While the Chase Freedom Student credit card doesn't have the most exciting rewards program for students, it is still a good choice for students who need an affordable credit card that can help them build good credit. This card guarantees a minimum of 1% cash back on every purchase.
The Chase Freedom Student card is an excellent first credit card for modest-spending college, university or trade school students. Its perks are limited, but it can guarantee you minimum cash back of 1% for all purchases made. MoneyGeek's Chase Freedom Student Card review examines the card's features, perks and other features to help you determine if it's appropriate for you.
Students will love the simple rewards structure of the Chase Freedom Student Credit Card. You earn 1% cash back on all purchases made and a $50 sign-up bonus on the first purchase made within the first three months. You also don’t need to worry about a minimum spend or annual fee. Additionally, by keeping your account active and in good standing, you will receive a $20 bonus on your first five account anniversaries. Make sure to pay your bills on time to avoid paying accruing interest and watch your purchases abroad because there’s a 3% foreign transaction fee.
A solid card with rewards students are sure to appreciate
While assessing Chase Freedom Student Card’s benefits, you should also consider the drawbacks as well. Here are some benefits and drawbacks that may impact your decision on whether or not to apply for the card.
The Chase Freedom Student Credit Card has been rated one of the best student credit cards of 2021 by MoneyGeek. Compare this card to the others on the list to see which one is best for you.
In addition to cash back benefits and a low APR, Chase's Freedom Student Credit Card boasts a few other noteworthy advantages.
Most credit cards require a large amount of spending to qualify for a bonus. However, the Chase Freedom Student card is an exception. If you make your first purchase within three months of starting your account, you'll receive a $50 bonus. You can earn the reward regardless of how big or small your transaction is.
The card’s cash back rewards program is very simple. All transactions except balance transfers, cash advances and other cash-like transactions, lottery tickets, casino gaming chips, race track wagers or similar betting transactions, any checks that access your account, interest, unauthorized or fraudulent charges and fees of any kind are eligible for a 1% cash back.
You can redeem your reward points for cash, gift cards, travel and products or services offered by the program or directly from third-party merchants. The redemption values can be different for each program. The points don’t expire until your account status changes or your account is canceled due to program misuse, fraudulent activities, payment failure or other reasons.
You may also be interested in the Chase Freedom Student Credit Card's other features, some of which may assist you in making an informed decision on whether the card is the right option for you.
"Automate your payments from the get-go so your credit is nice and high by the time you graduate. You’ll can qualify for the Chase Freedom Student credit limit increase, which occurs automatically after you make five on-time payments within 10 months of opening the account." - Alene Laney, Credit Card Journalist
Aside from knowing your credit card user rights, if you are aware of the reward rates, fees and interest rates of the Chase Freedom Student Credit Card, you may be able to make an informed decision about whether this card is good for you.
These terms and more can be found in MoneyGeek's credit card glossary.
Annual Fee
There is no annual fee for this card.
Regular APR
The Chase Freedom Unlimited Credit Card offers a high purchase and balance APR of 14.99%, which is subject to change. The interest rate for cash advances is 24.99 percent.
Rewards Rate
Every purchase you make with this card will earn at least 1% cash back.
Balance Transfer and Cash Advance Fee
Those who make balance transfers will be charged $5 or 5% of the transfer amount per transaction, whichever is greater. If you take cash advances or withdraw cash from your credit account, you can expect to pay a fee of $10 or 5% of the transaction amount, whichever is greater. To avoid paying exorbitant transaction fees, limit your balance transfers and cash advances to less than $100 and $300, respectively.
Foreign Transaction Fee
A 3% fee will be applied on all foreign transactions made with the card.
You can find a card suitable for your needs only if you assess several cards and compare their annual fee, APR, rewards, benefits and drawbacks. Check your latest monthly credit card bills or the website or mobile app of your credit card provider if you compare Chase Freedom Student with another of your cards. In addition, you may review this information via the Consumer Financial Protection Bureau's (CFPB) credit card agreement database.
It is critical to understand the benefits and drawbacks, fees and interest rates of each credit card you're comparing. Before applying for a Chase Freedom Student Credit Card, consider the following factors of how the card will work for you if it's your only card or one of the additional cards you're thinking about adding to your wallet.
As your first or only credit card, the card's high APR can be daunting. If you don’t pay off your card in full each month, you'll end up paying a lot in interest. By paying off your credit balances before the end of each payment cycle, this card's unlimited cash back might be beneficial for you.
With no spending cap for earning rewards, you can make the best use of the card to build good credit and be eligible for a better card upgrade. Additionally, paying responsibility will make you eligible for the Good Standing rewards.
Because of its unlimited cash back advantages and no annual fee, the Chase Freedom Student Credit Card could be beneficial as an additional card in your wallet. MoneyGeek suggests pairing it with another highly rewarding card, such as Discover it Student Cash Back, which has no annual or international transaction fees, a 0% initial purchase APR for six months, rewards for outstanding grades and a significantly lower credit score requirement. Capital One Journey Student Rewards Credit Card is another one you can consider pairing it with.
Alternatively, you may combine it with a travel card with no annual charge and no foreign transaction fee, such as the US Bank Altitude Go Visa Signature Credit Card.
MoneyGeek follows a methodology and review process that involves collecting credit card information, standardizing data points, considering annual and introductory bonuses, potential cardholder profiles and establishing the card values. We also review data monthly to ensure our ratings are up to date and accurate.
The Chase Freedom Student credit card has several key advantages, like unlimited rewards, attractive bonuses and no annual fees. Here's how it compares to the Capital One Journey Student Rewards card so you can pick the best one for your needs.
Chase Freedom Student
Capital One Journey Student Rewards
If you still have doubts about the Chase Freedom Student card, we have answered some of the most commonly asked questions about the card.
If you're still debating whether to get the Chase Freedom Student Credit Card, take a look at some of the alternative cards that offer considerable benefits. A travel or rewards card with no annual fee, no foreign transaction fee and limitless rewards rates may be the best choice for you.
