Chase Freedom Student Credit Card Review: Earn 1% Cash Back on Every Purchase
For college students who want a simple rewards card, the Chase Freedom Student credit card offers 1% cash back on all purchases and other perks.
If you're like most college students, you're always looking for creative ways to save money. The Chase Freedom Student credit card is a great option that can help you do just that. With this card, you'll get access to exclusive deals and discounts, including a $50 bonus offer and a $20 Good Standing Reward. And the card will help you build your credit history, which will come in handy after you graduate.
Chase Freedom Student Credit Card Rewards
The Chase Freedom Student card is a good choice for students looking for a rewards credit card. Unlike some other cards that require you to activate quarterly spending categories, the Chase Freedom Student card offers a flat 1% cash back on all purchases. That means you’ll earn $0.01 for every $1 you spend.
The College Board reported that the typical college student at a four-year school spends $1,240 on textbooks per year on average. If you use a Chase Freedom card to purchase those books, you’d earn $12.40 in cash back rewards — a useful benefit since you’d have to spend that money anyway.
You can redeem your Chase rewards points for gift cards, direct deposits to a checking or savings account, statement credits, and travel arrangements, including flights and hotel stays.
Other Card Benefits
Besides its rewards program, the Chase Freedom Student credit card offers some other useful benefits:
- $50 bonus offer: As a new cardholder, you can qualify for a $50 bonus offer if you complete your first purchase with the card within the first three months of opening an account. You can use the card to buy textbooks, pay lab fees or even pay your cellphone bill to qualify for this bonus.
- $20 Good Standing Reward: If you keep your account open and make your payments on time, you can qualify for the $20 Good Standing Reward. You can earn the reward every year after your card anniversary for up to five years.
- Credit limit increase: If you make your payments on time for five months within 10 months of opening the account — and meet the card’s credit criteria — you may be eligible for an automatic credit line increase.
- Purchase and travel benefits: When you make purchases with this card, you can take advantage of benefits such as extended warranty protection, purchase protection, trip cancellation or interruption insurance, and zero-liability protection.
- Free credit score: Through Chase Credit Journey, you get free access to your credit score.
Limited Time Offers
There are two extra offers students can take advantage of through March 31, 2022:
- Lyft: You can earn 5% cash back on Lyft rides through March 31, 2022.
- DoorDash: When you become a cardholder, you can get three free months of DashPass, DoorDash’s subscription service that gives you unlimited deliveries with a $0 delivery fee on orders over $12. After that, you’re automatically enrolled in DashPass with a 50% discount for nine months. To take advantage of this offer, you must activate it by March 31, 2022.
Chase Freedom Student Card Rates and Fees
When you are shopping for a student credit card, it’s smart to pay attention to the card’s fees and annual percentage rate. The Chase Freedom Student credit card doesn’t charge an annual fee, but there are other fees and terms you should consider before applying for the card.
Chase Freedom Student Credit Card
Cash Advance APR
Balance Transfer APR
Cash Advance Fee
Either $10 or 5% of the cash advance amount, whichever is greater
Balance Transfer Fee
Either $5 or 5% of the balance transfer amount, whichever is greater
Late Fee/Return Payment Fee
Up to $40
Foreign Transaction Fee
All rates and fees accurate as of Feb. 13, 2022.
Who Is Eligible for the Chase Freedom Student Card?
To qualify for the Chase Freedom Student credit card, you must meet the following criteria:
- You must be at least 18 years old.
- You must have a valid Social Security number.
- You must agree to a credit check.
- You must be enrolled in a postsecondary institution.
To verify that you’re a college student, Chase will send your information to the National Student Clearinghouse to get your enrollment information.
Is the Chase Freedom Student Card Right for You?
The Chase Freedom Student credit card is best for college students who want a simple, easy-to-use credit card. It will give you a flat 1% cash-back rate on all purchases and has extra benefits such as a $50 bonus offer and purchase protection.
For students who are more experienced credit card users, the Chase Freedom Student card’s rate might not be the best fit since there are cards that offer higher rewards rates in certain spending categories. But for students who haven’t had a credit card before, the Chase Freedom Student credit card can be a useful first card.
Managing Your College Expenses
As a college student, you have a lot of expenses. Tuition, textbooks, rent, transportation — all those costs can add up. While credit cards can help, they tend to have high APRs, and you can rack up interest charges quickly.
For your qualifying education expenses, student loans are usually a much better way to pay for school. If you need private undergraduate or graduate student loans to cover your tuition or room and board, sign up with Juno to access the lowest possible rates.
Kat Tretina is a freelance writer based in Orlando, FL. She specializes in helping people finance their education and manage debt. Her work has been featured in Forbes, The Huffington Post, MarketWatch, and many other publications.
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