Chase Freedom Card Makes Cash Back Redemption Easier with Statement Credits
July 8, 2008 By Seth Harbison
Chase announced today that its Chase Freedom Card would begin offering cardholders the ability to use cash back rewards as immediate statement credits versus waiting for $50 to accumulate in their accounts before being paid. Statement credits will be offered after as little as 200 points have accumulated. (Chase Freedom uses a points rewards system, with points being easily converted to cash. In this case, 200 points would equal $2.00.) With Chase Freedom offering 3% rebates in multiple categories, the low threshold for statement credit could be hit with less than $100 in card spending.
The Chase Freedom Card offers 3% cash back rebates on purchases in the top three spending categories of the cardholder each month, and offers 1% cash back on all other purchases. Unique in the industry is the fact that the Freedom Card automatically adjusts that 3% rebate to whatever a cardholder’s spending pattern is during that particular month, so that the highest rebate is always associated with the largest purchases.
For example, a cardholder could spend the most money at gas stations, grocery stores and the dry cleaner this month, while spending the most at department stores, drug stores and on utilities next month. Regardless of where the most money is spent, the 3% rebate is applied to those categories.
Chase Freedom cardholders may still choose to accumulate points/cash in the previous manner and be paid by check when $50 has been accumulated.
If you’re not a Chase Freedom Card holder and are interested in the card, you can click here for more information and a card application.
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1.Discover® More Card - 0% APR on balance transfers for 12 months & 6 months on purchases, 5% cashback bonus in popular categories, up to 1% cashback bonus on all other purchases
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2.Chase Freedom Card - 0% Intro APR and no Annual Fee, 5% bonus cash back in popular categories , 1% cash bank on everything else
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3.Citi® Platinum Select® MasterCard® - 0% on purchases & balance transfers for Up to 18 months, APR as low as 9.99% variable. $30 statement credit.
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4.Blue Cash® from American Express - Earn up to 5% cash back on gas, groceries and drug store purchases, and up to 1.5% back on all other purchases, no annual fee, fast approval under 60 seconds
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6.American Express® Gold Card - 10,000 American Express Membership Rewards bonus points when you use the card for at least $500 in purchases within the first 3 months.
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7.TrueEarnings® Business Card from Costco & American Express - 4% cash back for annual gas purchases up to $6,000, 3% restaurants, 2% travel, 1% everywhere else, 0% APR on purchases for first 6 months
