Top credit card issuer Chase has boosted the cash-back rate of its popular Chase Freedom card to 5 percent, expanding its purchase categories and making it simpler for customers to keep track of changes in its rewards program.
Chase Freedom customers can enroll in quarterly promotions for 5 percent cash back at home improvement stores, lawn and garden outlets, home furnishing retailers and drugstores.
- 0% Intro APR and No Annual Fee
- 5% cash back in quarterly bonus categories like gas, home improvement and department stores, subject to quarterly maximum. Signing up is free and easy!
- Unlimited 1% Cash Back on all other purchases with no spending tiers
- Up to an additional 20% cash back when you shop online at select merchants through Chase
Chase had previously offered mostly 3 percent cash-back deals on the card.
The average consumer charges $5,700 annually, Chase explains in its Chase Freedom online promotion, and would “just begin to qualify for the full earn rate on many current cash back programs that require up to $3,000 or even $6,500 in spending before earning the maximum base cash back level.”
Chase Freedom customers earn a full 1 percent with the first purchase — with no tiers, no caps and no expirations, Chase said.
Each quarter, the new 5 percent cash-back offering will be available on a mix of everyday purchases, such at restaurants, drug stores and grocery stores, and big-ticket categories tied to seasonal spending patterns.
Chase Freedom is Chase’s largest proprietary rewards card, and the card issuer said it is the fastest growing cash back card in the marketplace.
Chase hopes the higher cash-back rate promotions will attract a larger share of its customers’ purchase dollars.
“Consumers tell us they want more control, simplicity and predictability,” said William S. Wallace, president, Chase Card Services.. “That’s why we’ve designed Chase Freedom to be simple and straightforward, making it easier for our customers to earn and redeem rewards while better managing their finances.”