Bankrate Perception: As of June 11, 2023, the Chase Freedom Pupil bank card has been discontinued and is now not accepting new candidates. Chase has changed it with the brand new Chase Freedom Rise® bank card, which presents related advantages and options focused in direction of college students.
For college students trying to construct credit score whereas incomes money again rewards, the Chase Freedom® Pupil bank card could possibly be an ideal possibility. With this card, you’ll earn 1 p.c money again on all purchases with out having to fret about an annual payment, and also you’ll even have free entry to your credit score rating — amongst different credit-building perks.
Nevertheless, there are comparable scholar bank cards available on the market that provide advantages equivalent to larger rewards charges and intro APRs, so it’s vital to completely perceive what you’re in search of in a scholar card previous to making use of.
When is the Chase Freedom Pupil card price it?
You’re on a credit-building journey
Is the Chase Freedom Pupil card price it for you? In case you’re trying to construct credit score as a university scholar, it definitely may be. Proudly owning this card not solely will get you free entry to your credit score rating — permitting you to simply maintain monitor of your progress — however you’ll even be rewarded for utilizing the cardboard responsibly. The Chase Freedom Pupil card presents a $20 Good Standing bonus annually in your cardmember anniversary, for as much as 5 years in a row, which is a candy deal with merely paying your invoice on time.
Most notably, the Freedom Pupil may provide help to enhance your credit score restrict. After making 5 on-time funds inside 10 months, you’re eligible for a credit score line enhance. Be aware, although, it’s not assured and extra standards could should be met.
You wish to simply earn rewards
This no-annual-fee card can also be price it if, along with constructing credit score, you wish to earn flat-rate money again (with out having to enroll in rotating classes every month, for instance). The Chase Freedom Pupil will get you 1 p.c money again on all purchases — and although this seemingly isn’t a make-or-break element, you additionally get 5 p.c money again on Lyft rides via March 2025. Be aware, whereas this can be a money again card, rewards earned will present up in your account as extremely profitable Chase Final Rewards factors.
Additional, when it comes to a welcome bonus, you’ll be able to earn $50 in bonus money again (equal to five,000 Final Rewards factors) after making your first buy inside three months of account opening. General, incomes rewards with this scholar card is easy and doesn’t require a lot effort — an attribute that’s positive to be appreciated by busy college students.
You need a scholar card with further advantages
Further advantages that may make the Chase Freedom Pupil price it for you embrace buy safety (which means if an merchandise purchased together with your card is broken or stolen inside 120 days of buying, you’ll obtain buy safety of as much as $500 per declare and $50,000 per account) and prolonged guarantee (which provides an additional yr of protection to gadgets you purchase with the cardboard that provide producers’ warranties of three years or much less). You additionally obtain journey cancellation and interruption insurance coverage for non-refundable journey bills, a perk that’s not quite common amongst scholar bank cards.
When is the Chase Freedom Pupil card not price it?
You wish to earn rewards larger than 1%
There are scholar playing cards available on the market that provide larger ongoing rewards than the Chase Freedom Pupil — which, relying in your spending habits, may show to be extra precious. The Uncover it® Pupil Money Again, for instance, presents 5 p.c money again on activated rotating classes every quarter (as much as $1,500 in spending, then 1 p.c) and 1 p.c again on all different purchases. Even when you neglect to activate a class in a selected quarter, or do minimal spending in stated class, you’d nonetheless be incomes 1 p.c money again — proper on par with the Chase Freedom Pupil card.
You’re going to review overseas
In case you’re trying to examine overseas as a university scholar and are planning on making purchases with a bank card, the Chase Freedom Pupil won’t be the best choice. This card fees a 3 p.c international transaction payment on each buy made exterior of the U.S. — which might actually add up if it’s your important type of cost. Alternatively, the Capital One Quicksilver Pupil Money Rewards Credit score Card doesn’t cost foriegn transaction charges and helps you rack up 1.5 p.c money again on each buy.
You need assistance with an upcoming buy
Lastly, there could also be a extra helpful scholar card for you if you realize you have got a big upcoming buy to make — equivalent to a slew of faculty provides. Some playing cards, such because the Uncover it® Pupil chrome, supply zero-interest durations on new purchases. The Pupil chrome, particularly, will get you a 0 p.c introductory APR on purchases for six months (adopted by a variable APR between 16.74 p.c to 25.74 p.c). This implies you’d have six months to repay your buy earlier than that variable APR charge kicks in.
Must you get the Chase Freedom Pupil card?
In case you’re a university scholar trying to construct credit score whereas incomes rewards and having fun with just a few further advantages sometimes solely provided by normal rewards bank cards, the Chase Freedom Pupil card could make sense for you.
Additional, going with the Chase Freedom Pupil means you’re beginning your credit-building journey throughout the extremely fruitful Chase Final Rewards program. And when you determine to take out one other Chase bank card sooner or later, you’ll be capable of pool factors earned throughout playing cards and probably maximize their worth when redeeming Chase factors.
The underside line
General, this scholar card is price it for many who wish to construct their credit score and earn some money again rewards within the course of. For extra detailed data on all that this card has to supply, learn our Chase Freedom Pupil bank card evaluation — and take into account shopping our record of the highest scholar bank cards in case another choice higher suits your wants.
