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Monday, September 21, 2020

Chase Freedom Credit Limit & Benefits (2020) — Pre-Qualify Online

Chase Freedom Credit Limit And Benefits Pre Qualify Online

credit card advice

Brittney Mayer
By: Brittney Mayer
Updated: September 16, 2020
Advertiser Disclosure

Though commonly referred to simply as “Chase” by consumers, Chase Bank — or, formally, JPMorgan Chase & Co. — can trace its lineage all the way back to 1799 New York City, and a savvy water company by the name of The Manhattan Company. Since that time, Chase has continuously expanded, growing as a company and merging with a number of notable banks, to become the largest bank issuer of consumer credit cards in the US.

Part of the reason for the bank’s success in consumer credit is the array of attractive rewards cards and programs, including the Chase Sapphire Preferred® Card, which is frequently recommended as a top travel option. Additionally, the Chase Freedom Flex℠ and Chase Freedom Unlimited® cards are particularly popular as everyday cards, offering solid limits, usable rewards, and a host of additional card benefits.

In the article below, we’ll take a look at the Chase Freedom credit limit and benefits. Pre-qualify online to gain a better idea of whether you will be approved for the card before going through the full application process and getting a hard pull on your credit.

Average Limit | Increase Your Limit | Cash Back Rewards | Card Benefits

Reviews Suggest an Average Limit Around $3,000

When it comes to obtaining a new Chase Freedom Flex℠, you’re likely going to want a credit score in the 700 and up range (“good” to “excellent” credit), but reviews suggest you can still find approval with a lower score. In fact, multiple reviewers were approved with scores in the mid-600s, and one reviewer reported being approved with a score of 644.

Chase Freedom Flex℠ Review

at the issuer'ssecure website

EXPERT'S RATING

★★★★★
4.9

OVERALL RATING

4.9/5.0
  • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • 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 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
  • Earn 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1% on all other purchases.
  • No annual fee.
  • 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 15 months
N/A
14.99% - 23.74% Variable
$0
Good/Excellent

EXPERT'S RATING

★★★★★
5.0

OVERALL RATING

5.0/5.0
  • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • 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 travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on all other purchases.
  • No annual fee.
  • 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 15 months
N/A
14.99% - 23.74% Variable
$0
Good/Excellent

In addition to heavily factoring into your approval odds, your credit will be used — alongside your income and current obligations — to determine your new card’s credit limit. Credit Karma data suggests the Chase Freedom cards seem to typically offer a respectable initial limit averaging around $3,000.

More specifically, about 20% of Chase Freedom Flex℠ cardholders reported limits in the $300 to $1,000 range, and another 20% of users obtained limits above $5,000. In general, it appears the minimum limit to be $300, while the maximum limit is around $20,000, although one reviewer reports receiving an initial $24,000 limit.

Credit Karma Graph of Chase Freedom Credit Limits

This graph from Credit Karma shows users’ reported credit limits.

Of course, those approved for a Chase Freedom Flex℠ despite their low credit scores will likely have to settle for a lower credit limit. In particular, reviewers with scores below 700 when applying were more likely to be approved for below-average credit limits.

According to one reviewer, “Credit Karma gave me good approval odds so I went for it. Application process took all of 30 seconds and I was instantly approved for $2000. CK had my scores at 629 and 661.”

Regular & Responsible Card Use May Lead to Limit Increases

For most credit cards, cardholders have two ways to increase their credit limits. The first is through an automatic increase, which is an unsolicited credit limit increase granted by the issuer. The second is to request a credit limit increase through the issuer’s website or customer service line.

Unfortunately, the Chase Freedom Flex℠ reviews seem to be split on the best way to obtain a credit limit increase. Several reviewers report receiving automatic credit limit increases, particularly in response to regular use and responsible payment behavior. As one reviewer writes, “I’ve had this card about a year. I initially had a $4,500 limit. I began using the card for wedding-related expenses and within 8 months I had a $10,000 limit.”

At the same time, other users complain that Chase is actually stingy with the automatic increases, referencing year-old cards (or more) that have never seen an increase.

In one irritated review, “I was given a limit of $4000.00 which isn’t terrible, but trying to maintain a good utilization ratio on that when you pay for everything with your credit cards is a bit cumbersome. I researched and got the impression that I would just need to wait to get an increase, so I waited… Over a year later and I have yet to receive an increase.”

