Chase Freedom Flex Credit Card Review 2024 The Chase Freedom Flex℠ is capable of managing most of your credit card expenses without a high cost. It features a $0 annual fee and offers enhanced rewards for various spending categories like travel, drugstores, and dining, as well as rotating quarterly bonus categories. Additionally, it provides a generous welcome bonus, making it one of the most rewarding no annual fee cards available.
Chase Freedom Flex Credit Card 2024 Introduction
If you prefer Chase Ultimate Rewards® and want to maximize your points, the Chase Freedom Flex is a powerful addition to your wallet. This card offers many desirable features typically found on top credit cards. The idea of a no annual fee rewards card is appealing to most people. However, the Freedom Flex goes beyond basic rewards cards with its robust earning potential. With this card, you can earn 5% cash back on up to $1,500 in combined purchases in rotating quarterly categories (activation required), 5% cash back on Chase Travel℠ purchases, 3% cash back on dining and drugstores, and 1% cash back on all other purchases.
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The rewards structure of the Freedom Flex is notable for competing with, and in some cases surpassing, two other Chase credit cards: the premium Chase Sapphire Reserve® and the midrange Chase Sapphire Preferred® Card, both of which have annual fees. Existing Freedom cardholders can switch to the Freedom Flex, recommended by Forbes Advisor, to benefit from new category bonuses without impacting their credit score or 5/24 status. The Freedom Flex operates on the Mastercard network and offers World Elite Mastercard perks such as cellphone insurance.
Chase Freedom Flex Credit Card 2024 Highlights
Get a $200 Bonus when you make $500 in purchases within the first 3 months of opening your account.
Get 5% cash back on combined purchases up to $1,500 in bonus categories each quarter upon activation. Explore fresh 5% categories every quarter!
Get 5% cash back on travel bought via Chase Ultimate Rewards®, our top rewards program enabling you to redeem rewards for cash back, travel, gift cards, and more.
Get 3% cash back on drugstore and restaurant purchases, including takeout and eligible delivery service, and receive unlimited 1% cash back on all other purchases.
There is no minimum requirement to redeem cash back. You have the option to get a statement credit or have the money directly deposited into most U.S. checking and savings accounts. Cash back rewards remain valid as long as your account is active.
Enjoy a 0% introductory APR for 15 months on purchases and balance transfers after opening an account, followed by a variable APR ranging from 20.49% to 29.24%..
There is no annual fee for the excellent features included with your Freedom Flex℠ card.
Monitor your credit health with Chase Credit Journey to access your latest score, receive real-time alerts, and more for free.
New Phrasing: Receive a $200 bonus by making $500 worth of purchases within the initial 3 months of opening your account.
Get 5% cash back on a maximum of $1,500 in combined purchases in rotating quarterly categories (activation needed), 5% cash back on travel bought through Chase Travel℠, 3% cash back on dining and drugstores, and 1% cash back on all other purchases.
Rewards are generally valued at one cent each and can be exchanged for cash back, statement credits, gift cards, or travel.
Chase Freedom Flex Credit Card 2024 Pros & Cons
Pros
No annual fee
Rotating quarterly categories earn 5% rewards when activated, up to a combined quarterly $1,500 maximum
Travel rewards rate rivals some of the best premium travel cards
Generous rewards rate in several other categories
Cons
Travel bookings must be made through Chase Travel℠ to earn 5% cash back
Chase Freedom Flex Credit Card 2024 Benefits
Auto rental collision damage waiver. Obtain secondary coverage for your rental by refusing the rental company’s collision insurance and paying the full rental cost with your card.
Trip cancellation and interruption insurance. If your trip is canceled or shortened due to illness, severe weather, or other covered circumstances, you can receive reimbursement of up to $1,500 per individual and $6,000 per journey for prepaid, non-refundable passenger fares.
Extended warranty and purchase protections. Extends the U.S. manufacturer’s warranty by one extra year for eligible warranties of three years or less. Also provides coverage for new purchases for 120 days against damage or theft, with a limit of $500 per claim and $50,000 per account.
Lyft credit. Receive a 5% rebate on eligible Lyft trips until March 2025.
Cellphone insurance. Cardmembers can receive up to $800 per claim and $1,000 per year for cellphone protection against theft or damage for phones listed on their monthly bills.
DashPass membership. Receive a free three-month DashPass subscription followed by a 50% discount on DashPass for the succeeding nine months. Sign up before December 31, 2024.
Instacart+ membership. Get a free three-month Instacart+ membership, with $0 or discounted delivery fees on qualifying orders. Sign up before July 31, 2024.
The Chase Freedom Flex℠ is useful for almost all your credit card expenses, offering 3% cash back on many popular categories and 5% back on Chase Travel.
