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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.

Published 07/08/08 (Modified 01/08/14)