Chase Freedom Unlimited Credit Card Review For 2020

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Learn why the Chase Freedom Unlimited® Credit Card is the best option for unlimited cash back and non-bonus spending.

Chase Freedom Unlimited® Credit Card

4.7

Annual Fee
$0

APR
16.49% - 25.24% Variable APR

Credit Needed 
Good/​Excellent
680 - 850

EFFECTIVENESS

A Great card for simple cash back

FEES

There is no annual fee for this card

EASE OF USE

Apply in less than 5 minutes

SUPPORT

Responds pretty quickly

    Credit Knocks Overall Star Rating:     

  • High Rewards Rates
  • No Annual Fee
  • No Minimum Redemption
  • Intro APR On Purchases 
  • Intro APR On Balance Transfers
  • Has Foreign Transaction Fee
  • Need Good Credit To Apply
  • No Bonus Reward Categories

SUMMARY: 

The Chase Freedom Unlimited® is one of the best credit cards you can get if you need a well balanced cash back card. 

Unlike other cards, there are no minimums or caps on your cash back and the rewards will never expire, as long as you have an account.

However, the card does charge foreign transaction fees and doesn't have any bonus reward categories.


What's The Chase Freedom Unlimited Card?

When it comes down to it, the Chase Freedom Unlimited credit card is a simple cash back card that has no-annual-fee and can offer a huge amount of value. 

You can earn 1.5% cash back on every purchase. And due to a partnership with Lyft you can get 5% cash back on every ride.

This card also has a 0% APR for 15 months on purchases and balance transfers. 

However, if you spend more in bonus categories like travel, dining, gas or groceries; there could be a better card for focusing on specific rewards areas.

Plus, if you are an Ultimate Rewards cardholders, you get the ability to transfer points between cards, giving you the ability to maximize your points when shopping. 

Who Is JP Morgan Chase? 

JPMorgan Chase Bank was founded in 1955 and is a national bank headquartered in Manhattan.

chase bank logo

They are a financial services holding company and  serve nearly half of U.S. households with credit cards, all types of personal and business loans to personal and business banking. 

JPMorgan Chase, is one of the Big Four banks of the United States and have more than 5,100 branches and 16,000 ATMs nationwide. 

In 2016 their assets were around $2.49 trillion and they have A ratings from Moody's, S&P, and Fitch for financial strength and stability.

Chase 5/24 Rule

Unlike most credit card issuers, Chase has instituted something called the 5/24 rule.  

This rule allows Chase to automatically deny your credit card application if you have opened up five or more credit cards within a 24 month time period. 

The goal of this rule seems to be to stop people who just want to get a credit card for the sign up bonus.   

With this being said, you should probably apply for all of your Chase credit cards first since other lenders don’t have this rule. 

Chase Freedom Unlimited Credit Card Basics

Below are some of the basic features of the Chase Freedom Unlimited Credit Card:

  • Card type: Cash Back
  • Annual fee: None
  • Cash Back rewards: 1.5% cash back on all purchases.
  • Lyft Cash Back rewards: Earn 5% cash back on Lyft through March 2022. 
  • Intro APR: 0% on Purchases and Balance Transfers for 15 months
  • Interest rate: Ongoing APR is 16.49% - 25.24% Variable APR.
  • Cash advance APR: 26.49% Variable
  • Late payment fee: Up to $39.00
  • Cash advance fee: $10.00 or 5%, whichever is greater
  • Credit reporting: Reports payment history to all three credit bureaus.
  • Transfer Fee: The greater of $5 or 5% of the amount of each transfer
  • Foreign transaction fee: 3% of the amount of each transaction in U.S. dollars.

When you first get this card, using it to make a large purchase can save you a ton of money in interest payments and allow you to hit that sign up bonus.

chase freedom unlimited

Benefits Of The Chase ​Freedom Unlimited

$150 Sign Up Bonus

You can earn $150.00 after you spend $500.00 on purchases in the first 3 months from opening your account. 

1.5% Cash Back On Every Dollar Spent

You get an unlimited amount of cash back with this card at 1.5% per dollar spent.

And guess what, your rewards will never expire as long as you have the account and there also isn't any minimum required to redeem your cash back rewards. 

No Annual Fee

What makes this card stand out from almost any card is that there is no annual fee.

This means that just by getting approved for this card you are coming out on top when you start using it's cash back rewards. 

0% Intro APR for 15 months 

Taking advantage of this Intro APR will be one of the best uses for this card when you first apply for it.   

This card is going to give you 0% APR on purchases and balance transfers for the first 15 months which means you can take your highest interest rate debt and transfer it for 0% interest.

You could also just make a large purchase you have been waiting on which would allow you to pay it off at cost; either way, this is a great benefit to use.

The “Chase Trifecta”

The cool thing about Chase cards is that you can transfer points from other Chase cards such as the Chase Freedom Unlimited to your Chase Sapphire Reserve or Chase Sapphire Preferred card.   

