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Monday, June 21, 2021
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Chase Freedom Student Credit Card Review

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The Chase Freedom Student credit card with no annual fee helps students build credit history and develop responsible card habits with flat-rate rewards. The card earns 1% cash back on every purchase, plus bonuses for paying your balance on time.

Cards come with contactless pay and offer zero fraud liability protection, which means you won’t be responsible for unauthorized charges. Chase Freedom Student card users also get other benefits, such as purchase protection, extended warranty coverage, and trip cancellation or interruption insurance.

Best Features

$50 bonus offer for new cardholders: You can earn 5,000 bonus points, redeemable for $50 cash back, after making a purchase in the first three months.

Cash back rewards: You’ll earn 1% cash back for every dollar you spend in addition to 4% cash back on Lyft ride-hailing services through March 2022.

Good Standing rewards: Pocket 2,000 points, redeemable for $20, each account anniversary for the first five years if your account remains open and in good standing.

Free credit score: With the Chase Freedom Student credit card, you can check your credit score anytime through Chase Credit Journey, a credit monitoring tool.

Credit limit increases: You will be eligible for a credit increase after making five monthly on-time payments within 10 months of opening your account.

Drawbacks

Foreign transaction fee: The Chase Freedom Student card charges a 3% foreign transaction fee whenever you buy something outside of the U.S.

Fixed rewards rate: You won’t have a chance to earn more rewards with rotating bonus categories, which other student cards offer.

Additional Card Benefits

The Chase Freedom Student card rewards responsible use through its Good Standing rewards and cash back programs.

The rewards program gives you 2,000 points, worth $20, each year for the first five years if you keep your account in good standing, plus you get unlimited 1% cash back on all purchases. This type of card that provides users the same amount of cash back on every purchase eliminates the need to track bonus categories or spending caps.

Rewards are earned as points, with 100 points worth $1 in cash back. You can redeem points for cash back and travel, as well as gift cards, products or services from select merchants. Points never expire as long as your account remains open, but you will lose any unredeemed points if you close your account.

The Chase Freedom Student credit card comes with other perks, including an extra 4% cash back on Lyft rides through March 2022. This means you’ll earn a total of 5% cash back on Lyft’s services between now and then. Cardholders also get a three-month complimentary DashPass subscription for unlimited free delivery fees from thousands of restaurants, along with half off for the next nine months.

The card offers security features such as zero fraud liability and purchase protection. The latter helps you get a refund or replacement if an item bought with your card is damaged or stolen. You’ll be covered for 120 days and up to $500 per claim.

Without paying anything extra, you will receive extended warranty coverage for card purchases. This adds one year to a U.S. manufacturer’s warranty of three years or less as long as you used your Chase Freedom Student card to buy the item.

Lastly, if you hope to study abroad once international travel is safe, this card may not be the one to pack. Although it reimburses you for up to $1,500 per person and $6,000 per trip if your travel plans are canceled or interrupted, it charges a 3% foreign transaction fee on purchases made outside the U.S.

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