Many of us use our credit cards to buy airline tickets, rent vehicles, earn rewards, and as a convenient way to pay our bills. Chase is one of the more popular card companies around: they have several cards to fit the needs of consumers, which I’d like to take a look at more closely.
Chase Freedom Credit Card
If you enjoy credit card rewards, then this card can benefit you quite a bit. To start off, it has several variants you can check out, including the Chase Freedom MasterCard with $100 cash back and the Chase Freedom Visa with $100 cash back. All these cards have no annual fees and you’ll earn a full 1% cash back on every purchase you make, wherever you use any of these cards. That means your travel expenses, groceries, and the morning coffee can earn you cash back. Although there are some exclusions on what items you can earn cash back from — such as cash advances, balance transfers, and travelers checks — you’ll be able to earn rewards for purchases online and at the bricks and mortar stores you already visit.
Rewards. It’s also possible to earn 5% cash back on certain popular, rotating categories like gas, home improvement and department stores, if you’re eligible. And if you shop through Chase’s Ultimate Rewards Mall, you might find yourself earning as much as 10% to 20% cash back, depending on the merchants.
Rates & Fees. Better still is the lack of an annual fee. Now depending on which Chase Freedom card you select, you can get a 0% introductory APR for 6 months on purchases and 0% for 12 billing cycles (or one year) on balance transfers if you qualify for Elite or Premium Pricing. You may be eligible if you have a strong credit history. After the introductory period, the APR for this card readjusts upwards. These terms apply to the Chase Freedom Visa card with $100 bonus.
Security. If you find unauthorized purchases on your account, there’s Zero Liability. So if a thief lifts your card and helps themselves to a shopping spree, you won’t be the one paying for it. Just be aware that ATM transactions and PIN transactions that aren’t processed by MasterCard or Visa aren’t covered by the Zero Liability policy.
For a more detailed review, check out this coverage of Chase Freedom Credit Card.
Chase Sapphire with Ultimate Rewards
Chase Sapphire is another credit card that promises rewards. As a bonus, you can earn 25,000 points once you’ve spent $3K in 3 months. And the points add up because you earn 1 point for each $1 in eligible transactions, by default (in some cases, you can accumulate 2 points per dollar). If you use your Sapphire card at Chase’s Ultimate Rewards Mall, you can earn up to 10 times the points from participating merchants and services. Use Chase’s proprietary Travel Booking Tool and you might end up with double points for tickets that you book.
The point rewards you receive from Chase Sapphire may be redeemed for cash back, gift cards, travel, shopping, dining, entertainment and more. Travel benefits include trip cancellation insurance, travel and emergency services, and travel accident insurance. Whereas protection and security benefits include identity protection, Zero Liability, extended warranty protection, and other services.
This card also comes with a few other features such as no preset spending limit, a choice of your payment due date and if you qualify, the aforementioned Blueprint. You can easily ask for additional cards. As for interest rates, the APR is 12.24% variable for purchases while it’s 19.24% variable for cash advances.
Chase Slate with BluePrint
Although Slate lacks the rewards of other cards, you might appreciate what it can offer: to start with, it has no annual fee just like all the other Chase cards, and you can benefit from the Zero Liability policy for purchases you didn’t authorize. You’ll pay only 0% APR for 15 months (or billing cycles). After this introductory rate period, the APR increases to a variable rate that’s based on your credit background. The latest Slate offering also has one great feature: you’ll pay no balance transfer fee if you transfer your balance within the first 30 days of account open. Any transfers that take place after 30 days will be subject to a transfer fee that’s either 3% of the balance moved or a $5 minimum.
In addition, the Slate card is geared towards cardmembers who are prioritizing on payment management. This card has a different orientation, as it offers no rewards. It is exclusively customized to address spending behavior, by helping a card owner save on interest and control or resolve their debt balance. These goals are achieved by Slate’s unique Chase Blueprint feature. While the Blueprint program is automatically available with Slate, it is potentially available on several other Chase credit cards, but only at the discretion of Chase. What does this program do?
Blueprint lets you manage your financial categories and how your payment’s applied. You can opt to:
- Pay off certain spending categories in full each month (Full Pay feature).
- Create a custom payment plan for large purchases on your Chase card (the Split feature).
- Create a custom payment plan to pay down your entire credit card balance (the Finish It feature). This feature is designed to help you pay down your balance more quickly.
- Track your spending goals and review your spending history (the Track It feature). This feature allows you to see how your purchases are categorized.