Chase Freedom Flex Credit Card 2024 Rewards
Earning Rewards
The Freedom Flex offers a welcome bonus of $200 when you spend $500 on purchases within the first 3 months of opening the account. Additionally, cardholders can earn 5% cash back on up to $1,500 spent in rotating quarterly categories (activation required), 5% cash back on travel booked through Chase Travel℠, 3% cash back on dining and drugstore purchases, and 1% cash back on all other transactions.
Redeeming Rewards
Redemption choices available with the Freedom Flex card include travel through Chase Travel℠ (1 cent per point), statement credit (1 cent per point), direct deposit (1 cent per point), gift cards (1 cent per point), and Amazon purchases (0.8 cents per point). Rewards remain valid indefinitely as long as your account is active and in good standing. Combining earnings from the Freedom Flex with other cards like the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, or the Ink Business Preferred® Credit Card can increase their value. Alternatively, you can optimize your rewards by transferring your Chase Ultimate Rewards® points to Chase’s airline and hotel partners such as United, Southwest Airlines, and Hyatt, provided you have an eligible card for transfers.
Rewards Potential
In evaluating the reward potential of the Chase Freedom Flex, we analyze the bonus categories and estimate typical household expenditures in those areas. Since Chase does not reveal the quarterly categories for the Freedom Flex card well in advance, we have considered four recent quarterly categories from the past year for the Freedom card to make comparisons:
Q3 2023: Gas stations, EV charging, and select live entertainment
Q4 2023: PayPal, Wholesale clubs, and select charities
Q1 2024: Grocery stores (excluding Walmart and Target), fitness clubs, gym memberships, self-care, and spa services
Q2 2024: Amazon.com, hotels, and restaurants
Forbes Advisor utilizes data from various government agencies to establish baseline income and spending averages across different categories. The 70th percentile of wage-earning households earns $118,438 annually and spends $39,337 per year on expenses that can be charged to credit cards.
Chase caps quarterly earnings bonuses at $1,500 per quarter or $6,000 per year. By fully maximizing the quarterly bonus categories, a Chase Freedom Flex cardholder can earn 30,000 Chase Ultimate Rewards®.
Chase provides additional spending categories alongside the quarterly ones, such as 5% on Chase Travel℠ purchases, 3% on dining (including takeout and eligible delivery services), 3% on drugstore purchases, and 1% unlimited cash back on all other purchases. Forbes Advisor estimates that an average household spends $8,573 on travel, resulting in 42,865 Chase Ultimate Rewards® points if all purchases are through Chase Travel℠. Moreover, the household spends $4,622 on dining and $781 at drugstores, earning 16,209 Chase Ultimate Rewards® points.
Chase Freedom Flex℠ Rewards Potential
Category
Earning Rate
Estimated Annual Spend
Estimated Annual Earnings
5% Categories
5X
$6,000
30,000
Travel Purchased Through Chase Travel℠
5X
$8,573
42,865
Dining and Drugstores
3X
$5,403
16,209
All Other Purchases
1X
$19,361
19,361
Total: 108,435 Ultimate Rewards points
Redeeming the 108,435 points for cash back will yield $1,084.35 in earnings.
The Chase Freedom Flex℠ provides a 0% introductory APR for 15 months on purchases and balance transfers after opening an account, followed by a variable APR of 20.49% – 29.24%. A balance transfer fee of up to 5% (with a minimum of $5) is applicable for each transfer.
Chase Freedom Flex Credit Card 2024 Fine Print
Interest Rates
Standard APR ranges from 20.49% to 29.24% with variability
Introductory APR for purchases: 0% for the first 15 months
Introductory APR for balance transfers: 0% for the initial 15 months
Fees
Yearly fee: $0
Charge for transferring balance: Either $5 or 5% of the transfer amount, whichever is higher.
Fee for foreign purchase transactions: 3% of each transaction in U.S. dollars
How the Chase Freedom Flex Stacks Up
Chase Freedom Flex℠ vs. Chase Freedom Unlimited®
The two cards, despite their similar names, have notable distinctions. In contrast to the tiered rewards system of the Freedom Flex, the Chase Freedom Unlimited® offers a straightforward 5% cash back on Chase Travel℠ purchases, 3% cash back on eligible dining and drugstores, 1.5% cash back on all other purchases, and an extra 1.5% cash back on the initial $20,000 spent in the first year. Unlike the Freedom Flex, the Freedom Unlimited does not feature rotating quarterly categories, making it a more straightforward rewards option for some individuals. A recommended strategy could involve owning both cards, utilizing the Freedom Flex for quarterly category purchases and the Freedom Unlimited for all other expenses. This card combination has the potential to generate higher rewards compared to owning either card individually.
Is the Chase Freedom Flex Worth It?
The Chase Freedom Flex℠ is highly competitive with its no annual fee feature, surpassing other options available. It stands out for its ability to earn substantial rewards in various categories, making it a strong choice by itself. By pairing it with a premium Chase rewards card strategically, you can optimize your earnings for each purchase.
