Chase Freedom Flex Review: A cash back powerhouse with no annual fee

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The Chase Freedom Flex® offers high cash back rewards that are hard to beat for a no annual fee card. Cash back can also be combined with Chase's Ultimate Rewards program, potentially increasing the value of your rewards when redeemed for travel. 

The card comes with a solid welcome bonus, an intro APR offer, and added benefits like cell phone protection and extended warranty coverage. Overall, the Chase Freedom Flex provides exceptional value for those willing to strategically maximize their rewards.

Chase Freedom Flex overview

The Chase Freedom Flex is a cash back card that offers a diverse range of earning categories without an annual fee. Here are the key things to know about this card:

• Rewards: 5% cash back on quarterly rotating categories (up to $1,500 in combined purchases per quarter, then 1%), 5% cash back on Chase Travel℠ purchases, 3% cash back on dining and drugstore purchases, and 1% cash back on all other purchases.
• Welcome bonus: Earn a $200 cash bonus after spending $500 within your first three months.
• Annual fee: $0 
• Introductory APR offer: 0% introductory APR on purchases and balance transfers for 15 months, followed by a variable ongoing APR of 19.99% to 28.74%. 
• Redemption options: You can redeem cash back as a statement credit, direct deposit, or gift card, pay with points at select merchants, or book travel through Chase Travel. If you have another eligible Chase card, you can combine rewards for potentially higher-value redemptions. 
• Additional benefits: Purchase protection, extended warranty protection, cell phone protection, auto rental collision damage waiver, trip cancellation/interruption insurance, travel and emergency assistance.

Chase Freedom Flex credit card rewards 

One of the Chase Freedom Flex's strongest aspects is its diverse reward categories. These allow you to earn cash back on rotating bonus categories and everyday purchases.

This card also offers excellent rewards redemption flexibility, especially when combined with a Chase Sapphire card. 

Earning rewards 

The Chase Freedom Flex offers an impressive rewards structure, especially for a no-annual-fee card. It earns:

• 5% cash back on rotating quarterly categories (up to $1,500 per quarter, then 1%)
• 5% on travel booked through Chase Travel℠ 
• 5% cash back on Lyft rides (through March 31, 2025)
• 3% cash back on dining (including restaurants, takeout, and eligible delivery services) and drugstore purchases
• 1% on all other purchases

This diverse earning structure allows cardholders to maximize rewards across various spending categories. Here’s a closer look at the main earning categories. 

5% cash back on rotating quarterly categories 

Each quarter, Chase selects bonus categories that earn 5% cash back on up to $1,500 in combined purchases. 

These categories often align with seasonal spending habits and include popular retailers like Amazon or Walmart or broader categories such as restaurants, hotels, home improvement stores, or fitness clubs. 

You can boost your cash back earnings throughout the year by planning your purchases to maximize these bonus categories. Here’s a look at the 2024 bonus categories. 

5% cash back on Chase Travel purchases 

When you book travel through the Chase Travel portal using your Freedom Flex card, you'll earn 5% cash back on your reservation. This includes flights, hotels, car rentals, and more. It's important to note that this rate applies to cash bookings, not those made with points.

3% cash back on dining and drugstores 

The Freedom Flex also offers 3% cash back on dining (including takeout and delivery) and drugstore purchases. This is an exceptional benefit of a no-annual-fee card. It can add up quickly if you regularly dine out or shop at drugstores.

1% cash back on all other purchases 

For any purchases that don't fall into the above categories, you'll still earn a solid 1% cash back. While this base rate is standard among cash back cards, the Freedom Flex's bonus categories help it stand out.

For example, the Citi® Double Cash Card offers a flat 2% cash back on all purchases (1% when you buy, plus 1% when you pay your bill), but it has no bonus categories. 

Redeeming rewards 

Another area where the Chase Freedom Flex shines is in its reward redemption options. This is especially true if you pair it with the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®. 

By combining your Freedom Flex points with one of these premium cards, you can unlock the full potential of Chase's Ultimate Rewards program, where points can be worth significantly more than the standard 1 cent per point.

Redemption options include: 

• Cash back: Redeem your rewards as a statement credit or direct deposit into your bank account. This straightforward option provides a value of 1 cent per point. 
• Gift cards: Choose from various gift cards, some of which offer bonus value (ex., redeem $40 in cash back for a $50 gift card at select retailers).
• Travel: When you book travel — including airfare, hotels, and rental cars — through the Chase Travel portal, you'll get a value of 1 cent per point.
• Pay with Points: Some merchants allow you to pay for purchases using your accumulated points.
• Transfer to Chase Ultimate Rewards: If you have a premium Chase card, you can transfer your Freedom Flex points to your Preferred account and redeem them for travel through the Chase Travel portal for a bonus (between 25% and 50%, depending on which card you have). 

