Are you new to credit or looking to rebuild your credit history? The Chase Freedom Rise credit card could be the perfect tool to help you on your journey.
In this free informative post, you will discover the key features, benefits, and potential downsides of this card, offering a well-rounded view to help you decide if it’s the right fit for you.
What Makes the Chase Freedom Rise Stand Out?
No Annual Fee
One of the most appealing aspects of the Chase Freedom Rise℠ is its $0 annual fee. This makes it an accessible option for beginners who want to start building credit without worrying about an additional yearly expense.
Cash Back Rewards
Cardholders earn 1.5% cash back on all purchases. This uncapped rewards rate ensures you get value back on every dollar you spend, whether it’s for everyday essentials or special purchases.
Welcome Bonus
New cardholders can earn a $25 statement credit by signing up for automatic payments within the first three months. This small but helpful bonus encourages good financial habits right from the start.
No Security Deposit
Unlike secured credit cards, the Chase Freedom Rise℠ does not require a security deposit, making it an attractive option for those who might not have the extra funds to set aside.
Reports to Major Credit Bureaus
The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion). Consistent, responsible use will help you build a comprehensive credit history, crucial for improving your credit score.
Credit Limit Increase
After six months of responsible use, cardholders are evaluated for a potential credit line increase. This can help improve your credit score by lowering your credit utilization ratio, a key factor in credit scoring.
Additional Perks
Purchase Protection
New purchases are covered against damage or theft for 120 days, up to $500 per claim and $50,000 per account. This protection provides peace of mind for your valuable purchases.
Extended Warranty Protection
Eligible purchases receive an additional year of warranty coverage beyond the manufacturer’s warranty, providing extra security for your high-ticket items.
Zero Liability Protection
You won’t be held responsible for unauthorized charges made with your card or account information, ensuring you’re protected against fraud.
Trip Cancellation/Interruption Insurance
In the event that your trip is canceled or cut short due to illness, severe weather, or other covered situations, you can be reimbursed up to $1,500 per person and $6,000 per trip for pre-paid, non-refundable passenger fares.
Contactless Payments
For a fast, easy, and secure checkout experience, the Chase Freedom Rise℠ supports contactless payments. Simply tap to pay where the contactless symbol is displayed.
Potential Downsides
High Regular APR
The regular APR for this card is 26.99% variable, which is on the higher side. If you tend to carry a balance, the interest charges could outweigh the benefits of the rewards.
No Introductory APR
The card does not offer an introductory APR for purchases or balance transfers, unlike some other cards that provide a 0% APR period for new cardholders.
Modest Welcome Bonus
While the $25 statement credit for setting up automatic payments is a nice perk, it’s relatively modest compared to the larger bonuses offered by some other credit cards.
Basic Rewards Structure.
The flat 1.5% cashback rate is simple and straightforward but lacks the higher earning potential of cards that offer bonus categories for specific types of spending.
Is the Chase Freedom Rise℠ Right for You?
The Chase Freedom Rise℠ credit card is an excellent choice for individuals new to credit or looking to rebuild their credit history. Its lack of an annual fee, straightforward cashback rewards, and valuable credit-building tools make it a solid option for beginners.
However, if you tend to carry a balance or seek more advanced features and rewards, you might want to explore other options.
Bottom Line
The Chase Freedom Rise offers a blend of simplicity and benefits that can help you build a strong financial foundation. By understanding its features and potential downsides, you can make an informed decision about whether this card aligns with your financial goals.
Start your credit journey with confidence and take advantage of the rewards and protections offered by the Chase Freedom Rise℠ credit card.