We know that our Chase Freedom Unlimited card earns 1.5% cash back on all purchases.  

However, unlike the Chase Sapphire cards it doesn't come with the 1:1 transfer ratio to other partners. 

But here's the thing, you can just transfer the points to any of your Chase Sapphire cards and then complete the 1:1 transfer. 

Essentially making the value of your Chase Freedom Unlimited increase when you use it with another Chase card with 1:1 privileges. 

Additional Bonuses

Below is a quick list of a few additional bonuses that come with the card that I wanted to mention: 

  • Just tap to pay technology for fast and easy checkout on purchases
  • Get 3 months of DashPass, DoorDash's subscription service.
  • ​Purchase protection for new purchases for 120 days
  • Extended warranty protection on purchases for an additional year

The benefits offered with this card really does make it stand out especially when you remind yourself that that is absolutely no annual fee.

Quick Overview Of The Rewards Program

Earning Rewards

The Chase Freedom Unlimited card makes keeping up with your rewards earnings super simple.

You don't have to worry about watching your spending, or figuring out bonus categories.  The card will earn a flat 1.5% cash back on anything you buy, with no caps or limitations.  

And if you have a Chase Unlimited Rewards card such as the Chase Sapphire Preferred, you can increase your earnings between 3X to 5X depending on how you redeem your points.

Redeeming Rewards

There are a few ways to redeem your Ultimate Rewards points:

Ultimate Rewards Travel Portal - You can use the ultimate rewards travel portal to redeem points for travel and hotels. 

Statement Credit - Your cash back will go on your accounts statement as a credit.

Gift Cards - You can get gift cards at 1 cent per point or less, but be sure the value is worth it because all Gift Cards aren’t created equal.

Chase Pay® - You can also use your points to pay for purchases at certain places like Amazon, but usually you will only get about .08 cents per point value.

Card To Card Transfer - You can maximize your Chase Freedom Unlimited cash back rewards if you have one of the Chase Rewards Cards such as the Chase Sapphire Reserve, Chase Sapphire Preferred or the Chase Ink Business Preferred.

Having these cards will allow you to combine your Freedom Unlimited cash back points into Ultimate Rewards points.

chase freedom unlimited credit card review

Chase Freedom Unlimited Vs Chase Freedom

I am sure you are wondering what's the difference between the Freedom Unlimited and the original Freedom. 

The main difference is the way that you earn cash back: 

Chase Freedom Unlimited

The Chase Freedom Unlimited pays 1.5% cash back on every purchase and doesn't have any bonus categories or spending limitations.

Chase Freedom 

The Chase Freedom pays 5% cash back in bonus categories that change every three months; things like grocery stores, restaurants, entertainment, and gas stations. 

Your 5% is good up to $1,500.00 per quarter in spending.  The remaining purchases will earn 1% cash back.

The one that will work best for you will depend on how you spend.  If you are spending more in categories like gas and groceries, then the Freedom card might be a better card for you. 

But if your spending isn't set at a specific category, then you probably should go with the Freedom Unlimited.

How To Cancel Your Freedom Unlimited Card

Now, if things change and you need to cancel your card there are a few ways to do it: 

Cancel Your Chase Credit Card Over the Phone

You can cancel your Freedom Unlimited card over the phone, all you need to do is call 1.800.432.3117. 

You will be prompted to enter your card number and once you do that you can just skip the prompts and ask to speak to a representative that will assist you with canceling your card.

Cancel a Chase Credit Card With Snail Mail

Believe it or not, there are still people who prefer to cancel things by traditional mail. I wouldn’t say this is the fastest way to complete the process, but it will still get the job done. 

All you need to do is write a quick letter including your name, address, the credit card number, and a short request to cancel the account. 

You should probably send the letter certified with a return request receipt just to make sure it arrived and someone signed for it; the address is:

National Bank By Mail
Mail Code OH1-0333
340 S. Cleveland Ave.
Building 370
Westerville, OH 43081
United States

Cancel Your Chase Credit Card Online

While there isn’t much information about online cancellation, it can be done.  All you need to do is log into your account and go to the “Secure Messages” section. 

Send a quick message requesting that the card be cancelled and of course be specific if you have more than one account with them.

It usually takes 24 hours to get a response but this route will work as well.

Is There A Fee For Closing My Account?

Outside of the fees associated with your remaining balance, there is no fee for closing your account.

I would recommend keeping the card active as long as you can, there really isn't a reason to cancel the card any time soon.

Taking Action On Your Credit

Hopefully, you found this Chase Freedom Unlimited Credit Card Review helpful because having a balanced cash back card in your arsenal is essential. 

There is no better time than now to get this card, and make a large purchase. 

Not only will it help you meet your intro bonus, but it will also be 0% interest for 15 months. 

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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