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You can now earn 20K Chase Ultimate Rewards points for opening a Chase Freedom Flex Mastercard and spending $500 in 3 months. Those points are worth a minimum of $200 cash back, but they can be worth much more as shown below.
Plus, you’ll earn 5 points per dollar on up to $12,000 of grocery spending in your first year, so you can earn another 60,000 points on your grocery spending!
These are marketed as a $200 signup bonus and 5% back, but you’ll actually get 20,000 Ultimate Rewards points for signing up and 5 Ultimate Rewards points per dollar which can be worth much more than 5% back.
With this new version of the Freedom card, you’ll also earn 3-5 points per dollar in additional categories, as described below.
Signup bonus terms:
- You can get the bonus for this card, even if you got a Freedom bonus in the past 24 months, as this is considered a separate product.
- You can get the bonus for this card, even if you currently have a Freedom card, as this is considered a separate product.
All Chase cards appear to be subject to 5/24 restrictions, meaning that you are not likely to be approved if you have been approved for 5 or more consumer credit cards in the past 24 months. Note that the Chase system automatically counts cards like authorized user cards and store cards as cards that count towards 5/24, but if you explain to Chase that those cards are merely authorized user cards or store cards they can manually approve you for a new card.
You can check your credit report for free at the federally authorized annualcreditreport.com to check how many accounts are shows as being open in the past 24 months.
- 5 Ultimate Rewards points per dollar on $1,500 in quarterly spending in rotating categories.
- For Q4 from 10/1-12/31 this will include purchases from Walmart and Walmart.com, including gift cards sold for other stores, and via Paypal, including purchases, charity, or peer to peer payments. Past bonus categories have included gas stations, grocery stores, Amazon, Wholesale Clubs, telecom, streaming services, home improvement stores, mobile payments, department stores, and more.
- 3 Ultimate Rewards points per dollar on drugstore purchases.
- 3 Ultimate Rewards points per dollar on dining purchases.
- 5 points per dollar on all Travel purchased through the Chase Ultimate Rewards portal.
- Limited time offer: 5 Ultimate Rewards points per dollar on Lyft spending through 3/31/22.
- Limited time offer: 5 Ultimate Rewards points per dollar on up to $12K of groceries during your first cardmembership year. Target and Walmart will not count as grocery purchases. Note that this category only applies with this new card offer, it does not apply to conversions from other cards.
- 1 point per dollar on other purchases.
The Chase Freedom Flex Mastercard is marketed as earning 1%-5% cash back, but it actually earns 1-5 Ultimate Rewards points per dollar everywhere. As each point can be worth 1.5-2 cents (or more) each, that’s like earning up to 7.5-10% back!
You can call Chase to convert this card or any of the following cards into another card from the list below:
- Chase Sapphire Preferred Card ($95 annual fee)
- Chase Sapphire Reserve Card ($550 annual fee)
- Chase Freedom Unlimited Card ($0 annual fee)
- Chase Freedom Card ($0 annual fee)
- Chase Freedom Flex Mastercard ($0 annual fee)
Note that some reps will only allow card conversions after you have had the card for 12 months.
Convert or signup?
Current Chase Freedom cardholders can apply for this card and receive the signup bonus. Alternatively, you can convert any Ultimate Rewards card to this card.
If you have a Chase Freedom Visa card, then this card has all the benefits of your current card, plus the addition of 3x points on dining and drugstores, 5x points on travel booked via the Chase Ultimate Rewards portal, and 5x points on up to $12K in groceries for your first cardmembership year.
You’ll also get World Elite Mastercard benefits mentioned below, like cell phone insurance. Cell phone insurance is nice, but as it’s not a bonus category on the card you’ll lose out on points compared to other cards.
One potential downside is that Costco only accepts Visa, so the Freedom Flex Mastercard won’t work there. Generally speaking, this isn’t a good card for Costco anyway as it only earns 1 point per dollar there, but if Freedom has wholesale clubs or gas (which works at Costco) as the quarterly bonus then you may want the Freedom Visa.
Then again, you should still be able to convert back to a Freedom Visa, though it’s unclear how long that product will stick around for product changes.
We have 5 Chase Freedom cards, but I also have a Chase Freedom Unlimited which has all of the new categories found on Freedom Flex, so I’m not running to convert our Freedom cards to Freedom Flex cards. I’d be better off applying for a new Freedom Flex card when I’m under 5/24. That would earn 20K points, plus up to 60K points on grocery spending during the first year of cardmembership. The 20K signup bonus and the grocery bonus would not apply to a card conversion.
Of course I could also apply for the 80K Sapphire Preferred bonus, but that’s only an option once every 48 months.
If you have both a Freedom Visa and a Freedom Flex Mastercard you would be able to take take advantage of the $1,500 in quarterly spending on both cards, making it advantageous to have both cards instead of just converting.
You will pay 0% APR on purchases made during the first 15 months of cardmembership!
- Trip Cancellation/Trip Interruption Insurance
- Purchase protection for items damaged or stolen within 120 days
- Extended warranty protection
- 3 months of Doordash Dashpass
As this is a World Elite Mastercard, you’ll also get benefits like:
- Cell Phone Insurance – Up to $800 per claim and $1,000 per year in cell phone protection against theft or damage for phones listed on cardmembers’ monthly bill.
- Lyft – $10 in credit for every five rides taken in a calendar month, automatically applied to the next ride and capped at once per month.
- Boxed – 5% cash rewards on Boxed purchases for use on future purchases.
- ShopRunner – Free membership to receive two-day shipping and free return shipping at over a hundred online retailers.
- Fandango – Double VIP+ points for movie tickets purchased via the Fandango app or Fandango.com, which can be used towards purchasing movie tickets on Fandango or towards streaming movies and TV shows on FandangoNOW.
Increased points value:
If you or someone in your household has a Sapphire Preferred card you can redeem Chase Ultimate Rewards points earned from any card at a value of 1.25 cents towards paid travel.
If you or someone in your household has a Sapphire Reserve card you can redeem Chase Ultimate Rewards points earned from any card at a value of 1.5 cents towards paid travel.
Stacking multiple Ultimate Rewards cards together can supercharge your earnings by getting you more points per dollar while increasing the value of all your points.
A Chase Bifecta would consist of a household that has the Sapphire Preferred or Sapphire Reserve and the Freedom Flex. The total effective annual fees would be either $95 with Sapphire Preferred or $250 with Sapphire Reserve after accounting for that card’s $300 annual travel credit. With the Sapphire Preferred+Freedom you would earn 2 points per dollar on all travel, 3 points per dollar on dining and drugstores, and 5 points per dollar on travel booked via Chase. Plus you’ll earn 5 points per dollar on up to $12K of groceries purchased during your first cardmembership year and 5 points per dollar in rotating categories. You’ll be able to transfer all of your points into airline miles or hotel points or use the pay yourself back feature.
A Chase Trifecta adds a no annual fee card like Chase Freedom Unlimited into the mix, so your total effective annual fee will still be $95 or $250. That would give you the ability to earn 1.5 points per dollar everywhere!
All of these cards don’t need to be in one person’s name. 2 people from the same household can split up the requisite cards, as they can transfer the Ultimate Rewards points back and forth between themselves freely and they can add each other as an authorized user on their cards!
Airline and hotel transferability:
If you or someone in your household has a Sapphire Preferred or Sapphire Reserve card you can transfer Chase Ultimate Rewards points into valuable airline and hotel mileage currencies.
Airline transfer partners:
Combined with a Sapphire card, you can transfer points at a 1:1 ratio to:
- United (Star Alliance)
- Singapore (Star Alliance)
- Air France/KLM Flying Blue (Skyteam)
- British Airways (OneWorld)
- Aer Lingus (OneWorld)
- Iberia (OneWorld)
- Virgin Atlantic
Hotel transfer partners:
Combined with a Sapphire card, you can transfer points at a 1:1 ratio to:
The great thing about Chase Ultimate Rewards is how versatile and valuable they are:
The Sapphire Preferred card allows you and anyone in your household to transfer Chase points into miles. They also allow you to use points at a value of 1.25 cents each towards travel.
The Sapphire Reserve also allows you and anyone in your household to transfer Chase points into miles. Plus it allows you to use points at a value of 1.5 cents each towards travel.
The fixed value is excellent and doesn’t require hunting down award space, but those points can be much more valuable by transferring them into airline miles or hotel points. You can get a value of 2 cents or much more when redeeming miles!
- If I want to stay in a 5 star Park Hyatt in the Maldives, Melbourne, NYC, Paris, Sydney, or Tokyo that would cost over $1,000/night, I can instantly transfer 25-30K points to Hyatt to do that, a value of up to 6 cents per point.
- If I need a one-way flight from Cleveland (or Chicago, Detroit, Miami, Montreal, Orlando, Pittsburgh, Toronto, etc) to NYC that can cost $500 each way, I can instantly transfer 7.5K points to British Airways to book a short-haul on American with no last minute booking fees. Or if American doesn’t have availability I can instantly transfer 10K points to United for their short-haul award. That’s a value of up to 7 cents per point.
- If I want to stay in a non-chain hotel that costs $300/night and don’t want to pay cash, I can redeem 20K points for the room thanks to my Sapphire Reserve card’s minimum redemption value of 1.5 cents per point or 24K points with the Sapphire Preferred card’s minimum redemption value of 1.25 cents per point
- If I want to fly in a $25,000 ANA First Class Suite round-trip from the US to Tokyo, I can instantly transfer 110K or 120K points to Virgin Atlantic. That’s a value of up to 23 cents per point.
- If I want to book a $2,281 business class ticket on Air Canada to Tel Aviv I can redeem 152K points for the flight thanks to my Sapphire Reserve card’s minimum redemption value of 1.5 cents per point or 182K points with the Sapphire Preferred card’s minimum redemption value of 1.25 cents per point, plus I’ll earn Qantas miles for more future travel as it’s considered a paid flight instead of an award flight.
- And thousands of other possibilities from Singapore couples suites to booking Southwest awards with 2 free bags and free cancellations, to stealing 2nd base in middle of an MLB game.
Will you signup for this limited time offer?