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Chase Freedom Student Credit Card Review 2023

While attending school, developing your credit history is a challenging assignment. Student credit cards provide a basic introduction to credit management. Banks will initially provide student credit cards with lesser limits and smaller rewards before letting students advance to credit cards with more attractive reward possibilities.

The Chase Freedom Student credit card offers cash-back benefits without an annual fee, which will appeal to students. Students don’t have to worry about keeping track of a higher minimum spending requirement because they can receive a $50 bonus if the first purchase is made during the first three months of account setup. Plus, users will receive a $20 bonus on their credit card anniversary for the first five years that the card is open and is in good standing.

After making five on-time payments within the first 10 months after opening the card, cardholders of the Chase Freedom Student credit card who meet the card’s credit requirements are rewarded with an increase in credit limit. Additionally, they will get unrestricted access to their credit score via the Credit Journey service from Chase.

In addition, this card provides additional alluring perks that many other student cards do not. On your eligible purchases, you’ll get purchase protection and an extended warranty.

Short Facts:

  • The first purchase must be made within the first three months of account opening to qualify for the $50 bonus.
  • Up to five years of good standing accounts are eligible for a $20 anniversary incentive.
  • Earn 1% cash back at any time.
  • After five timely payments, qualified cardholders’ credit limits will increase.
  • No yearly charge
  • Purchase insurance

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chase freedom student credit card
chase freedom student credit card

Extended Warranty Coverage

Interest Rates:

  • Regular APR: 19.24% Variable
  • Purchase Intro APR: N/A
  • Balance Transfer Intro APR: N/A

Fees:

  • Annual Fee: $0
  • Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
  • Cash Advance: Either $10 or 5% of the amount of each transaction, whichever is greater.
  • Foreign Purchase Transaction Fee: 3% of each transaction in U.S. dollars.

What is a Student Credit Card?

A student credit card is a type of credit card that banks and other financial institutions advertise to students and recent graduates. For students with little to no credit history and modest salaries, student credit cards often have lower credit limits and occasionally higher credit approval rates. If you are under 21, student credit cards could require a co-signer.

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chase freedom student credit card
chase freedom student credit card

Chase Freedom Student Credit Card Rewards

Earnings Rewards:

With the Chase Freedom Student credit card, students can receive 1% cash back on all transactions, without limits. There are no promos to sign up for or bonus categories to memorize.

New cards also get a $50 incentive following their first transaction during the first three months of opening their account.

You’ll also get a $20 “Good Standings Rewards” bonus on your account anniversary for each year that you keep your account open. This benefit is available to you for a maximum of five years.

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Redeeming Rewards:

You can use your rewards at any time and for any amount of cash back. Five thousand points are worth fifty dollars in cash back when redeeming your rewards. You have the option of a statement credit or a direct deposit into your bank or savings account.

As long as your account is open and in good standing, all incentives you receive never expire.

Rewards can also be used to make purchases on Amazon, purchase gift cards, or arrange vacation. Redemption costs could differ and be as little as a cent per point.

Chase Ultimate Rewards® points are what you receive in cash back. With other Ultimate Reward credit cards, including the Chase Sapphire Preferred® Card, you can combine your accumulated points. Depending on the card, this can provide you access to extra value when making travel arrangements or give you the choice to transfer to airline and lodging partners.

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Rewards Potential

Forbes Advisor uses data from multiple government agencies to establish baseline income and expenditure averages across various areas in order to estimate the potential of the Chase Freedom Student credit card. The average student spends $13,640 a year on regular expenses including food, transportation, entertainment, and books. A credit card can be used to pay for many of these expenses, giving you the chance to accrue points.

You can anticipate earning $68.20 in cash-back rewards per year if you use this student credit card to pay for half of your prospective expenditures.

Benefits of Chase Freedom Student Credit Card

  1. Credit Limit Raising: If you satisfy the credit requirements, you can automatically have your credit limit increased after making five on-time payments in the first 10 months.
  2. Zero Liability Insurance: Unauthorized purchases are not your responsibility.
  3. Purchase Security: For 120 days following purchase, new purchases are protected against damage or theft up to $500 per claim. $50,000 in total coverage per account.
  4. Protection under an extended warranty: Gives qualified warranties of three years or less an extra year’s manufacturer’s warranty.
  5. Lock/Unlock Function: Your credit card can be quickly locked or unlocked online or with the Chase Mobile app.
  6. No Cost Credit Score: Credit Journey offers unrestricted access to your credit report and other information.

For students who might gain from establishing a long-term connection with Chase, the Freedom Student credit card from Chase is a wise choice. It includes a simple welcome bonus and no annual charge. Before applying for a Chase Freedom Student Credit Card, review the terms and conditions.

Chase freedom student credit card
Chase freedom student credit card

Frequently Asked Questions

What is the value of the Chase Freedom Student Card?

For students who might gain from establishing a long-term connection with Chase, the Freedom Student credit card from Chase is a wise choice. It includes a simple welcome bonus and no annual charge.

Is my Chase Student Credit Card Usable Abroad?

3% Foreign Transaction Fee: Be aware of foreign transaction costs if you go outside of the United States. The Chase Freedom Student credit card levies a 3% foreign transaction fee on each transaction.

Obtaining a Chase student Credit Card is it challenging?

One of the key advantages of the Chase Freedom® Student credit card is that you can apply without having a significant credit history or a good credit score. You simply need a FICO credit score of 660 or better because the Chase Freedom® Student credit card is a starting credit card aimed towards students.

What is the Credit Card Limit for a Chase Student Card?

Every applicant who is accepted for Freedom Student is promised a credit limit of at least $500, and very creditworthy ones may receive limits considerably higher. The starting credit limit is likely to be larger the higher the applicant's income and credit score are.

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