Chase Freedom® Pupil Credit score Card Assessment

The knowledge associated to the Chase Freedom Pupil bank card has been collected by Cash Crashers and has not been reviewed or supplied by the issuer of this card.

The Chase Freedom® Pupil bank card isn’t the very best pupil bank card in the marketplace. Its cash-back potential tops out at 1% for many purchases, it gained’t settle for candidates with restricted or no credit score, and it has a international transaction payment (a transparent downside for college kids learning overseas).

So we are able to’t wholeheartedly suggest Freedom Pupil. However this card does have some perks you would possibly discover enticing, notably an annual good-standing bonus value as much as $100 over 5 years and probably beneficiant accomplice advantages for DoorDash, Instacart, and Lyft customers. 

These perks are sufficient to maintain Freedom Pupil within the working in the event you’re out there for a bank card to get you thru school. See for your self how significantly it is best to take into account making use of.

What Is the Chase Freedom® Pupil Credit score Card?

The Chase Freedom Pupil bank card is an entry-level cash-back bank card for faculty college students. In the event you’re enrolled in a level or certificates program and actively attending lessons at the very least half-time, you’re most likely eligible for this card.

Freedom Pupil earns 1% money again on most eligible purchases. That’s much less beneficiant than different standard Freedom bank cards, together with Chase Freedom Flex and Chase Freedom Limitless. However Freedom Pupil can nonetheless show you how to construct credit score when you’re at school and put you ready to qualify for a greater card while you graduate.

What Units the Chase Freedom Pupil Credit score Card Aside

The Chase Freedom Pupil bank card stands out from different pupil playing cards for 3 foremost causes:

• Annual Good-Standing Bonus. That is as near free cash because it will get. Hold your account in good standing and also you’ll get a $20 annual bonus for as much as 5 consecutive years.
• Very Good Associate Advantages. In the event you usually order meals supply from DoorDash and Instacart or journey with Lyft, you may reap maybe a whole bunch of {dollars} in advantages and bonus money again per yr. 
• Fast Credit score Restrict Enhance Eligibility. You’ll be able to qualify for a credit score restrict enhance after making 5 on-time funds inside the first 10 months of account opening. Not like with most bank cards, these funds don’t must be consecutive, which is sweet in the event you go some assertion cycles with none purchases.

Key Options of the Chase Freedom Pupil Credit score Card

Now that you realize what units the Freedom Pupil bank card other than the competitors, dive into the small print of its most essential options. 

Signal-Up Bonus

Earn $50 after making a purchase order inside the first three months of account opening. That’s it — no minimal spend requirement or different hoops to leap by means of.

Incomes Money-Again Rewards

All eligible purchases earn 1% money again with one exception, defined under. 

Money again accrues as Final Rewards factors, that are all the time value $0.01 per level for Chase Freedom Pupil cardholders.

There’s no restrict to how a lot you may earn, and money again doesn’t expire so long as your account stays open and in good standing.

Redeeming Money-Again Rewards

Redeem your Final Rewards factors in any quantity on the Chase Final Rewards portal. The best technique to redeem is for assertion credit in opposition to prior purchases, however you may also redeem for checking account deposits, Amazon purchases, present playing cards, eligible takeout purchases, and normal merchandise.

DoorDash DashPass Profit

Chase Freedom Pupil gives a yr of free or discounted DoorDash memberships:

• Complimentary three months of DoorDash DashPass, whose perks embody limitless deliveries with $0 supply payment and lowered service charges on eligible DoorDash and Caviar orders
• After the complimentary three months, you’re routinely enrolled in DashPass at a 50% low cost for the subsequent 9 months
• You need to activate by Dec. 31, 2024, to qualify

Bonus Money Again on Lyft Rides

The one exception to the 1% cash-back rule right here is 4% bonus money again (for a complete of 5% money again) on eligible Lyft rides by means of March 31, 2025. It is a good enhance for college kids who don’t have their very own vehicles or who use Lyft once they don’t really feel like driving.

