The Freedom Chase credit card is a payment tool designed for those who are new to the world of credit, as it not only waives the annual fee but also offers a 0% APR for the first 15 months of use.
In the following article, we want to show you how to apply for the Freedom Chase Unlimited Credit Card, its benefits, pros, and cons.
- Do you know Chase Bank?
- Freedom Chase Unlimited Credit Card
- Requirements to apply for a Freedom Chase Unlimited Credit Card
- Interest rates to consider with the Freedom Chase Credit Card
- How to apply for a Freedom Chase Unlimited Credit Card
- Benefits of applying for a Freedom Chase Unlimited Credit Card
- How can I contact Chase Bank?
Do you know Chase Bank?
Chase Bank is an American financial institution that has positioned itself in the banking ranking as one of the strongest, not only because of the amount of capital it has, but also for the benefits it offers to its clients.
Although its main headquarters are located in New York City, it provides services throughout the country, thanks to having more than 4,000 branches and 16,000 ATMs.
Chase is an organization that is part of the JPMorgan Chase & Co. holding, a consortium of companies known for providing financial services not only within America but globally as well.
Chase Bank Credit Cards
Chase Bank is an institution that offers its customers a catalog of financial instruments that stand out for both their ease of acquisition and the rates applied to users.
Among their most requested products are credit cards, but you can also find options for savings accounts, mortgages, loans, car loans, among others.
The credit cards from this institution have specific features that distinguish them from other products. Some of the most requested ones include Chase Freedom Unlimited, Flex, and Slate Edge.
Chase Freedom Unlimited Credit Card
The Chase Freedom credit cards are payment tools with unique features, aimed at customers who do not have another tool of this type.
Furthermore, it is considered a good alternative as it is one of the few cards that does not require the payment of an annual fee and also offers a myriad of rewards for every purchase you make.
Moreover, it is positioned as one of the best options for benefiting from traveling abroad, as it is backed by one of the most important global networks, such as Visa.
Elements that characterize the Chase Freedom Unlimited Credit Card
The Chase Freedom Unlimited Credit Card has elements that differentiate it from other tools of this entity, with the most significant being the fact that it exempts you from the annual fee.
Moreover, it is one of the most sought after as it comes with a rewards program that allows you to earn cash for purchases made at any establishment.
Its bonuses and discount plan also characterize it well, as a matter of fact, it is one of the reasons that leads many users to prefer it over such a diverse catalog like that of Chase Bank.
Requirements to apply for a Chase Freedom Unlimited Credit Card
Like all credit cards, Chase Bank requires you to meet the detailed requirements below, as its benefits are designed for a specific type of customer.
- Have a valid Social Security Number or, alternatively, have a tax identification credential;
- Have a legal address registration;
- Have a verifiable source of income;
- Have a Chase Bank savings account or at least a checking account. It is essential that it is in your name.
Just like in any other bank, it is necessary for your credit profile to be positive, as otherwise, no financial institution will approve your credit card application.
What type of documents should I submit to start my application?
In order to support the information you provide during the application process and to ensure you meet the requirements stipulated in the terms and conditions of the institution, you must submit the following documents:
- Social Security identification or driver's license;
- An income statement or at least copies of your pay stubs from the previous month;
- Proof of address, which could be a utility bill payment receipt;
- Fully completed and signed application form.
Since this credit card is aimed at the bank's clientele, it is not necessary to provide proof of ownership of a savings or checking account.
Interest Rates to Expect with Freedom Chase Credit Card
The interest rate factor applied by Chase Bank to the Freedom Chase Unlimited Credit Card will depend on the type of transactions you make with the tool.
- For regular purchases at stores, the Annual Equivalent Rate will be 0% for the first 15 months of usage. After this period, a range between 16.49% and 25.24% is applied, depending on your solvency.
- The same previous rate is applied for balance transfers.
- Cash advances made with this card have an APR of 26.49%, which may vary based on the prime rate.
In case of default, where you are unable to make the minimum payment on the card by the due date, a penalty charge averaging around 29.99% on the outstanding balance may apply.
