The Chase Freedom Flex card is great for people new to cash back because it offers boosted rewards rates in several categories and has a relatively attainable welcome offer. Its generous intro APR may also appeal to cardholders paying interest on another card balance.
Rewards: Offers a wide variety of boosted and rotating categories
Even cardholders who prefer the ease of using flat-rate cash back cards can appreciate the mix of consistency and variety offered by the Freedom Flex. While most cash back cards earn rewards at either a flat rate on all purchases, in specific bonus spending categories or in rotating bonus categories, the Freedom Flex blends multiple cash back styles by offering a boosted rewards rate year-round in select categories and quarterly in others.
The card’s backbone is its rotating 5 percent cash back on up to $1,500 in each quarter’s activated bonus category spending (then 1 percent back). Chase’s bonus categories are announced quarterly and usually feature everyday or seasonal expenses.
Starting in October and through the rest of 2023, you can earn boosted cash back for wholesale club and PayPal purchases and donations to select charities. A 5 percent cash back rate for wholesale club purchases is rare for a cash back card, and the flexibility provided by PayPal can make racking up cash back while holiday shopping a breeze.
While the card’s 5 percent cash back categories rotate quarterly and often include gas, grocery and retail purchases, you can earn in other popular categories year-round. For instance, cardholders can earn an unlimited 5 percent cash back on Chase Ultimate Rewards travel purchases and 3 percent back on drugstore and restaurant purchases, including takeout and eligible delivery services.
Other rotating category cards, like the Discover it® Cash Back, offer similar bonus categories, but the Freedom Flex sets itself apart with the additional rewards categories it shares with the Chase Freedom Unlimited®.
Welcome offer: Best return for your spending available
The Chase Freedom Flex’s current welcome offer clocks in at $200 after you spend $500 in your first three months of card ownership. This bonus offers one of the best returns on spend, considering the card charges no annual fee. For instance, a handful of competitors require you to spend anywhere from $1,000 to $2,000 to earn a comparable bonus.
A $200 cash back return for spending $500 in your first three months is ideal for low spenders. You'll earn 40 percent back if you meet the spending requirement — that's on top of any cash back rewards you could earn on your way to earning the bonus.
Intro APR: Standard intro offer with potentially low ongoing APR
Although this card’s introductory APR isn’t the most outstanding offer available to new cardholders, it gives the Freedom Flex a competitive edge compared to other generous cash back cards.
You may also qualify for a relatively low regular APR when you open your card, helping you keep interest charges in check even after the intro period. Interest rates have climbed high due to rate hikes from the Federal Reserve, and there are more rate increases to come. It may be a good idea to secure a card with an intro offer and low ongoing APR sooner rather than later.