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The Freedom Flex credit card is one of the newest cards to be added to Chase’s credit card lineup (it launched in September 2020) and it’s already one of the most important miles & points credit cards on the market. With no annual fee, great earning rates, and excellent benefits, this is a card that would fit very well with most people’s wallets.
The Freedom Flex Credit Card
- $0 (zero)
- New cardholders will earn $200 (or 20,000 Ultimate Rewards Points) after they spend $500 on the Freedom Flex credit card in the first 3 months of opening their new account (find out more).
- Earn 5% cash back (or 5 points/dollar) on up to $12,000 of grocery store purchases made in the first 12 months of opening a new account (does not include Target or Walmart).
Note: Chase classifies the Freedom Flex credit card as a new product so the welcome offer is available to current holders of the Chase Freedom credit card and the Chase Freedom Unlimited credit card.
Standard Earning Rates
- 5% cash back (or 5 points/dollar) on up to $1,500 of spending in quarterly revolving categories.
- 5% cash back (or 5 points/dollar) on travel purchased through Chase’s travel portal
- 3% cash back (or 3 points/dollar) on dining (includes take-out and delivery)
- 3% cash back (or 3 points/dollar) on spending at drugstores
- 1% cash back (or 1 point/dollar) on spending in all other categories
The Chase Freedom Flex credit card comes with the same earning rates as the legacy Chase Freedom card but also adds in 3% – 5% of cash back (3-5 points/dollar) in three other categories too.
Bonus Earning Rate
- 5% cash back (or 5 points/dollar) on Lyft rides through March 2022
This is the same earning rate that’s currently offered on the $95/year Chase Sapphire Preferred credit card.
The Freedom Flex credit card is a “World Elite” Mastercard which means that cardholders get a set of prepackaged benefits that the legacy Freedom credit card (which the Flex card replaced) never offered. These include:
- Cell phone protection up to $800 per claim and $1,000 per year (max 2 claims per year)
- Monthly $10 Lyft credit after 5 rides are taken
- 5% Cash Rewards on Boxed Wholesale orders for use on future purchases.
- Complimentary ShopRunner membership (2-day shipping at hundreds or retailers)
- $5 off movie tickets with Fandango for every 2 movie tickets purchased
The Chase Freedom Flex also offers:
- Trip cancellation/interruption insurance – up to $1,500 per person and $6,000 per trip
- 120-day purchase protection – up to $500 per claim and $50,000 per account
- Extended warranty protection – this extends the time period of the U.S. manufacturer’s warranty by an additional year, on eligible warranties of three years or less.
- Secondary rental collision cover
- 3-month complimentary DashPass membership – the DoorDash service that offers unlimited free deliveries on eligible orders over $12 (DashPass members can currently get a bonus 5% rebate on select pickup orders).
Why I Love The Freedom Flex Credit Card
As I run down the list of earning rates and benefits that the Freedom Flex credit card offers, I keep having to remind myself that this is a card that doesn’t charge an annual fee. That’s incredible.
The Welcome Offer
The great news starts with the welcome offer where the $200 bonus could be considered free cash (assuming you never carry a balance and get charged interest) which can be earned relatively easily (it only requires $500 of spending) and while earning a fantastic rate of return.
If you happen to have the Chase Sapphire Preferred Card (review), the Chase Sapphire Reserve Card (review), or the Ink Business Preferred Card (review) the $200 bonus can be taken as 20,000 Ultimate Rewards Points which I value at $300 (more on this below).
Also, with the Freedom Flex Credit Card now offering 5% cash back on up to $12,000 of spending at grocery stores in the first year of card membership, this is one of the most rewarding cards to use (in year 1) when you do your shopping. 5% back or 5 points/dollar is great by any standards, but it’s a truly amazing rate of return for a card that doesn’t charge an annual fee.
The Rates Of Return
3% – 5% cash back is an amazing return to be given by a no-annual-fee credit card, but for holders of one of the Chase Sapphire cards or the Ink Business Prefered Card, it gets better.
If you’re a fan of pure cash back the Freedom Flex credit card will work very well for you, but it can also be an amazing card for anyone who loves earning a valuable rewards currency and who is happy to put in a bit of extra work to maximize the value that the Flex Card offers.
When paired with a Chase Sapphire Card or the Ink Business Preferred Card, the cash back that the Freedom Flex credit card offers can be taken in the form of Ultimate Rewards Points. These points can be transferred to a variety of airline and hotel loyalty programs where they can be used to extract considerably more value than the basic cash back that the Flex card offers.
Essentially, the cash back that the Flex Card earns can be turned into a currency that can be used to book high-end hotels and premium cabin flights for considerably less than they would ordinarily cost.
I value Chase Ultimate Rewards Points at 1.5 cents each (based on the value I know I can easily get out of each point with relative ease) and that means that in effect, the Chase Freedom Flex credit card offers the following:
Effective rebates of 7.5% on:
- Lyft rides through March 2022
- Travel booked through Chase
- On all quarterly spending categories
Effective rebates of 4.5% on:
- Spending at drugstores
- Spending on dining (including takeaway and delivery)
There are a number of premium credit cards on the market (annual fees of over $200) that don’t offer rebates as good as these, and yet the Freedom Flex credit card doesn’t charge an annual fee at all.
The Excellent Benefits
As if all of the above wasn’t enough reason to have the Freedom Flex credit card in your portfolio, just take a look at the list of benefits that a cardholder gets without having to hand over a dime in fees – the cell phone insurance alone is a great benefit to have, but Flex cardholders also get Lyft credits, Fandango credits, Boxed rewards and free ShopRunner membership all of which offer genuine savings.
Also, the Freedom Flex credit card offers trip interruption/cancellation insurance (useful if you’re using the Flex Card to earn 5% back on travel spending with Chase), extended warranties, and purchase protection as well.
It’s genuinely incredible that a card with no annual fee can offer such an array of benefits that actually add value.
The Chase Freedom Flex credit card may still be a relatively new credit card but it’s already a “must-have” credit card for those of us who love cash back and Ultimate Rewards. The earning rates are impressive, the welcome bonus is generous, and the benefits that come with the card can be money savers all on their own. This was the star credit card of 2020 and it’s hard to imagine anything beating it in 2021.