Chase Freedom® Pupil Credit score Card Evaluation

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

The Chase Freedom® Pupil bank card isn’t the very best scholar 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 disadvantage for college kids learning overseas).

So we are able to’t wholeheartedly advocate Freedom Pupil. However this card does have some perks you may discover engaging, 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 operating if you happen to’re out there for a bank card to get you thru faculty. See for your self how critically it’s best to think about 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. For those who’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 common Freedom bank cards, together with Chase Freedom Flex and Chase Freedom Limitless. However Freedom Pupil can nonetheless assist you to construct credit score when you’re at school and put you able 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 scholar playing cards for 3 primary causes:

  • Annual Good-Standing Bonus. That is as near free cash because it will get. Preserve 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. For those who recurrently order meals supply from DoorDash and Instacart or journey with Lyft, you’ll be able to reap maybe a whole lot of {dollars} in advantages and bonus money again per yr. 
  • Fast Credit score Restrict Improve Eligibility. You may qualify for a credit score restrict enhance after making 5 on-time funds throughout the first 10 months of account opening. Not like with most bank cards, these funds don’t should be consecutive, which is sweet if you happen to go some assertion cycles with none purchases.

Key Options of the Chase Freedom Pupil Credit score Card

Now that you understand what units the Freedom Pupil bank card other than the competitors, dive into the main points of its most essential options. 

Signal-Up Bonus

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

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’ll be able to 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 simplest option to redeem is for assertion credit in opposition to prior purchases, however you may as well redeem for checking account deposits, Amazon purchases, reward playing cards, eligible takeout purchases, and common merchandise.

Chase Freedom Student Redemption Options

DoorDash DashPass Profit

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

  • Complimentary three months of DoorDash DashPass, whose perks embrace limitless deliveries with $0 supply payment and lowered service charges on eligible DoorDash and Caviar orders
  • After the complimentary three months, you’re mechanically enrolled in DashPass at a 50% low cost for the following 9 months
  • It’s essential to activate by Dec. 31, 2024, to qualify
Chase Freedom Student Lyft And Doordash

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 via March 31, 2025. This can be a good increase for college kids who don’t have their very own automobiles or who use Lyft after they don’t really feel like driving.

Instacart+ Profit

You can even qualify for a yr of free or discounted Instacart+ membership together with your Chase Freedom Pupil card:

  • Complimentary three months of Instacart+ membership, with advantages much like DoorDash DashPass
  • Automated enrollment in an annual Instacart+ membership after that, except and till you cancel
  • It’s essential to enroll by July 31, 2024, to qualify
  • As soon as enrolled, you’ll be able to earn as much as $10 in assertion credit per quarter via July 31, 2024, on eligible Instacart purchases together with your card 
Chase Freedom Student Instacart Benefit Text

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, preserve your account open, and also you’re good.

Credit score Restrict Improve

Make at the very least 5 on-time funds throughout the first 10 months your account is open and you could qualify for a credit score restrict enhance. The quantity and timing of the restrict enhance could range based mostly on different elements, however it is a fairly beneficiant provide. Most scholar and credit-building playing cards require 5 or 6 consecutive months of well timed funds.

Essential 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 scholar bank card. Many Freedom Pupil opponents settle for candidates with honest credit score, and a few settle for candidates with restricted credit score or no credit score in any respect.

Chase Freedom Student Tap To Pay

Benefits of the Chase Freedom Pupil Credit score Card

The Chase Freedom Pupil Credit score Card’s prime benefits embrace 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 if you happen to barely use it.
  • Money Again on All Eligible Purchases. Freedom Pupil earns 1% money again on all eligible purchases. An important cash-back price this isn’t, however at the very least it’s complete and predictable.
  • Bonus for Conserving 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 mainly nothing.
  • Respectable Signal-Up Bonus. Freedom Pupil’s sign-up bonus is stable and simple to qualify for. Most likely not sufficient to justify the cardboard by itself, however useful if you happen to’re on the fence.
  • Stable Associate Advantages. Benefit from probably beneficial perks from three common Chase companions: DoorDash, Instacart, and Lyft. Simply make sure to learn the wonderful print and cancel your memberships after the promotional interval ends if you happen to 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 if you happen to make at the very least 5 on-time funds throughout the first 10 months your account is open. This can be a looser customary 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

Contemplate 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 common scholar bank cards. In case your credit score rating wants work otherwise you’re new to credit score, look elsewhere.
  • Money Again Principally 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 price on all eligible purchases, apart from Lyft purchases (5% via 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 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). Research 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 common scholar card: the Capital One Quicksilver Pupil Money Rewards Credit score Card.

Freedom Pupil Quicksilver Pupil
Signal-Up Bonus $50 after first buy inside 3 months $50 after $100 spend inside 3 months
1.5% Money Again None All eligible purchases
1% Money Again Most eligible purchases None
Uber One Membership None Sure, free via Nov. 14, 2024
Bonus Lyft Money Again 5% via March 2025 None
Bonus Uber Money Again None Sure, as much as 10%
Annual Charge $0 $0

Different Options to Contemplate

If neither Freedom Pupil nor Quicksilver Pupil catch your fancy, certainly one of these different scholar bank cards may do the trick. Look into them earlier than you apply for Freedom Pupil — some provide higher worth.

Remaining Phrase

Have been I out there for a brand new scholar bank card, I’d most likely go over the Chase Freedom® Pupil bank card in favor of certainly one of its Capital One opponents (SavorOne Pupil, if I needed to decide). I like money again, and Freedom Pupil simply isn’t beneficiant sufficient on that entrance.

However Freedom Pupil has some redeeming qualities, just like the annual good-standing bonus and clutch accomplice advantages. For those who really feel they outweigh drawbacks like a piddling cash-back price and strict underwriting, Freedom Pupil may very well be your card in any case.

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