Be aware that the Blueprint function is what distinguishes Slate from the other Chase cards. If you carry a Chase rewards card (or any other card that isn’t Slate), then you may still become eligible for this function and ask for it. But first, your spending patterns are regularly reviewed for a set 3 or 6 month period to see if this program is a fit for you. But with Slate, you won’t be reviewed for eligibility — you will be able to participate in the program right off the bat.
Another useful benefit of the Slate card: email and text alerts. Receiving those alerts can help you manage your account wherever you go.
Wrap Up
I think that Chase has a good list of cards here. But before you sign up for any credit card, take a moment to consider how it will fit into your financial plan. Too many people are enamored by 0% APR credit card offers without taking a good look at the underlying terms and conditions. But not keeping an eye on when those rates jump can become troublesome later on. So ask yourself the questions: can you afford the payments and the APR (even if adjustments are applied)? Are there annual fees involved and what is the interest rate change after an introductory period? Are you going to pay the credit card bill off each month, or will you need to carry a balance? If you pay your monthly balance in full, you should definitely get a credit card that rewards you for using it.
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{ 17 comments… read them below or add one }
My personal favorite out of the 3 Chase credit cards you mentioned is the Chase Freedom because in pretty much all spending scenarios it gets the highest cash back rewards out of the 3 (according to our cash back calc). They are all strong cards though and good job with the review.
I have been a Chase credit card holder for a while now. I have reviewed some of the new cards they are offering. Thanks for the breakdown. I guess the key to the varies option is “How these cards can work for your individual needs”.
I’ve always heard Chase cards are some of the best. I work at a bank, and I even have had clients tell me to go get one!
I like Chase as a credit card company, from my years with them. They seem to want to keep me as a customer.
John DeFlumeri Jr
I’ve always heard Chase cards are some of the best!
I just got a Chase Slate credit card. What they don’t tell you is that you get zero percent interest only if you transfer the balance within the first month of approval! Watch out! It was a good thing I caught this.
I just received a Chase CC which I applied for as a result of their promotion offering 5% cash back on certain purchases. When I activated the credit card and tried to access the promotion, I was told by a Chase representative that this promotion was not available on my account. I asked to speak to a supervisor and was told by her, that they have done away with the promotion that was the reason that I had signed up for this card in the first place.
On the positive side, there is no annual fee and since I will never use their card, they can eat the maintenance cost of my account forever.
I have been a Costco Amex card holder for 25 years and they are actually reputable, and give 2% back on purchases I would highly recommend.
A
@Allen,
Sounds to me like a misunderstanding. From my experience with dealing with credit card companies, I’m quite familiar with their practices. The terms they offer are quite fluid and dynamic and are subject to change at any time. Before having this type of exposure, I was also often surprised about the “behavior” of card issuers. But in reality, the industry operates in this fashion.
If you read the terms and fine print, you’ll see that they say that: terms and conditions can change at any time. But I am surprised you were not aware with the new features of a card upon application. AFAIK, the 5% deal is still intact.
I love my Chase Freedom Card. I’ve earned at least $400 since October with it. Overall, this year my family has made $225 opening up checking accounts and also $100 sign-up bonus. Also, now we earned $300 in cash rewards from points. I’m loving this. And, we haven’t paid them anything out of our pockets. Sure, we are deadbeats and pay off our full credit card every month.
Hey I’ve earned more from this credit card using their money then I have in a 3.25% checking account with quite a bit of money in it.
I’m loving this. And, I love Chase!!!
We love our Chase Freedom, especially around the holidays. We call in November to cash in our reward points and use the money for gifts. This year we received $525!! Kind of like the old Christmas savings accounts the banks used to have only it comes from Chase! What’s not to love! Also, we signed up for extra reward points at the grocery store: 5% when we shop for food and it doesn’t cost us anything extra.
Chase offers probably the best CC rewards program for anyone who isn’t banking 150k+ a year.
First thing you need to know about credit cards: Always make the effort to pay off the full balance. Unless you’re making a huge purchase and financially plan to pay interest, pay off your balance!
There are no annual fees on the cards unless you go after the Sapphire Preferred, all cards have Blueprint (which is a feature for Chase to make more money off your ass, pay off your balance and you don’t have to spend the 15 hours required to figure out how to use Blueprint), all have the 0 liability whatever, customer service is crappy for Freedom, decent for Sapphire. If you use Freedom, their regular representatives can answer any question, but if it’s more than a question, my advice is to ask for a supervisor.
