Chase Freedom Flex^℠ Review

The $0-annual-fee Chase Freedom Flex^℠ is a great cash back card for rewards strategists. In addition to elevated rates on Chase Travel℠, dining and drugstore purchases, you can earn 5% cash back (on up to $1,500) on rotating bonus categories. However, you’ll need to manually activate the new categories each quarter; otherwise, you’ll only earn the standard 1% on those purchases. The effort is more than worth it, as you’ll earn an additional $75 per quarter if you max out the spending cap. Other benefits — such as intro APR periods, travel and purchase protections and a valuable sign-up bonus — only sweeten the deal.

However, if the card’s bonus categories don’t line up with your spending — or you simply want a low-maintenance approach to earning — you might want to look elsewhere. For example, the Citi Custom Cash^® Card lets you automatically earn 5% cash back (on up to $500) on your top eligible spend category each month.

• Generous rewards

  The signature of the Chase Freedom Flex^℠ is its generous cash back rate, which pairs tiered rewards with rotating 5% bonus categories. You’ll earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter. Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases.

  This cash back combo makes the Chase Freedom Flex^℠ one of the highest-earning cards in its class, beating out several of its closest competitors. The table below shows how it compares to some of the best cash back credit cards:

  	Rewards earned per $1 spent*
  Blue Cash Preferred® Card from American Express	$0.026
  Capital One Savor Cash Rewards Credit Card	$0.025*
  Chase Freedom Flex℠	$0.022
  Chase Freedom Unlimited®	$0.021
  Citi Custom Cash® Card	$0.021
  Discover it® Cash Back	$0.017

  *Based on LendingTree’s value methodology

• Easy-to-earn sign-up bonus

  With the Chase Freedom Flex^℠, you can earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening. This is among the lowest spending requirements for any credit card sign-up bonus.

• Flexible redemption options

  While the Chase Freedom Flex^℠ is billed as a cash back card, it actually earns Chase Ultimate Rewards® points. In addition to being the most valuable card currency around, Ultimate Reward points are known for their flexibility. You can redeem your points for any of the following:

  • Cash back (issued via a statement credit or direct deposit)
  • Chase Experiences
  • Chase Dining℠
  • Amazon.com and PayPal purchases
  • Travel
  • Gift cards
  • Merchandise
  • Transfer to travel partners

  According to our estimates, Chase Freedom Flex^℠ points are worth 1 cent each when redeemed for cash back, gift cards, merchandise and travel. But if you have a premium Chase card (like the Chase Sapphire Preferred^® Card), you can combine your points and double their value by transferring them to one of Chase’s 12-plus travel partners.

• Intro APR on purchases and balance transfers

  If you’re planning a big purchase or trying to pay off credit card debt, the Chase Freedom Flex^℠ can net you some serious savings. You’ll get a 15-month intro APR on purchases and balance transfers. In fact, the Chase Freedom Flex^℠ tops our list of the best 0% APR credit cards. Check out the table below to see how much you could save:

  	Purchases	Balance transfers
  Intro APR	0% intro APR on purchases for 15 months	0% intro APR on balance transfers for 15 months
  Regular APR	18.99% - 28.49% variable	18.99% - 28.49% variable
  Estimated savings	$1,261*	$1,082*

  *Based on LendingTree’s value methodology

• World Elite Mastercard benefits

  As a World Elite Mastercard, the Chase Freedom Flex^℠ offers the following benefits, discounts and credits:

  • Cellphone insurance (up to $1,000)
  • Zero liability protection
  • Purchase protection
  • Extended warranty protection
  • Trip cancellation/interruption insurance
  • Auto rental collision damage waiver
  • Travel and emergency assistance services
  • DoorDash: Get three complimentary months of DashPass
  • Lyft: Earn 5% total cash back on Lyft rides through March 31, 2025
  • Instacart: Get three complimentary months of Instacart+ and $10 quarterly statement credits

• No annual fee

  On top of its generous rewards rate and other numerous benefits, the Chase Freedom Flex^℠ comes with a $0 annual fee. This means that, as long as you avoid interest charges and other fees, all the cash back you earn will stay in your wallet.

To get the most out of your Chase Freedom Flex^℠ card, you’ll need to remember to activate the quarterly 5% bonus categories before the deadline. To keep track of everything, you can follow the Chase Freedom calendar, which publishes the new categories before each quarter begins.

