Chase’s Freedom Student credit card is a perfection option for college students who are looking for a new credit card to build credit with. Currently, new cardholders can earn a $50 cash bonus after making one purchase in the first three months of opening an account.
This no annual fee card also gives student a chance to earn 1% cashback on all purchases made with no limit and the rewards do not expire. There are tons of benefits and rewards that come with the card such complimentary DoorDash subscription for the first three months and earn a 5% cashback on your Lyft rides through March 2022.
If you’re interested on signing up for this card, continue reading below to learn more about its features and perks.
* The Chase Freedom Student Credit Card is issued by Chase. They also offer great sign-up bonuses for their Checking/Savings accounts. *
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Chase Freedom Student Credit Card Quick Facts
|Bonus Available||Earn a $50 Bonus after you make your first purchase in the first 3 months from account opening.|
|Ongoing Rewards/Benefits||Earn 1% cash back on all purchases
Complimentary DashPass subscription for 3 months on DoorDash and Caviar. After that, you are automatically enrolled in DashPass at 50% off for the next 9 months – activate by 12/31/2021
5% total cash back on Lyft rides through 3/31/2022
$20 Good Standing Rewards, after each account anniversary for up to 5 years
Earn a credit limit increase after making 5 monthly payments on time within 10 months of account opening and meeting credit criteria
Free credit score
|Foreign Transaction Fees||3%|
|Airport Lounge Access||N/A|
- No annual fee
- Earns Ultimate Rewards points
- Encourages good credit habits
- Simple rewards
- Points do not expire
- No co-signers allowed
- No bonus categories on spending
- Foreign transaction fees
Editor’s Alternate Pick
The Chase Freedom Unlimited Card offers a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. Earn unlimited 1.5% cash back on all purchases.
In addition, you can earn:
• Earn 5% cash back on grocery store purchases (not including Target or Walmart purchases) on up to $12,000 spent in the first year.
• Earn unlimited 1.5% cash back on all other purchases.
• Earn 5% on Chase travel purchased through Ultimate Rewards, 3% on dining and drugstores, and 1.5% on all other purchases.
There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open.
This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM.
$50 Sign-Up Bonus
Most credit cards will force you to meet a spending requirement in order to receive the welcome bonus. However, the Chase Freedom Student Card lets you get a $50 bonus simply by making any purchase within three months of opening your account.
Earning With Chase Freedom Student Credit Card
Earning with Chase Freedom Student Credit Card rewards program is quite easy. For every purchase made, you will earn one point per $1 spent or equivalent to 1% cash back. For example, if you spent $1,000, you will get $10 back in rewards.
Keep in mind that some transactions such as balance transfers, cash advances, betting transactions, interest, unauthorized or fraudulent charges, and fees do not qualify for the 1% cash back
Redeeming With Chase Freedom Student Credit Card
The Chase Freedom Student Credit Card allows you to redeem rewards for cash at a $0.01 per point redemption rate as statement credit or direct deposit. The best part is, it does not require a minimum amount to redeem your rewards.
You can also redeem points for other purchases such as travel, gift cards and shopping at Amazon. These options will value your points at $0.01, except for shopping from Amazon as your points value will drop to $0.008 each.
Maximizing With Chase Freedom Student Credit Card
To maximize your potential rewards, you should start using your card regularly once you get it, even with small purchases. If not, you may not qualify for the credit limit increase, it also requires you to pay your bill on time for at least five months within your first 10 months of being a cardholder.
Aim to continuously pay your bill on time for an extra 2,000 points (worth $20 in cash back) every year upon account renewal, for up to five years.
Here are some card promotions that college students may take advantage of:
- Students can get free delivery on any DoorDash order over $12 for the first three months. Then after that, students will get a 50% discount on a DoorDash subscription for nine months.
- Cardholders can get an additional 4% cash back on qualifying Lyft rides purchased through the Lyft mobile app (a total of 5%) now through March 2022.
You can combine the Ultimate Rewards points earned with a Chase Sapphire Preferred® Card, Chase Sapphire Reserve® or Ink Business Preferred® Credit Card. This strategy offers more value when you use your points to book travel through the Ultimate Rewards travel portal:
- Points are worth 25% more for Ultimate Rewards travel with Sapphire Preferred and Ink Business Preferred.
- Points are worth 50% more for Ultimate Rewards travel with Sapphire Reserve.
You can potentially maximize your earnings with the Chase Freedom Flex card by transferring you Ultimate Rewards points to any of Chase’s airline and hotel partners. We value these points at $0.02 each with certain partners and booking scenarios:
Ultimate Rewards Airline/Hotel 1:1 Point Transfer Partners
The Chase Freedom Student card is a good option for your first credit card. This no annual fee card has simple features that can help encourage good credit habits, earn easy rewards, and get unlimited 1% cash back on every purchase made!
You can check out the Chase Freedom Flex Card or the Chase Unlimited Card for other benefits! While you’re here on HMB, check out other credit card offerings exclusively here on HMB! Furthermore, see our list of promotions from Chase Bank!
What’s The Competition?
With the Journey Student Rewards from Capital One:
You can build your credit with responsible use and be automatically considered for a higher credit line in as little as 6 months. You'll get the option to pick the monthly due date that works best for you.
You'll earn 1% cash back on all your purchases. Pay on time to boost your cash back to a total of 1.25% for that month. And there's no limit to the amount of cash back you can earn, and rewards won't expire for the life of the account.
This card comes with no annual fee and no foreign transaction fees.
The Citi Rewards+SM Student Card offers 2,500 bonus points after you spend $500 in purchases with your card within 3 months of account opening; redeemable for a $25 gift card at thankyou.com.
You'll earn 2X ThankYou® Points at supermarkets & gas stations for the first $6,000 per year and then 1X Points thereafter. Plus, earn 1X Points on all other purchases.
In addition, the Citi Rewards+? Student Card is the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
This card comes with no annual fee.