Chase Freedom Credit Card: $50 Cash Bonus
December 9, 2009 by Jim
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The Chase Freedom card was very popular about a year or two ago because if offered a cash back bonus after your first purchase and a very generous cash back rewards structure. In the last year, with the credit crisis and the tightening of credit, the Chase Freedom has gone through a few changes but still remains a very competitive cash back credit card.$50 Cash Bonus
The current credit card offer is a $50 cash back bonus after your first purchase, which is the best offer I know of for cards with no annual fee. Other credit cards are offering higher new account bonuses but they will usually have an annual fee, typically waived the first year. The higher bonus amount is used to offset the annual fee.
1%/3% Cash Back
In addition to the $50 bonus, you get 1% cash back on all your purchases plus 3% on rotating categories such as gas, home improvement, and department stores. There is no cap on your rewards, your rewards never expire, and they are converted into a check that is mailed to you. You don’t get points and spend them in a catalog or play any games – a check is sent to you.
0% APR for 6/12 Months
When you apply, you will be offered a 0% APR on purchases for either six or twelve months, based on your application and credit history. With the holidays coming up, it could be a great way to pay for gifts now and spread the cost out across six or twelve months (pocketing the interest along the way as you put the money in a high yield savings account).
I would only use this strategy if I already had the cash for the gifts, I don’t recommend borrowing on credit for things you can’t otherwise pay for. That’s how you get yourself into trouble. Big trouble.
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