Update: A credit card offer in this post may no longer be available, but check the Hot Deals for the latest offers!
You can get a 10% bonus on all the Chase Freedom points you earn this year.
You’ll get the 10% bonus on your Chase Freedom if you have a Chase checking account.
Link: Chase Freedom
I like the Chase Freedom card for 3 main reasons:
- It’s a no fee card that you can keep for a long time to increase your credit score
- Keeping this card open can help you build a history with Chase which often has the best offers.
- Category bonuses
And for a limited time, you can get $200 cash back or 20,000 Chase Ultimate Rewards points sign-up bonus on the Chase Freedom.
The bonus is usually 10,000 points or $100 cash back. You’ll earn the bonus after spending $500 in the 1st 3 months.
You earn Chase Ultimate Rewards Points that you can redeem for cash back. Or you can transfer the points to partner airlines or hotels like Hyatt, Southwest, British Airways, and United Airlines, IF you also have the Chase Sapphire Preferred, (no longer offered) Chase Ink Bold, or Chase Ink Plus card.
Here are step-by-step instructions on how to transfer points from the Chase Freedom to a card which allows you to transfer them to hotels and airlines.
Plus every quarter you can earn 5x bonus points up to a maximum of 7,500 points per quarter or 30,000 points a year (or $300 cash back) when making purchases at select bonus category merchants. You can fly round-trip to Hawaii from the West Coast in economy for 30,000 points or fly coach 1-way to Europe.
10% Bonus With Chase Exclusives Link: Chase Exclusives And the benefits don’t stop there. If you have a Chase checking account, under the Chase Exclusives program, you get a 10% bonus on your points earned.
Update: Chase has discontinued the Chase Exclusives program.
And you get a 10% bonus on the 5X bonus points from the quarterly bonus categories and shopping portals points!
The 10% bonus is calculated at the end of each year, after your December statement has closed. So you’re effectively getting 1.1 points per $1 spent on the Chase Freedom. But the Chase Freedom isn’t the only Chase card that offers an annual bonus.
Which Annual Bonus Chase Card Should You Use?
Link: Chase Sapphire Preferred
You get an annual bonus with the Chase Sapphire Preferred card without having a Chase checking account! You get a 7% annual bonus on all points earned from purchases. So you’ll earn 1.07 points per $1 spent on the Chase Sapphire Preferred for your regular spending.
Update: The Chase Sapphire Preferred no longer gives you a 7% annual point bonus.
But which card should you use?
Let’s say you earn 30,000 Chase Ultimate Rewards points a year using your card (if you’re maxing out the quarterly bonus categories). You’d get 3,000 extra points (30,000 x 10%) or $30 back with the Chase Freedom.
But with the Chase Sapphire Preferred you’d only get 2,100 points (30,000 x 7%) or $21 back. You’d get $9 more using your Chase Freedom card. And the Chase Freedom has no annual fee!
But you don’t earn the 10% bonus on sign-up bonus points or transferred points.
How to Get More Points Using Both Cards
You could use your Sapphire Preferred for:
- Restaurants because you get 2X points (3X points on the 1st Friday of each month) But use the Freedom when it has a 5X restaurant quarterly category bonus.
- Buying travel such as airline tickets, hotels, cruises, rental cars, taxis, etc. because you get 2X points
- Purchases outside of the US because there’s no foreign transaction fee
If you have a Chase bank account, you could use the Freedom for:
- All other purchases in the US because you get 1% cash back (or 1 Ultimate Reward point per $1) and a 10% year-end bonus
- Restaurants, department stores etc. when the quarterly bonus is 5% at restaurants
Then when you want to transfer to airlines or hotel programs, transfer your Freedom points to the Chase Sapphire Preferred.
Watch Out for Foreign Transaction Fees If You Use the Freedom Outside the US
The Chase Freedom charges a 3% foreign transaction fee. So you don’t want to use the Chase Freedom outside of the US. You should use a card that does not charge foreign transaction fees.
My favorite no foreign transaction fee card is the Chase Sapphire Preferred.
You can get a 10% bonus on all your Chase Freedom purchases if you also have a Chase checking account.
The 10% bonus or 1.1 points per $1, on the Chase Freedom, is
better than the 1.07 points per $1 and 7% bonus on the Chase Sapphire Preferred, especially because the Chase Freedom is a no annual fee card.
Update: The Chase Sapphire Preferred no longer gives you a 7% annual points bonus.
Currently, Chase has doubled the usual sign-up bonus for the Freedom card to 20,000 Chase Ultimate Rewards points.