Chase Launches Freedom Flex Card With up to 5% Cash Back and a Big Intro Bonus

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There’s a new Chase card coming out on Sept. 15, and it’s definitely worth a look if you’re interested in earning more credit card rewards. The Chase Freedom Flex® by Mastercard takes many of the most valuable Chase credit card perks and puts them together in one package.

It offers a competitive sign-up bonus and lots of bonus rewards, with up to 5% back in multiple spending categories. Chase’s roster already includes several of the best credit cards on the market, and as you’re about to find out, the Chase Freedom Flex® by Mastercard fits right in.

Highlights of the Chase Freedom Flex® by Mastercard

Here’s a rundown of what you get with the Chase Freedom Flex® by Mastercard:

  • A $200 sign-up bonus when you spend $500 on purchases in the first three months.
  • 5% cash back on grocery store purchases on up to $12,000 in spending in the first year. This does not including Target® or Walmart® purchases.
  • 5% cash back on travel purchased through Chase Ultimate Rewards®.
  • 5% cash back on Lyft rides through March 2022.
  • 5% cash back on up to $1,500 in combined purchases across bonus categories each quarter that you activate.
  • 3% cash back on restaurants, including takeout and eligible delivery services.
  • 3% cash back on drugstore purchases.
  • Three months of DashPass, DoorDash’s subscription service that offers unlimited $0 delivery fees and reduced service fees on orders of $12 or more.
  • Complimentary cell phone protection against covered theft or damage when you pay your monthly cell phone bill with this card. Coverage limits are up to $800 per claim and $1,000 per year with a $50 deductible per claim, and a maximum of two claims per year.

The bonus rewards are what make the Chase Freedom Flex® by Mastercard so impressive. There aren’t many, if any, credit cards that offer 5% back on such a wide variety of bonus categories. Considering this is a no-annual-fee card, the bonus cash back it earns is even more impressive. You’ll also earn 1% back on all your non-bonus category purchases.

Although this is a cash back card, Chase lets you transfer cash back rewards to its travel cards. If you have a Chase travel card, such as the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, then you’ll be able to turn your cash back into Ultimate Rewards points.

What do you need to qualify for this card?

You’ll most likely need a FICO® Score of 670 or higher to have a solid chance of approval for the Chase Freedom Flex® by Mastercard. Rewards credit cards with Chase have traditionally been aimed at consumers with good-to-excellent credit, and it will almost certainly be the same with this card.

Another factor that can affect your application is the number of credit cards you’ve opened in the past two years. Because of Chase’s 5/24 rule, you could get an automatic denial if you’ve opened five or more credit cards over the last 24 months.

Chase has another winner on its hands

The Chase Freedom Flex® by Mastercard is an exciting addition to Chase’s roster, and that’s not just hype because it’s a new card. This is the first time customers have been able to get this combination of features on one card. There have been rewards credit cards with bonus categories, and there have been credit cards with rotating bonus categories. Until now, there hasn’t been a card that has offered both, which the Chase Freedom Flex® by Mastercard does.

Whether you’re looking for a single credit card you can use for all your spending, or you want a card with new bonus categories to boost your credit card rewards, the Chase Freedom Flex® by Mastercard is a great choice.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)

As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

The Motley Fool owns and recommends MasterCard and Visa, and recommends American Express.
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