Cash advance is usually 3%, but I personally would only use a cash advance if it’s an emergency – in which case if it was 30%, I’d still have to pay it. lol
Anyway, here’s the breakdown:
Use Sapphire’s Ultimate Rewards for international travel (or if you are being reimbursed by somebody), because you can usually find much better domestic deals on sites like Expedia and Priceline.
Use Freedom for everything else, and don’t forget to register for their quarterly 5% cash back stuff.
There’s really no cap on the points (but there is a $1000 max cash back for the quarterly program), and they don’t expire. You can also combine points if you have more than 1 cc which is nice.
Use the points for cash back – it’s probably the best use for the points, the Ultimate Rewards program is decent at best. You can usually find better savings if you are a smart shopper and can find deals. Don’t shop on there just because they offer 10% in cash back, not when you can save 20% or more at a store sale. Think about it…
If your credit isn’t good enough for Sapphire (if its under 720ish) or Freedom (under 650ish) apply for Slate, then call them back and ask to change to Freedom. If you can’t get a Slate card, build up your credit for the next 1-2 years, then apply again. DON’T REAPPLY UNTIL YOU’VE BUILT YOUR CREDIT UP TO QUALIFY!
The interest rates are all roughly based on your credit score. If you actually look at the rates when you apply for credit cards… I suggest you don’t get a credit card.
If UA wants a job covering credit cards, let me know. Just contact me and let’s talk.
I am 22 years old and was wondering which of these cards to apply for? I have 2 credit cards so far one is a Visa platinum $500 limit the other is a chase freedom $2,000 limit. I recently looked up my credit score and it was 723 and And I have completely paid it off since then and I was looking into getting another credit card because I’ve been told having a higher line of credit can increase your credit score but i also know that getting rejected for a card can damage your score so which would be better for me to apply for? slate or sapphire?
@Tim,
I’d go for a Chase Freedom if you are going for a Chase card. But here’s the question to ask first — what kind of card are you looking for? Just something to help you establish credit? I would check out secured credit cards if that is the case.
Or if you are able to pay off your credit card balance in full each month, check out these cards in these lists (most are rewards cards):
Now if you are going to maintain a monthly balance and CANNOT pay your balance in full each month, I’d think twice about getting a new card. But some people decide to go for low interest credit cards anyway, if they are maintaining a balance.
I would highly recommend that you don’t add new cards to your list UNLESS you know you’ll be able to pay down your balance each month across all your cards. If you can, then a top rewards card is a good choice (as above).
Be careful on what to expect from Chase. Chase representatives are good at giving the party line when speaking with you, but will never really tell you the truth about what is going on.
Once they have you in their program, Chase will look for the first opportunity to raise your interest rate to the default rates. Then once your caught up in it there is no way they will lower your rates.
For over two years, we have had a perfect record with all our credit agencies, and even after two years, Chase can still not provide an honest answer for why they will not provide a preferred rate. The only answer is “.. a lower rate is not available at this time…” But here is the kicker – we have received no less than dozen offers for new cards with Chase all for great rates.
I would recommend that if anyone is looking for a credit card, they steer away from these large companies like Chase, Citicorp etc and look at cards from regional banks that will provide a more customer friendly service and will live by there words to you.
I signed up for United Miles CC so that i can get point towards my next big international trip. Otherwise, I usually travel within the US (mostly CA) a few times throughout the year. Although, not through United because they’re too expensive for a flight from Northern Ca to Southern Ca.
I have a great credit score and in grad school. I’m expecting my financial situation to change after graduation (up and down due to paying off loans, etc). Also, I usually pay the full amount each month. I am interested in a card to use for all purchases.
I’m curious which Chase card is recommended for my situation. Freedom or Sapphire?
@Mariposa,
Freedom is better if you’re looking for flexibility. They give you more cash back for certain shopping categories (e.g. restaurant, gas, retail etc) — 5% cash back, in fact. But Sapphire gives you twice the points for spending towards travel and one point per $1 spent. The difference also is clear: Freedom is a cash back card while Sapphire is a rewards card (based on points you need to redeem). What would you prefer? For the Sapphire, you need to earn 10,000 points before you can redeem it for $100. So think about how you are accumulating your rewards based on your spending patterns. That would be important.
My personal take is to go with the popular cash back credit card — they are usually the most flexible, and you’ll get rewards back in cash, which is also the most flexible set up. But that’s just me. Chase’s cards are great options in general though.