You can also transfer points to Chase's travel partners, where you can get even more value for your rewards. For example, Hyatt points are often valued at around 2 cents each, meaning a hotel stay that costs 25,000 points could be worth $500. Other popular transfer partners include United, Southwest Airlines, JetBlue, Hyatt, and Marriott.

Compared to other no-annual-fee cards, the Freedom Flex offers unparalleled flexibility and value in its reward redemption options.

Chase Freedom Flex credit card benefits

Most cards with no annual fees go light on the added benefits. Instead, the Chase Freedom Flex offers an impressive lineup of added perks that offer peace of mind. 

Sign up bonus: Earn up to $200 in the first three months 

The Chase Freedom Flex's sign-up bonus encourages users to make the card their go-to for everyday purchases. 

If you spend $500 in the first three months of owning the card, you’ll get a $200 cash bonus. This welcome bonus is easy to attain and is similar to other popular cash back cards. 

Since the Freedom Flex has no annual fee, any cash back earned through the sign-up bonus is a net gain. But it's important to remember that carrying a balance and paying interest will quickly negate the value of any rewards earned.

Additional perks

Despite its lack of an annual fee, the Chase Freedom Flex provides a surprising number of valuable perks, including:

• Purchase protection: This policy covers new purchases for 120 days against damage or theft, up to $500 per claim and $50,000 per account.
• Extended warranty protection: Extends the manufacturer's warranty by an additional year on eligible warranties of three years or less.
• Cell phone protection: When you pay your monthly cell phone bill with your Freedom Flex, you can be reimbursed up to $800 per claim and $1,000 per year for covered theft or damage.
• Auto rental collision damage waiver: Decline the rental company's collision insurance and charge the entire rental cost to your Freedom Flex to receive coverage for theft and collision damage.
• Trip cancellation/interruption insurance: Reimburses you, your immediate family members, and travel companions for up to $1,500 per person and $6,000 per trip for non-refundable passenger fares if your trip is canceled or cut short by covered situations.
• Travel and emergency assistance services: Provides a wide range of emergency services, including legal and medical referrals, while traveling away from home.

The Freedom Flex also offers limited-time promotions. This includes a 3-month complimentary DashPass (DoorDash's subscription service) when activated by December 31, 2027, Instacart+ membership for 3 months, and 5% cash back on Lyft rides through March 2025.

Many cash back cards also offer some form of purchase protection and extended warranty coverage. But cell phone protection and trip cancellation/interruption insurance are less common. These benefits can provide significant value and peace of mind when purchasing or traveling.

Introductory 0% APR offer 

The Chase Freedom Flex features an introductory 0% APR on purchases and balance transfers for the first 15 months after account opening. 

This is followed by a 19.99% to 28.74% variable ongoing APR. Balance transfers must be completed within the first 60 days and incur a 3% balance transfer fee (or $5, whichever is greater). After the 60 days, the balance transfer fee increases to 5% (or $5, whichever is greater).

While this introductory APR offer can be helpful for those looking to pay off existing credit card debt or finance a large purchase over time, it's important to remember that the Freedom Flex is primarily a rewards card. Balance transfers don't earn cash back, and carrying a balance after the promotional period ends will result in interest charges that can quickly eat away at any rewards earned.

If your primary goal is to pay off debt or finance a large purchase, consider a dedicated balance transfer card like the Citi® Diamond Preferred® Card or the U.S. Bank Visa® Platinum Card. 

Chase Freedom Flex credit card fees & charges 

Annual fee 

The Chase Freedom Flex doesn't charge an annual fee, which is common among cash back credit cards. This means that you can enjoy the card's rewards, redemption options, and perks without worrying about an yearly cost.

Compared to other no-annual-fee cards like the Citi® Double Cash Card or the Capital One Quicksilver Cash Rewards Credit Card, the Freedom Flex offers a more robust set of features and benefits, making it one of the best options in its category.

Interest rates

Like other cash back cards, the Chase Freedom Flex offers an introductory 0% APR period for both purchases and balance transfers. This promotional offer lasts 15 months from account opening, providing you with a window to pay off large purchases or transfer existing credit card balances without incurring interest charges.

