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While many cards label themselves as student credit cards, the Chase Freedom® Student credit card has clearly been designed for the student in mind. With no annual fee, an impressively low APR, and easy cashback rewards, this credit card is a good choice for the novice cardholder.
Quick Review
The Chase Freedom® Student credit card’s rewards program is relatively simple, which makes it ideal for younger borrowers. It offers cashback opportunities with every purchase and a few extra bonuses to sweeten the deal. You can get:
- 1% cashback on all purchases
- $50 bonus after your first purchase within the first 3 months
- Annual $20 Good Standing Rewards bonus
- 3 free months of Instacart+ membership
- 3 free months of DashPass with DoorDash
- 5% cash back on Lyft rides
There are no spending requirements to unlock the $50 bonus, and the cashback opportunities are all unlimited. This is a more realistic rewards program for students who aren’t able to spend hundreds of dollars a month just to unlock a welcome bonus (as is the case with many cards).
The unlimited 1% cashback offer isn’t the best on the market, but it’s easy to understand and makes saving simple and accessible for students. The Instacart+, DashPass, and Lyft perks are also very helpful for grocery shopping, satisfying those late-night cravings, and getting around town.
Chase’s $20 Good Standing Rewards bonus is awarded annually for the first 5 years if you use your card responsibly, which helps make up for its relatively low rewards rate.
Chase Freedom® Student Important Details
Basic Card Details
- Annual fee: $0
- Purchase APR: 17.99% (variable)
- Initial credit limit: $500
- Rewards rate: 1%–5%
- Welcome bonus: $50
- Available to: College students age 17–24
- Grace period: 21 days
Additional Information
- 3% foreign transaction fee
- No cashback redemption restrictions
- Doordash, Lyft, and Instacart+ perks
- Fraud protection and alerts
- Trip cancellation and interruption insurance
- Up to $50,000 in purchase protection
- Free credit score checks with Credit Journey
- Cashback can be redeemed directly to Shop with Points at Amazon
Chase Freedom® Student Feature Breakdown
Let’s break down the Chase Freedom® Student credit card’s key features to determine if this is the right card for you.
Fees
- Annual fee: $0
- Balance transfer fee: $5 or 5% (whichever is greater)
- Cash advance fee: $10 or 5% (whichever is greater)
- Foreign transaction fee: 3%
- Late payment fee: Up to $40
Interest Rates
- Purchase APR: 17.99% (variable)
- Balance transfer APR: 17.99% (variable)
- Cash advance APR: 27.24%
- Penalty APR: 29.99%
Interest rates on credit cards geared towards borrowers with unestablished credit tend to be high, since the borrower hasn’t proven themself reliable yet through a credit score. Surprisingly, the Chase Freedom® Student credit card has great APR, boasting one of the lowest interest rates on the market for this kind of card.
So if you’re concerned about carrying a balance from month to month and garnering interest charges, this card may serve you better than some of the competition.
Rewards
The rewards system for the Chase Freedom® Student credit card is nothing to write home about, but it’s still a good saving opportunity. You simply receive 1% cash back on every purchase.
There are no limits or restrictions to this, so it’s really a “the more you spend, the more you save” situation.
For a limited time, you also receive:
- 3 free months of Instacart+ membership (plus a $10 statement credit after enrollment)
- 3 free months of DashPass with DoorDash
- 5% cash back on Lyft rides
Luckily, the Chase Freedom® Student credit card doesn’t have an annual fee, which takes the pressure off of spending up to a certain amount to make the card worth it.
Rewards Redemption
The Chase Freedom® Student credit card makes redeeming rewards straightforward. You can redeem cashback as:
- Statement credit
- Gift cards
- Travel purchases
- Shop with Points service on Amazon’s website
Chase offers redemption gift card and certificate choices for a variety of dining, entertainment, and shopping establishments around the US. But don’t worry, if they don’t have a gift card for the store you want, you can always redeem your points as a statement credit instead.
Welcome Bonus
The Chase Freedom® Student credit card comes with a modest welcome bonus of $50. However, you only need to make a single purchase of any amount in the first 3 months to unlock the bonus.
Required Credit Score
Good news! The Chase Freedom® Student credit card will consider borrowers without a previous credit history. This makes it a perfect starter credit card and ideal for students who are just beginning their credit journey.
Cash Advance
A cash advance is when you withdraw cash using your credit card from an ATM or to get a money order. Cash advance interest rates and fees are notoriously high, and the Chase Freedom® Student credit card is no exception.
With a cash advance APR of 27.24% and fees of at least $10 per withdrawal, you should only take out cash advances in emergencies. If you’re in need of cash, we recommend using your debit card instead.
Balance Transfers
Balance transfers involve moving debt from one credit card to another. This is helpful when trying to consolidate debt and avoid extra interest rates and fees.
The Chase Freedom® Student credit card allows balance transfers. Although the balance transfer APR is 17.99% (variable), which is lower than many other cards on the market, you should still look for a card with a 0% APR period or very low intro balance transfer APR to make moving debt worthwhile.
Additional Benefits
The Chase Freedom® Student credit card comes with a few additional benefits to make life a little easier. Here’s what you can get:
- Zero liability protection
- Up to $50,000 in purchase protection
- Extended warranty protection
- Up to $6,000 in trip cancellation and interruption insurance
- Fraud protection
- Fraud alert send by phone call, text, or email
- Ability to freeze your card instantly through the Chase Mobile app
The purchase protection and trip cancellation/interruption insurance make traveling a little easier. Its multiple fraud protection services, along with the ability to freeze your card through the mobile banking app, should help students feel their credit is well-protected.
Authorized Users
Authorized users are permitted on the Chase Freedom® Student credit card. However, because the card is considered a starter card and has loose credit requirements, adding an additional user may not be necessary. If you do want to add an authorized user, choose responsibly, as only you will be liable for paying the card’s monthly bills.
Credit Reporting
Chase reports to all three major credit bureaus every month, meaning your credit report will stay up-to-date while using the Chase Freedom® Student credit card.
You can also check your VantageScore credit score with the Chase Credit Journey service.
Customer Service
If you want to speak to Chase directly regarding this card, you can do so using these numbers:
Credit card customer service
(800) 432-3117
Personal Banking
(800) 935-9935
Should You Get the Chase Freedom® Student?
FinanceJar verdict
We would recommend this card for students looking for their first credit card who want something to build credit rather than to fund a lavish lifestyle. Its $0 annual fee, 1% cash back, and welcome bonus are ideal for students trying to save a buck here and there, but not maximize credit card rewards. However, due to its 3% foreign transaction fee, this may not be the right fit for international or study abroad students.
Who is this card for?
- First-time credit card owners: Given that the card considers applicants with little to no credit history, the Chase Freedom® Student credit card is a good first credit card to own. Its low APR and helpful perks make the card a great introduction into the credit card world.
- Modest student spenders: Rewards cards are great, but they sometimes inspire borrowers to spend more than they normally would, especially when chasing cash back in specific categories. The straightforward 1% back on this card makes it easy to save a little extra on modest purchases, without tempting you into credit card debt for the sake of rewards.
Comparable Cards
Here’s how the Chase Freedom® Student credit card compares to similar cards on the market.
