Credit Card Articles

Chase Freedom MasterCard with $200 Bonus Card Review

16 November 2011 by CreditCardsCo™

Earning cash rebates is always a good thing, but it is not always easy to find a card that gives you the freedom to earn rebates on everything. However, that is exactly what the Chase Freedom MasterCard - $200 Bonus Cash Back card does.

If you like to carry credit cards because of the many benefits they can provide then you should definitely think about looking into the Freedom Card from Chase Bank. This one, in particular, gives you many different ways to save money by earning cash back. This is on top of the fact that the card does not have the annual fee that many other cards of this caliber might usually charge.

Cash Back Program

This card has quite a lucrative cash back program. Many cards offer rewards that give you points that you can cash in for a variety of benefits like airline miles or merchandise, but it is pretty hard to deny a card that just gives you cash instead. That said, this particular MasterCard has an impressive collection of cash back options:

  • Earn 5% cash back on purchases made within bonus categories that change every 3 months
  • Earn 1% cash back on all other purchases with no limits
  • Earn an additional 1% when you use your card to make reservations with a participating airline
  • Earn up to 10% cash back on all purchases made with affiliate merchants
  • Earn a $200 cash back bonus in the first three months

It is important to note that while there is no limit to the number of rebates you can earn, the quarterly bonus has a ceiling. This means that you can earn the bonus up to a certain amount, at which point you will continue earning rebates at 1%, which is the standard rate. Still, you will always get rewarded with rebates whenever you use your credit card.

Other Benefits

Of course, you don't choose a credit card simply based on its cash rebate options. Obviously, they are a major selling point, but it also helps that your card has everyday benefits too. Thankfully, this card is also equipped with many of the basic benefits that are necessary in the world today. These benefits give you more options in regards to saving money and providing more convenience.

  • No annual fee
  • Reasonable variable annual interest rates on balance transfers
  • Reasonable variable annual interest rates on standard purchases
  • Cash advance options (usually at a higher interest rate)
  • Foreign transaction options (automatically pay local currency wherever you go for a small percentage fee, without having to convert your cash)
  • 21-day interest-free grace period (pay no interest on new purchases when you pay them off in full within 21 days)

Fees And Penalties

Another thing you can usually expect from a credit card is that there may be some processing fees and penalties depending on how you use your benefits and how well you can maintain your account. Since there is no annual fee for this card, you can expect to pay processing or maintenance fees for:

  • Balance transfers (usually a percentage or flat dollar amount, whichever is greater)
  • Cash advances (also usually a percentage or flat dollar amount, whichever is greater)
  • Foreign transactions (usually a percentage, in U.S. dollars)

All credit cards also charge penalty fees to discourage irresponsible or poor management of your account. For this card, the penalty fees are pretty standard and thus you can expect to pay the following penalties if they apply:

  • Late payment (the fee can vary, too, depending on your existing balance)
  • Going over your credit limit (flat dollar amount)
  • Having a payment returned (flat dollar amount)
  • Having a check returned (flat dollar amount)

The Application

If all of this sounds well and good then you are probably read to apply. Applying for this card is very easy as you can do it simply and quickly using a convenient online form. You will have to supply the usual personal and financial information, but the application will also ask for three very specific verifications in order to qualify you. These are:

  • credit history clear of bankruptcy
  • Credit history clear of seriously delinquent accounts
  • Have not applied and been denied for a Chase account in the past 6 months

Final Word

Earning cash rebates is easy with this Chase Freedom MasterCard - $200 Bonus Cash Back. From 1% on standard purchase to 10% with affiliate partners and a $200 bonus, this card is impressive enough. No annual fee and competitive rates are just icing on the cake.

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