After the promotional period ends, you'll face a 19.99% to 28.74% ongoing variable APR, depending on your creditworthiness. 

Cash advances have a higher APR of 29.74%, and interest starts accruing immediately from the date of the transaction. Unlike purchases, which have a grace period of 21 days after the statement closes, cash advances begin charging interest right away. To avoid costly interest charges, it's best to steer clear of cash advances altogether.

To avoid interest charges, always aim to pay your balance in full each month by the due date. Interest is charged to any balances carried over from the previous billing cycle, which can negate the value of any rewards earned.

Other fees

In addition to interest charges, the Chase Freedom Flex has a few other fees to be aware of:

1. Late payment fee: Up to $40 per occurrence.
2. Returned payment fee: Up to $40 per occurrence.
3. Cash advance fee: Either $10 or 5% of the amount of each transaction, whichever is greater.
4. Foreign transaction fee: 3% of each transaction in U.S. dollars.

These fees are typical for a no-annual-fee credit card. It's worth noting that some cards, like the Capital One Quicksilver Cash Rewards Credit Card, don’t charge foreign transaction fees, making them a better choice for international travel.

How the Chase Freedom Flex credit card compares 

When deciding on a new card, it's important to compare your options to ensure you're getting the best fit for your spending habits and financial goals. 

Here’s how Chase Freedom Flex stacks up against another popular cash back credit card.

Chase Freedom Flex vs. Citi Custom Cash® Card

The main difference between the two cards lies in their reward structures.

The Citi Custom Cash® Card offers 5% cash back on your top eligible spend category each billing cycle (up to $500 in purchases, then 1% cash back) and 1% cash back on all other purchases. 

The Freedom Flex offers more versatility with its rotating categories and fixed bonus categories. The Citi Custom Cash® Card provides a more adaptable rewards system that adjusts to your spending habits. 

Both cards offer similar intro APR periods and have no annual fees.

Chase Freedom Flex® vs. Chase Freedom Unlimited®

The Chase Freedom Flex and the Chase Freedom Unlimited are excellent cash-back credit cards with no annual fee. Both cards offer 5% cash back on travel booked through Chase and 3% cash back on dining and drugstore purchases. However, there are some key differences between them.

For one, the Freedom Flex offers 5% cash back on rotating quarterly categories (up to $1,500 in combined purchases per quarter) and 1% on all other purchases. The Freedom Unlimited doesn’t have this 5% rotating cash back category, but offers a higher base earning rate of 1.5%. 

The Freedom Unlimited's flat 1.5% cash back rate on all purchases makes it a more straightforward option for those who prefer not to track rotating categories.

Ultimately, choosing the two cards depends on your spending habits and preferences. If you're willing to strategize and track bonus categories, the Freedom Flex can offer higher rewards potential. However, the Freedom Unlimited may be the better choice if you prefer a simple, set-it-and-forget-it approach.

How we rated this card

Every credit card review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

We rate all credit cards on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. Learn more about our methodology here.

Who should consider the Chase Freedom Flex?

The Chase Freedom Flex is an excellent choice for those willing to strategize their spending to maximize rewards. Let's take a closer look at who can benefit most from this card:

• Rewards optimizers: If you enjoy tracking bonus categories and adapting your spending habits to maximize cash back, the Freedom Flex is an ideal choice. By staying on top of the rotating categories each quarter, you can earn a significant amount of cash back on your purchases.
• Chase cardholders: If you have a Chase Sapphire Preferred or Chase Sapphire Reserve card, the Freedom Flex can be an excellent addition to your wallet. By combining the cash back earned on your Freedom Flex with your Ultimate Rewards points, you can unlock even more value through Chase's transfer partners or by redeeming points for travel through the Chase Travel portal.

On the other hand, the Freedom Flex may not be the best fit for those who prefer a simpler rewards structure or don't want to bother with tracking and activating bonus categories.

If you want a flat-rate rewards structure, you might prefer a card like the Chase Freedom Unlimited, which offers 1.5% cash back on all purchases, or the Capital One VentureOne Rewards Credit Card, which earns 1.25 miles per dollar on every purchase.

The bottom line

While many cards don’t charge an annual fee, few offer as much value as the money Freedom Flex. With bonus cash back on multiple categories, a solid welcome offer, and the ability to combine points with Chase's Ultimate Rewards program, the Freedom Flex offers great value.

It's important to consider the card's rotating bonus categories, which change each quarter and require activation. While this process is simple, it does add an extra step to your rewards optimization strategy. 

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.