Instacart+ Profit

You may as well qualify for a yr of free or discounted Instacart+ membership along with your Chase Freedom Pupil card:

• Complimentary three months of Instacart+ membership, with advantages just like DoorDash DashPass
• Computerized enrollment in an annual Instacart+ membership after that, except and till you cancel
• You need to enroll by July 31, 2024, to qualify
• As soon as enrolled, you may earn as much as $10 in assertion credit per quarter by means of July 31, 2024, on eligible Instacart purchases along with your card 

Good-Standing Bonus

For the primary 5 years your account is open, you’ll get a $20 bonus (or 2,000 Final Rewards factors) every year your account stays in good standing. Pay your invoice on time, hold your account open, and also you’re good.

Credit score Restrict Enhance

Make at the very least 5 on-time funds in the course of the first 10 months your account is open and it’s possible you’ll qualify for a credit score restrict enhance. The quantity and timing of the restrict enhance might differ based mostly on different components, however it is a fairly beneficiant provide. Most pupil and credit-building playing cards require 5 or 6 consecutive months of well timed funds.

Vital Charges

Freedom Pupil has no annual payment. The international transaction payment is 3%.

Credit score Required

The Chase Freedom Pupil card requires good credit score (or higher). That is uncommon for a pupil bank card. Many Freedom Pupil opponents settle for candidates with truthful credit score, and a few settle for candidates with restricted credit score or no credit score in any respect.

Benefits of the Chase Freedom Pupil Credit score Card

The Chase Freedom Pupil Credit score Card’s high benefits embody its nonexistent annual payment, predictable rewards program, and good-standing bonus. Right here’s the thin.

• No Annual Charge. That is anticipated, maybe, however nonetheless welcome. You gained’t pay something to maintain this card in your pockets, even in the event you barely use it.
• Money Again on All Eligible Purchases. Freedom Pupil earns 1% money again on all eligible purchases. An awesome cash-back charge this isn’t, however at the very least it’s complete and predictable.
• Bonus for Retaining Your Account in Good Standing. Throughout your first 5 years as a cardholder, you’ll get a $20 bonus (2,000 factors) from Chase every year your account stays open and in good standing. That’s as much as $100 for doing principally nothing.
• First rate Signal-Up Bonus. Freedom Pupil’s sign-up bonus is strong and straightforward to qualify for. Most likely not sufficient to justify the cardboard by itself, however useful in the event you’re on the fence.
• Stable Associate Advantages. Make the most of probably worthwhile perks from three standard Chase companions: DoorDash, Instacart, and Lyft. Simply make sure you learn the fantastic print and cancel your memberships after the promotional interval ends in the event you don’t really feel like the worth is there.
• Clear Path to a Larger Credit score Restrict. You’ll qualify for a better credit score restrict in the event you make at the very least 5 on-time funds in the course of the first 10 months your account is open. It is a looser commonplace than most competing playing cards have — and a recognition that issues don’t all the time go to plan.

Disadvantages of the Chase Freedom Pupil Credit score Card

Think about these downsides earlier than making use of for the Chase Freedom Pupil Credit score Card.

• Requires Good Credit score or Higher. Freedom Pupil requires good credit score (or higher), a better bar than many standard pupil bank cards. In case your credit score rating wants work otherwise you’re new to credit score, look elsewhere.
• Money Again Largely Capped at 1%. The grownup Chase Freedom Flex bank card earns 5% money again on as much as $1,500 in mixed quarterly purchases in choose rotating classes. It additionally earns 5% money again on eligible Chase Journey and three% again on eligible eating (together with takeout) and drugstore purchases. Freedom Pupil doesn’t. It earns a flat 1% cash-back charge on all eligible purchases, apart from Lyft purchases (5% by means of March 31, 2025).
• No 0% Intro APR Promotion. Not like the grownup Chase Freedom playing cards, Freedom Pupil doesn’t have a 0% APR introductory promotion for brand spanking new cardholders. All of the extra motive to pay your invoice in full every month.
• Overseas Transaction Charge. Overseas transaction charges are more and more unusual within the bank card world, however Freedom Pupil hasn’t gotten the message (not but, at the very least). Examine overseas college students, beware.

How the Chase Freedom Pupil Credit score Card Stacks Up

See how the Chase Freedom Pupil Credit score Card compares to a different standard pupil card: the Capital One Quicksilver Pupil Money Rewards Credit score Card.

Different Alternate options to Think about

If neither Freedom Pupil nor Quicksilver Pupil catch your fancy, one in all these different pupil bank cards would possibly do the trick. Look into them earlier than you apply for Freedom Pupil — some provide higher worth.