On the other hand, many reviewers seem to have good success with directly requesting credit limit increases from Chase. While this process does involve a hard credit inquiry, it may be the most effective way to increase your Chase Freedom Flex℠ credit limit.

“When I first got this card my credit score was about 675 I was approved with a credit limit of $1,000 in August of 2014,” said one reviewer. “In April of 2015, I requested an increase on my limit. They asked me how much would I need — I didn’t want to shoot too high, so I said $3,000. Boom! Instant approval. I called them again, asking for another increase, and they asked me the same question. This time, I aimed high and said $7,000. Boom! Instant approval.”

Chase Freedom Flex℠ Users Can Earn Cash Back with Every Purchase

For many cardholders, the best thing about the Chase Freedom Flex℠ and Chase Freedom Unlimited® are the cash back rewards. The rewards also happen to be the main difference between the two cards, coming down to a choice between bonus categories and flat-rate cash back options.

For those consumers whose spending typically occurs at popular locations, such as grocery stores or restaurants, the 5% bonus offered by the Chase Freedom Flex℠‘s category-based cash back program can offer a lot of value. The 5% does have a limit of $1,500 a quarter, but users will still get 1% unlimited cash back on all other purchases.

Chase Freedom Bonus Category Calendar

Cardholders can earn 5% bonus cash back in new categories every quarter with their Chase Freedom Flex℠.

One thing to keep in mind is that specific bonus categories change each quarter. For example, during the second quarter (Q2) of 2017 — April 1 to June 30 — cardholders earned 5% back on grocery store and drugstore purchases. Then, at the start of Q3 — which runs July 1 to September 30 — the category switched to restaurants and movie theaters.

You’ll also need to go online to activate your new bonus categories each quarter to ensure you earn your 5% cash back. This can be done through your credit card account page or by entering your information into Chase’s rewards activation page. You can typically activate a new quarter 30 to 60 days before the start of that quarter.

If the idea of rotating categories isn’t appealing or your spending simply doesn’t conform to popular categories, the Chase Freedom Unlimited® instead offers an unlimited flat-rate 1.5% cash back on every purchase. As its name suggests, the Chase Freedom Unlimited® has no maximum to how much cash back you can earn, and you won’t need to activate anything to start earning.

Regardless of which card you select, your cash back rewards won’t expire so long as your account remains open and in good standing. Most rewards will post the following statement cycle and you can then redeem your cash back at any time, for any amount. You can also choose to redeem your rewards for gift cards to dozens of popular merchants.

Cardholders Enjoy a Variety of Additional Benefits

While cash back rewards are certainly the flashiest and most popular perks of a Chase Freedom Flex℠, they’re hardly the only benefits. Your new card will also have a range of built-in benefits that you may not even know about.

To start, you won’t have to pay an annual fee for either the Chase Freedom Flex℠ or the Chase Freedom Unlimited® card. The Freedom cards also come with attractive signup bonuses, made easily attainable with reasonable spending requirements. Remember that you can only receive one signup bonus per card per 24-month period, regardless of whether you’ve closed the card within that period.

Screenshot of Chase Freedom Card Benefits Page

The Chase Freedom Flex℠ card comes with a variety of card benefits, including protection against unauthorized users.

On the security side, Chase Freedom Flex℠ cardholders can find comfort in Chase’s Zero Liability Protection that comes standard with their Chase Freedom Flex℠. This means you’ll never be held responsible for unauthorized charges made with your card or account information.

Users can also enjoy shopping and travel benefits when using their Chase Freedom Flex℠ or Chase Freedom Unlimited®. These perks include purchase and extended warranty protection for products paid for with your card, as well as auto rental collision damage waivers and roadside dispatch (for Visa cardholders) or roadside assistance (for Mastercard cardholders).

Chase Freedom: Popular Everyday Cards

As evidenced by its decades of experience and millions of customers, Chase has certainly learned how to give people what they want in a credit card — and the Chase Freedom Flex℠ and Chase Freedom Unlimited® are hardly an exception. Offering generous credit limits and favorable rewards, the Chase Freedom cards are a popular choice for an everyday credit card.

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