While student cards tend to offer better perks than many credit-building cards, their offerings still fall short of what you’ll find on the best credit cards. However, along with zero liability and fraud protection, the Chase Freedom Student comes with quite a few added benefits that make it stand out from other cards in its class.
$20 Good Standing bonus
If you keep your account in good standing by paying your balance on time, you can qualify for a $20 good standing credit each year. Chase offers this credit on your cardmember anniversary each year for up to the first five years. While this is not an earth-shattering amount of money, it’s a nice added bonus for staying on the right track financially.
Possible credit limit increase
Chase offers a credit limit increase if you make at least five on-time payments in a period of 10 months with your Chase Freedom Student Unlimited card. This is a great incentive to exercise responsible credit card use and bill payment. Combined with the $20 Good Standing bonus, cardholders have no shortage of reasons to make prompt payments each billing cycle.
The Chase Freedom Student card includes purchase protection coverage in the event something you bought with your card is damaged or stolen. This coverage is good for up to 120 days after the purchase date and covers you up to $500 per claim and up to $50,000 per account. Given how much the average student spends on expensive items like textbooks and electronics, this kind of coverage could be a lifesaver for anyone living in communal spaces like dorms, shared apartments or houses in unfamiliar areas.
Extended warranty coverage
For items purchased with the card, you can get an extra year’s worth of coverage added to manufacturers’ warranties of three years or less. If you buy something with the card that offers a one-year warranty, you can be covered for two years — which should offer a bit more peace of mind.
Trip cancellation and interruption insurance
The Chase Freedom Student card also comes with trip cancellation and interruption insurance, which is practically unheard of among student credit cards. Trip cancellation insurance can reimburse you for non-refundable travel expenses if you need to cut your trip short or cancel due to a covered reason like severe weather, an illness or a death in the family. Trip interruption insurance, meanwhile, covers you if you need to return home from a trip early due to a covered reason.
The Chase Freedom Student card’s coverage is good for up to $1,500 per person and up to $6,000 per trip when an eligible trip is canceled or interrupted for a covered reason.