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Chase Freedom® Student credit card

Credit needed
Very Fair
APR
Variable 14.99%
Annual Fee
$0

Card Summary

Chase Freedom Student Credit Card with no annual Fee helps students to build credit and establish responsible card habits.

Flat-rate rewards are also available. You get 1% cashback on all purchases and bonuses when you pay your balance in full.

Contactless payment and zero fraud protection are available for cards. This means that you will not be held responsible for any unauthorized charges.

Chase Freedom Student card holders also have other benefits such as extended warranty coverage and purchase protection.

Card Summary - Cons

Rates and fees

Issuer Name
Chase
Penalty APR
Maximum 29.99%
Credit Needed
Very Fair
Balance Transfer Fee
The transfer amount must be either $5 or 5%, depending on which is higher.
Annual Fee
$0
Cash Advance Fee
You can choose to pay $10 or 5% depending on the transaction amount.
APR
Variable 14.99%
Foreign Transaction Fee
Each transaction is charged 3% in U.S. Dollars.
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The Best Features

New cardholders get $50 off a $50 bonus offer:

After making your first purchase, you can redeem 5,000 bonus points for $50 cashback. Cashback rewards: Earn 1% cashback for each dollar spent, plus 4% cash back when you use Lyft's ride-hailing service through March 2022.

Reward for good standing: You will receive $20 for every account anniversary in the first five years of your account's existence, provided that it remains active and in good standing. Chase Credit Journey is a tool that monitors credit scores and allows you to check your credit score with the Chase Freedom Student card.

Credit Limit Increases: After making five on-time monthly payments for the first 10 months, you will be eligible to receive a credit upgrade.

Rewards

Sign up bonus

APR Requirements

Drawbacks

Foreign transaction fees: When you purchase something from outside the U.S., your Chase Freedom Student Card charges a 3.3% fee.

There is no introductory annual percentage.

Cardholders are charged a variable APR at 14.99%.

Fixed Rewards Rate: There is no way to get more with rotating bonus categories or other student cards.

Highlights

50% bonus on your first purchase within 3 months of account opening All purchases earn 1% cashback.

There is no annual fee.

$25 good standing reward after every account anniversary, up to five years after meeting the credit requirements, you can earn a credit limit rise by making five monthly payments within 10 months.

Cash back rewards can be redeemed at any time with no minimum. As long as you have an active account, cash back rewards will not expire Chase Credit Journey offers a free credit score

Benefits

Chase Freedom Student Card rewards responsible usage through Good Standing Rewards and Cash Back Programs.

If you maintain a good credit rating, you will receive 2,000 points each year, equal to $20. You also get an unlimited cashback of 1% on every purchase. The card provides the user with the exact amount of cashback on each purchase, eliminating the need for spending caps or bonus categories.

Points are used to earn rewards. 100 points equals $1 in cashback. Points can be used to redeem cash back, travel and gift cards. Your points will not expire as long your account is open. However, you'll lose any remaining points if your account closes.

Chase Freedom Student credit cards come with additional perks like a 4% cashback on Lyft rides up to March 2022. You'll get a total of 5.5% cashback on Lyft services from now to then.

The cardholders will also receive a free three-month Dash Pass subscription that allows unlimited delivery from thousands of restaurants. Half off the following nine months.

You have purchase protection and zero fraud liability. This allows you to get a replacement or refund if the item purchased with your card is stolen or damaged. The policy covers you for up to $500 each claim and 120 days.

Extended warranty coverage is available for all card purchases without additional cost. You will receive an additional year of warranty coverage for purchases made with your Chase Freedom Student Card.

This card is not recommended for students who plan to travel abroad after international travel has become safe. It reimburses up to $1500 per person, and $6,000 per travel trip, if you cancel or interrupt your plans. However, the card charges a 3.3% foreign transaction fee for purchases outside of the U.S.

Comparative Analysis with Other Cards

Chase Freedom Student Vs. Bank of America's Cash Rewards Credit card for Students

Annual Fee: There is no annual fee for the card.

Reward: All purchases are eligible for a Chase Freedom Student Credit Card which offers 1% cashback. Students can earn 3% cashback with the Bank of America Cash Reward Credit Card. This card offers 2% rebate at wholesale clubs and grocery stores, as well as 1% on any other purchases. Earnings quarterly are limited to $2,500, and thereafter you will receive 1% cashback on any purchases.

Sign-up bonus: Receive $50 cash back as a sign-up bonus after your first Chase Freedom Student purchase within the first 3 months. After spending minimum $1,000 in the first 90 days of opening your Bank of America Cash Rewards credit card for students, you will receive a $200 bonus.

Cardholders who are new to the card will also receive a 0% initial APR during their first twelve billing cycles. Chase cards do not offer this.

Benefits: The benefits of both cards include free credit access and no liability protection. You won't have to pay for any unauthorized charges. Extended warranty coverage is available with the Chase Freedom Student credit cards. This extends U.S. manufacturers warranties up to one year for eligible warranties less than three years. When you connect your Bank of America eligible checking account to your bank card, the Bank of America Cash Reward Credit Card for Student offers overdraft protection at a nominal fee. As long as your credit is available, a cash advance can be made from your credit card to pay for any excess deposit.

Chase Freedom Student Chase Freedom Student vs The Discover it Student Cash back card:

Annual Fee: There is no fee for either card.

Reward: All purchases made with the Chase Freedom Student Credit Card earn 1% cashback, the Discover it Student Cash back card gives you a 5% cashback on purchases made at various places every quarter, up to the maximum quarterly limit, and 1% on all purchases.

Your Chase Freedom Student Card will give you $50 in cashback as a sign-up bonus. This is after your first purchase made within the three month period.

You will receive the same cash back when you open your Discover it Student Cashback card as the amount of cash that you earned at the end the first year.

Benefits: You will get $20 cash back for every year your Chase Freedom Student card remains in good standing over the first five years. Each card offers free credit access and no fraud liability. Discover It Student Cash Back cards waive late payments fees and have no foreign transaction fees.

Redeeming Rewards

Maximizing Rewards

Annual Fees

Conclusion

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