The bonus categories for the second quarter of 2024 are hotels, restaurants and Amazon.com. Normally, these purchases would get you 5% cash back, but Chase has done things differently this time around. Instead, you’ll be able to stack your rewards for 9% total cash back on Chase Travel℠ hotel bookings and 7% total cash back on restaurants. Amazon.com purchases and hotel stays booked directly with the hotel will earn the typical bonus rate of 5% cash back.

Chase Freedom calendar for 2024

Quarter	Chase bonus categories	Activation deadline
Q1: January through March	Grocery stores (excluding Walmart and Target) Fitness clubs and gym memberships Self-care and spa services	March 14
Q2: April through June	Hotels Restaurants Amazon.com	June 14
Q3: July through September	Announcing June 15	September 14
Q4: October through December	Announcing September 15	December 14

• Bonus categories require activation

  To earn 5% on the Chase Freedom Flex^℠ bonus categories, you’ll need to activate the new categories each quarter. If you forget to activate or miss the deadline, you’ll only earn the standard 1% on those purchases. The easiest ways to activate are online or via the Chase mobile app, but you can also activate by phone, in person at a Chase bank or while making a withdrawal at an ATM.

  Fortunately, Chase’s activation is retroactive. This means that, as long as you activate by the deadline, you’ll earn the 5% bonus for the full quarter. This is more forgiving than the Discover cash back bonus program, which only lets you earn the bonus after you activate.

• Spending cap for bonus categories

  While standard among similar cards, it’s important to note that the Chase Freedom Flex^℠ does have a spending cap on its quarterly bonus categories. You’ll only earn 5% cash back on the first $1,500 spent on eligible purchases. After that, the earning rate drops down to the standard 1%.

• Foreign transaction fee

  Frequent international travelers might want to consider another cash back card, as the Chase Freedom Flex^℠ charges a foreign transaction fee of 3% of each transaction in U.S. dollars. There are plenty of no foreign transaction fee credit cards out there, including the comparable Discover it^® Cash Back.

Chase Freedom Flex^℠ vs. Chase Freedom Unlimited^®

 
Another popular $0-annual-fee card in the Chase Freedom lineup, the Chase Freedom Unlimited^® offers a simpler approach to earning rewards. It matches the Chase Freedom Flex^℠‘s elevated earning rates on Chase Travel℠, dining and drugstore purchases but drops the rotating categories in favor of a higher rate on non-bonus purchases. Instead of the 1% offered by the Chase Freedom Flex^℠, you’ll get 1.5% cash back on those purchases with the Chase Freedom Unlimited^®.

The Chase Freedom Unlimited^® also comes with a 15-month intro APR on purchases and balance transfers, travel and purchase protections and a great sign-up bonus.

Chase Freedom Flex^℠ vs. Discover it^® Cash Back

 
Like the Chase Freedom Flex^℠, the Discover it^® Cash Back lets you 5% cash back at different places each quarter up to the quarterly maximum when you activate. 1% unlimited cash back on all other purchases - automatically

It also boasts a $0 annual fee, a generous sign-up bonus and a 15-month intro APR period on purchases and balance transfers. And while it can’t match the benefits of the Chase Freedom Flex^℠, you won’t have to pay a foreign transaction fee when using it abroad.

But when it comes to ongoing rewards and overall value, the Chase Freedom Flex^℠ has the edge. It earns an elevated rate of cash back on several useful categories (including dining) and then a flat 1% on everything else. In contrast, the Discover it^® Cash Back earns the base 1% rate on all non-bonus purchases.

Chase Freedom Flex^℠ vs. Citi Custom Cash^® Card

 
If you like the idea of earning 5% cash back on everyday purchases but don’t want to keep track of rotating categories, the Citi Custom Cash^® Card might be a better option. You’ll automatically earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.

Eligible categories are similar to the Chase Freedom Flex^℠ categories and include:

• Restaurants
• Gas stations
• Grocery stores
• Drugstores
• Home improvement stores
• Live entertainment
• Fitness clubs
• Select streaming services
• Select travel and transit purchases

The Citi Custom Cash^® Card also comes with a $0 annual fee, an intro APR on purchases and balance transfers and a valuable sign-up bonus. And since it earns flexible Citi ThankYou® points, rewards are easily redeemed for cash back, gift cards, travel and more.

Living up to its name, the Chase Freedom Flex^℠ is a great option for anyone looking for a flexible cash back card with solid benefits and great earning potential. To get the most value from the card, though, you’ll need to keep up with the Chase Freedom cash back calendar and activate the rotating bonus categories each quarter. If you do, you could earn up to $300 in bonus cash back for the year.

However, if you like a more “automatic” approach to earning, you’ll be better off with another rewards card.