The Chase Freedom Card Review
One results of the introduction of new credit lending laws this year is the reduction in the number and type of credit card offers now available to the public. The annual fees of years ago are now being re-introduced by many lenders.
The Chase Freedom card has become popular with consumers because it offers a 5% cash back option on rotating categories of everyday purchases. Perhaps no other credit card offers you the ability to control your account as well as the Freedom Card does.
You can select the type of purchase you want to pay in full each month and those purchases will clearly be grouped on your monthly statement.
When you pay that select group of purchases in full monthly you will pay no interest for those charges. This is called Plus Blueprint and is a free option offered with the Chase Freedom card.
The Advantages of Using The Free Option of Blueprint
The Chase Freedom card combined with the free Blueprint option can help you establish and maintain your budget. When you get your Chase bill each month the purchases for your designated category, such as food, are listed in one place. This allows you to pay that amount in full and avoid any interest charges in that category.
It is truly a simple and yet revolutionary practice in the credit card industry. The Blueprint option is available after you have received your Chase Freedom card. Once you have the card in hand, you can visit the Chase site and sign up for the free option.
There is a 0% introductory Annual Percentage Rate of interest for new account holders. This period of no interest is for a twelve month period and is a real bonus that is becoming hard to find with credit cards.
In addition, the card holder has the option to totally avoid any interest charges with the full pay option offered by Blueprint. If you want to be certain never to pay interest on gasoline or food purchases you can designate those categories and pay them in full each month when the bill arrives to avoid interest charges. To date, only Chase Bank offers this consumer option.
Chase Freedom offers a 5% Cash Back bonus. Though there are restrictions on earning and using this bonus, cash back is always a positive point for consumers. There is no annual fee for this credit account and there is a 0% interest for twelve months on transferred balanced to a new account as well.
Fees to Avoid
Economic reality has led to many credit card fees being substantially higher than they were just a few months ago. The transaction fee to transfer a balance to your Chase account is now 5% rather than the 3% charged previously.
Penalty fees have also increased. Late payment fees range from $15 for a balance of less than $100 to $39 for accounts where the balance exceeds $250.
Other fees can apply for returned payments or returned checks ($39 for each). You can now choose whether to allow charges that are over the credit limit of your Chase Freedom account.
Unless you state otherwise, any charge that is over your credit limit by even a few dollars may be honored but will result in a $39 fee added to your balance.
Unless you know you have spotless credit you will not know the interest rate is until you have an answer to your credit card application. Depending on many factors, the interest rate on your new Chase Freedom account may be 12.99%, 17.99% or 22.99%.
The determination of interest rate is based on creditworthiness and only high credit scores will quality you for the lower interest rate.
The Chase Freedom is the best card for those who want to use only one credit card for all of their credit needs. The ability to choose categories to pay in full monthly and avoid interest charges on those purchases is a great help in managing a budget.
The initial interest free period can allow you to transfer a high interest balance to a completely new Chase account and pay it down quickly over the twelve month period. The card is also useful for consumers who are focused on reducing debt and making responsible budget decisions.