Chase Freedom Rise℠: A New Reward Card for People New to Credit
Recognizing the unique challenges and needs of individuals starting their credit journey, Chase has introduced a new credit card Chase Freedom Rise℠ tailored for individuals who are new to credit or have a limited credit history.
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Without a credit history, it is difficult to obtain a credit card, yet having a credit card is essential for building that very history. This is where the Chase Freedom Rise℠ steps in, offering a lifeline to those who are just starting their credit journey. Whether you are a student, a recent graduate, a young professional, or an immigrant looking to establish credit in a new country, this credit card aims to be your trusted companion on the path to financial independence.
The Chase Freedom Rise℠ recognizes that being new to credit should not mean sacrificing essential features or being burdened with excessive fees. This article will guide you through the key features of this credit card, ultimately equipping you with the knowledge to make an informed decision about your financial future.
Reliable friend to start building credit history
Effective June 11, 2023, Chase has decided to discontinue accepting new applications for the Chase Freedom Student® card. Instead, they are launching the new Chase Freedom Rise℠ card as a replacement. Unlike the Chase Freedom Student® and other student cards, the Freedom Rise℠ Credit Card is available for both students and individuals who are not currently enrolled in school.
Chase recommends that applicants who have never had a credit card should have a Chase checking account with a balance of at least $250 for increased chances of getting approved. You can open Chase checking account by visiting Chase.com or a branch location. Once opened, bringing the balance to $250 or more within two days from the time of applying will help to increase your chances of being approved for Chase Freedom Rise℠.
It is important to note that once you are approved for the credit card, there is no requirement to maintain a minimum balance in your checking account going forward. This approach allows you to increase your likelihood of approval without the ongoing obligation of maintaining a specific checking account balance.
Please note that the Chase Freedom Rise℠ is specifically tailored for individuals who are new to credit and have no or very limited credit history. If your goal is to improve or fix your credit score, this particular card may not be the most suitable option. Instead, we recommend referring to our best credit cards for bad credit, where you can explore a range of credit cards that are specifically designed to help improve your credit score
Rewards
The new Chase Freedom Rise℠ prioritizes simplicity, making it an excellent choice for individuals who are new to credit. It has no annual fee and a straightforward reward structure. Cardholders earn a flat rate of 1.5% cash back on all purchases.
Let’s consider an example : if you spend $100, you would earn $1.50 in cash back rewards. This amount is equivalent to 150 points in the rewards program.
You have the flexibility to use your points in various ways. You can redeem them for different rewards like cash, gift cards, travel, and even use them to directly pay for products or services. Redemption values for different reward options may vary.
For cash, gift cards, and travel: 100 points = $1.00
When shop with points at Amazon.com: 100 points = $0.80
This simple and transparent earning structure makes it easy to understand and track the value of your rewards as you make everyday purchases with the Chase Freedom Rise℠ card. As long as your account remain open, your points won’t expire.
Welcome bonus
Although the Chase Freedom Rise℠ card doesn’t provide a traditional sign-up bonus, there is still an opportunity to earn a $25 statement credit.
To qualify for this credit, cardholders need to enroll in automatic payments within the first three months of opening the account. Once all requirements are met, it might take up to eight weeks for the $25 statement credit to appear on the account.
This incentive provides a small financial benefit to cardholders who take advantage of the automatic payment feature. By simply selecting a date and specifying the dollar amount, you can ensure that your credit card payments are made on time.
This feature eliminates the need to manually initiate payments each month and helps you stay on top of your financial obligations. With automatic payments in place, you can have peace of mind knowing that your credit card bill will be taken care of without any effort on your part.
It is a convenient and hassle-free way to manage your credit card payments and maintain a good payment history.
Additional benefits
Credit line insrease. As a cardmember with Chase, you may be eligible for a credit line increase after as little as six months. The credit line represents the maximum amount of money you can spend using your Freedom Rise℠ Card. This increase would allow you to have a higher spending limit on your card.
Purchase protection. Your new purchases are protected against damage or theft for 120 days. You can receive up to $500 per claim and a maximum of $50,000 per account.
Extended Warranty Protection. This benefit extends the existing U.S. manufacturer’s warranty by an additional year on eligible warranties of three years or less.
Trip cancellation/Interruption insurance. If your trip is canceled of shortened due to covered situations like sickness, severe weather, or other eligible reasons, you can receive reimbursement for your pre-paid, non-refundable passage fares. The reimbursement limit is up to $1,500 per person and $6,000 per trip.
Fraud Protection. Real-time monitoring to detect and prevent potentially fraudulent purchases.
Partner benefits
Doordash. When you activate the membership for the first time by December 31, 2024, your Chase Freedom Rise℠ account will receive a complementary three-month subscription to DashPass, DoorDash’s membership program that grants unlimited free deliveries and reduced service fees on eligible orders from DoorDash and Caviar. Following the initial three months, you will be automatically enrolled in DashPass at a discounted rate of 50% off for the subsequent nine months.
Lyft. From now until March 31, 2025, you get 5% cash back on Lyft rides when using the Chase Freedom Rise℠ card.
Instacart+. You can take advantage of a special offer to receive a complimentary three-month Instacart+ membership if you enroll by July 31, 2024. After the complimentary period ends, you will be automatically enrolled in an annual Instacart+ membership unless you decide to cancel it. Additionally, you can earn up to $10 in statement credits each quarter until July 31, 2024, when making eligible Instacart purchases using your Chase Freedom Rise℠ card.
The bottom line
For individuals who are new to credit and seeking to learn responsible financial management, the Chase Freedom Rise℠ card offers an excellent starting point. It enables users to establish their credit history while earning rewards on everyday purchases.
Freedom Rise℠
On Chase's Secure Website
Annual fee:
$0
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
26.49% Variable APR
Buy Now, Pay Later Break up eligible credit card purchases into equal monthly payments. Two plan options - "after purchase" in the bank account, or "at checkout" with select merchants (e.g., Amazon). Eligibilty requirements vary.
Chase Pay Over Time℠
Credit Score
New To Credit
Rewards Earn unlimited 1.5% cashback on all your purchases.
1.5% Cashback
Welcome Offer Earn a $25 statement credit after signing up for automatic payments within the first three months of opening your account.
$25
Looking for more?
However, once a positive credit history is established, it may be beneficial to explore other cards with more attractive reward programs. While the Chase Freedom Rise℠ serves as a valuable stepping stone, individuals with existing credit history may find more suitable options elsewhere. To find the credit card that best suits you, be sure to check our website for:
Best credit cards for Balance Transfer
Best credit cards for Sign-up Bonus
Best credit cards for Students
Best credit cards for Cash Back
Best credit cards for Online Shopping
Best credit cards with No Foreign Transaction Fee
The information about the Chase Freedom Rise℠ has been collected independently by big4credit.com. The card details have not been reviewed or approved by the card issuer.