Even though Chase markets Freedom as a cash back credit card, you're actually earning one "point" for every dollar you spend. Once you've got enough points to make it worthwhile, you can "pay yourself back" on Chase's website, applying 2,000 points toward $20 of your balance.
Door No. 2, anyone?
In a fashion that would make Monty Hall proud, you don't have to settle for the cash. You can actually swap some of your points for travel gift certificates or other rewards at a slightly better redemption rate than a penny per point.
However, like any rewards credit card, Chase Freedom has restrictions for example:
- Bonus offers cap earnings after $1,500 in combined purchases. Chase lets cardholders enroll in seasonal bonus offers that can increase earnings to 5 percent of each purchase in qualifying categories. However, those bonus points stop accruing once you've made up to $1,500 in combined purchases. Both the clock and the category list reset every three months.
- You need to activate your bonus each quarter to be eligible for the bonus categories. In order to earn in the seasonal bonus categories you will need to enroll, or activate your bonus each quarter. So mark your calendar to remind yourself.
It's in your best interest to redeem points from your Chase Freedom® as soon as you reach your goal.
As with all credit card offers be sure to review the terms and conditions and other information before you apply. Remember the terms and conditions of any rewards credit card can change at any time.