Chase Freedom Flex Review: $200 Bonus, Special 5% Cash Back Offer

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The new Chase Freedom Flex Card application is now live, including the notable addition of 3% cash back on dining out and drugstore purchases. All of the popular features from the old Freedom remain as well: Up to 5% cash back on select categories throughout the year, no annual fee, and the ability to earn Ultimate Rewards points (useful in combination with Chase Sapphire cards). There is also a limited-time intro offer available:

  • $200 cash bonus (20,000 Ultimate Rewards points) after $500 in purchases in your first 3 months.
  • 5% cash back on grocery store purchases (not including Target(R) or Walmart(R) purchases) on up to $12,000 spent in the first year. That’s up to $600 cash back the first year (and you can buy many gift cards at grocery stores).
  • 0% Intro APR for 15 months from account opening on purchases.

Here are the ongoing features of the Freedom Flex:

  • 5X points (5% cash back) on rotating quarterly categories.
  • 5X points on travel purchased through the Chase Ultimate Rewards portal.
  • 3X points on dining out, take-out, and eligible delivery services.
  • 3X points on drugstore purchases.
  • 1X points on all other purchases.
  • Cell phone insurance is one of the noteworthy World Elite Mastercard benefits. “Up to $800 per claim and $1,000 per year in cell phone protection against theft or damage for phones listed on cardmembers’ monthly bill.”
  • 5% total cash back on all Lyft rides through March 2022.
  • Complimentary DoorDash DashPass for the first three months*, followed by a 50% discount price at the current rate for the next nine months.
  • No annual fee.

From October 1st through December 31st, 2020 you can earn 5% cash back on up to $1,500 spent in the following categories:

  • Walmart (both in-store and at Walmart.com)
  • PayPal

Activate each quarter in your online account or at ChaseBonus.com. As long as you activate by the end of each quarterly window, the rewards apply retroactively.

Remember that these cards earn Ultimate Rewards (UR) points, which can then be redeemed for cash at 1 UR point = $0.01. Therefore, you can either view a category as 3X points per dollar points, or 3% cash back. When UR points are transferred to a Chase Sapphire Preferred or Chase Sapphire Reserve card, they can become much more valuable when converted to frequent flier miles or hotel points. For example, if you have the Chase Sapphire Reserve, 5x points = 5 United miles per dollar spent, 5 Hyatt points per dollar spent, or 7.5% value back towards travel redeemed at the Chase Ultimate Rewards travel portal.

This is a new card (different than the regular Chase Freedom Visa), so everyone should be eligible for the bonus, but Chase does have an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 2 years (aka the 5/24 rule). This rule is designed to discourage folks that apply for high numbers of sign-up bonuses. This rule applies on a per-person basis, so in our household one applies to Chase while the other applies at other card issuers.

If you have an existing Chase card like the original Freedom card, you may be able to convert to this card by calling them directly. You won’t get the sign-up offer, but you will get the new ongoing features.

Bottom line. The Chase Freedom Flex Card application is a unique rewards card that lets you earn 5% cash back on select categories each quarter, in addition to a constant 3% cash back on dining out and drugstore purchases. If you have a Chase Sapphire card, the “flexibility” is even greater.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.



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Comments

  1. They turned me down last week. I do have sooooo many cards and accounts
    opened & closed for bonuses. I am surprised they allow the 5% back on
    Walmart, most exclude it. But I am getting the 5% another way. I was after
    the cash bonus here.

  2. Any information on whether walmart.com counts or just in-store?

    • Good question. From the FAQ, yes both in-store and online:

      Purchases in the Walmart category include purchases at Walmart Discount Stores, Walmart SuperCenters, Walmart Neighborhood Markets, http://www.walmart.com, Walmart branded gas stations operated by Walmart, any other Walmart branded retail stores operated by Walmart, and purchases made with Walmart Pay. Please note that merchants operating within or on Walmart premises such as merchants that sell fast food, beauty services, and gas stations that are not Walmart branded are not included in this category. Walmart affiliate businesses such as Sam’s Club are also not included in this category.

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