Commissions for transactions made with the Chase Freedom Unlimited Credit Card
In addition to paying interest on your credit card purchases, Chase Bank also charges a series of commissions related to the operations you carry out with this product.
- For balance transfers, you must pay an introductory fee of $5 or 3% of the transfer amount, starting after 60 days from your card approval;
- For cash advances, you must pay a fee of $10 or 5% of the transaction amount.
The annual fee for this credit card is waived, which has positioned it among the best in the market due to the savings it offers to customers.
How to apply for a Chase Freedom Unlimited Credit Card
While the application process for this card is conditional on meeting the detailed requirements mentioned above, we find it important to show you how to apply for it.
- First, you need to go to the Chase Bank website and navigate to find the available credit cards;
- Select the Chase Freedom Unlimited Credit Card and check the features to ensure it is a product that fits your profile;
- After confirming that you meet the stipulated conditions, click on the 'Sign in to apply faster' button and enter your personal information to log into your profile;
- In the form displayed on the screen, enter your personal and employment information and include your annual gross income;
- Finally, click on the 'Submit' button.
From this point on, the bank will review your profile and determine whether you meet the appropriate profile and credit history to be granted this credit card.
Chase Freedom Unlimited Credit Card Loyalty Program
In addition to providing a deferred pay fund, Chase rewards your loyalty by offering a cashback program for every purchase made at the following establishments.
- For travel purchases made on Chase Ultimate Rewards, you will receive a 5% cashback on the billed amount;
- For restaurant or pharmacy purchases, you will receive a 3% cashback on the billed amount.
For all other purchases, you can benefit from a 1.5% cashback on the total billed consumption, regardless of the establishment where the transaction is made, whether in-store or online.
Benefits of Applying for a Freedom Chase Unlimited Credit Card
The Freedom Chase Unlimited credit card comes with various benefits as mentioned earlier. However, we believe it's important to list the factors that make it a good choice.
- It is a credit card that you can apply for online. Therefore, you won't have to travel to a bank branch, saving you a significant amount of time;
- In addition to the credit limit, Chase Bank rewards you with a loyalty program where you can earn money for every purchase or transaction made with this tool;
- As a Visa-backed card, you can use it for traveling or making purchases on international platforms;
- You can receive a Bonus of up to $200 plus a 5% cashback on your gas station purchases in the first three months of using the card;
- You can also qualify for a $200 credit line increase by spending at least $500 in the first 3 months from the issuance of your card.
Furthermore, Chase Bank waives the Annual Equivalent Rate payment for any transaction you make during the first 15 months of using your card, as well as the annual fee.
Disadvantages of using the Chase Freedom Unlimited Credit Card
Despite being an ideal tool for those starting out in the world of credit, it is important to consider some factors before applying for it.
- Cash advance transactions made with this card are subject to a fee;
- In this institution, you won't be able to choose your credit card payment due date, so you will have to adhere to what is stipulated in the contract;
- Despite exempting you from the annual fee and APR, it is an option that may be considered costly as it requires payment of various types of fees;
- Although it is a card backed internationally, it is important to verify if there are no charges for handling funds in currencies other than the dollar.
These factors may be manageable for those accustomed to handling different types of cards; however, this tool is aimed at a new audience in loan management, therefore, it is considered a costly option.
How can I contact Chase Bank?
If you wish to seek advice or receive additional information about this or other cards issued by Chase Bank, you can visit the headquarters located in Chase Tower, Chicago, Illinois, United States.
Phone Contact and Website of Chase Bank
To address your inquiries or request information about this or other cards over the phone, you can do so by calling the number 1-800-935-9935 from the Customer Service department.
To learn more details about Chase credit cards or other products issued by this institution, you can visit the Chase Bank website and review all the options in the main menu.
Conclusion
Before applying for any credit card, it is essential to understand its specifications, especially the fees involved, so you can determine if it is a viable option for you.
Disclaimer: By applying for this credit card, you will be agreeing to the terms and conditions issued by Chase Bank. Therefore, before starting the application process, evaluate the commitment you are taking on.
