account can help with getting approved for a credit card
  • More on applying for Chase credit cards

Application Link: