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You can now earn 20K Chase Ultimate Rewards points for opening a Chase Freedom Unlimited card 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.
This was already one of the best cards out there for everyday spending, and Chase has made it even better thanks to new bonus categories, as described below!
Signup bonus terms:
- You won’t get the signup bonus on this card if you have received a signup bonus on Freedom Unlimited card within the past 24 months.
- You won’t get approved for this card if you currently have an active Freedom Unlimited card.
- You will get the bonus even if you have an active Freedom, Freedom Flex, or Sapphire card or received a bonus on a Freedom, Freedom Flex, or Sapphire card in the past 24 months.
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.
- 1.5 Ultimate Rewards points per dollar everywhere.
- New: 3 Ultimate Rewards points per dollar on drugstore purchases. This category applies to existing cardholders.
- New: 3 Ultimate Rewards points per dollar on dining purchases. This category applies to existing cardholders.
- New: 5 points per dollar on all travel purchased through the Chase Ultimate Rewards portal. This category applies to existing cardholders.
- Limited time offer: 5 Ultimate Rewards points per dollar on Lyft spending through 3/31/22. This category applies to existing cardholders.
- 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 existing or converting cardholders.
The Chase Freedom Unlimited Card is an amazing all-around no annual fee credit card. It’s marketed as earning 1.5%-5% cash back, but it actually earns 1.5-5 Ultimate Rewards points per dollar everywhere. As each point can be worth 1.5-2 cents (or more) each, that’s like earning 2.25%-10% back everywhere.
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
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.
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.
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.
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.
The total effective annual fees would be either $95 with Sapphire Preferred or $250 ($150 for renewing customers this year) with Sapphire Reserve after accounting for that card’s $300 annual travel credit.
With the Sapphire Preferred you would earn 2 points per dollar on travel/dining and 1.5-5 points per dollar elsewhere by using Freedom Unlimited.
With the Sapphire Reserve you would earn 3 points per dollar on travel/dining and 1.5-5 points points per dollar elsewhere by using Freedom Unlimited.
Either way you’ll be able to transfer all of your points into airline miles or hotel points, but with the Sapphire Preferred you can also use the points with a value of 1.25 cents each towards travel, while the Sapphire Reserve allows you to use the points with a value of 1.5 cents each towards travel.
The Sapphire cards also have limited time benefits.
- Sapphire Reserve’s $300 travel credit can also be used to buy groceries and gas through 12/31/20.
- Sapphire Reserve’s points can normally be used at a value of 1.5 cents each towards airfare, hotels, car rentals, and other travel. Through 9/30 they can also be used for statement credits that will reimburse your grocery, dining, and home improvement purchases that were made in the past 90 days at a value of 1.5 cents each. You can click here to redeem your points for statement credits against dining, grocery store, or home improvement purchases. After 9/30 there will be other categories that you can use to pay yourself back.
- Instacart purchases earn 5 points per dollar with Sapphire Reserve through 9/30 on up to $3,000 in spending, plus they qualify for the $300 credit, and you can use points to offset them at a value of 1.5 cents each.
- Gas purchases earn 3 points per dollar with Sapphire Reserve through 9/30 on up to $1,500 in spending, plus they qualify for the $300 credit.
- Streaming purchases earn 10 points per dollar with Sapphire Reserve through 9/30 on up to $1,500 in spending.
- You can also see if you’re targeted for bonus points on bill payments here.
Freedom Unlimited earns 1.5 points per dollar everywhere, 3 points per dollar on dining, and drug stores, and 5 points per dollar on travel booked via Chase and on groceries with this offer. By transferring points from that card to Sapphire Reserve you can normally get a value of 2.25%-7.5% towards paid travel, but now you will get 2.25%-7.5% back as statement credits to offset for grocery, dining, and home improvement purchases.
That’s quite a combo! When redeeming your points for a statement credit, you’ll effectively earn 2.25% cash back on everything (1.5 points per dollar on Freedom Unlimited), 4.5% cash back on dining, travel, or drugstores (3 points per dollar on Sapphire Reserve or Freedom Unlimited), 7.5% cash back on groceries or travel booked via Chase (5 points per dollar on Freedom Unlimited), and 15% cash back on Lyft (10 points per dollar on Sapphire Reserve).
A great feature of the pay yourself back program is that you keep the original points that the purchase earned, even though you paid yourself back for the purchase. That means your points will be worth more than 1.5 cents each, so your effective earnings will actually range from 2.43%-16.2% back!
If you don’t have enough grocery, dining, and home improvement purchases to cash out your points you can always buy gift cards for those stores, Visa gift cards good everywhere, or gift cards for hundreds of other stores like Amazon. Plus many grocery stores even give rewards for buying gift cards, on top of the 5 points per dollar, the $300 in credit, and cashing out your points at 1.5 cents each to pay for the gift cards!
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?