Chase Freedom Named Best Overall Credit Card ($200 Bonus Still Available)

Note: I've updated my thoughts on this post. Follow this link to find out what I consider to be the best cash back credit cards.

A week or so ago I told you about the $150 cash back bonus for those opening up new Chase Freedom credit card accounts (FYI, the $150 is now $200). Well, I just ran into this piece from CBS Moneywatch that names the Chase Freedom the "best overall credit card". Pretty good endorsement, IMO.

That said, I don't think the Chase Freedom is the best overall card. But I think it's certainly a must-have card and it's a key part of my new credit card strategy. Yes, I have and use the Chase Freedom card and work each quarter to be sure I get the full 5% cash back on the bonus categories.

In this post I just wanted to highlight the fact that the Chase Freedom card is very good!

Comments

[Mike]

My wife and I have the Fidelity card, and it's not exactly straight 2% back. It's 2% back after you've spent $15,000 on the card. Until that happens it's 1.5% back (which is still better than many cards out there).

We applied for the Chase card about 6 months ago and were rejected for some reason. Our credit scores and history are both excellent, but relatively short, which may have been the problem.

The Fidelity card we got 2 months ago and the application process was a breeze.

[KaseyD]

The FIA (formerly Schwab) was one of my favorite cards until recently. In addition to the 2%, I liked the fact that it offered a purchase warranty similar to American Express. Unfortunately, when I recent dropped a brand new $200 hard drive; FIA's "insurance carrier" made me jump through hoops to try and collect. Three months later and I'm still waiting. When I filed a similar claim with American Express a few years ago, I received a credit on my statement within four weeks.

Needless to say, I was extremely disappointed, and I'm back to using my Amex Costco card for major electronic purchases inorder to get better purchase protection and extended warranty coverage. For me, peace of mind is nearly as important as hard cash back.

[td]

I use the Chase Freedom Mastercard mostly at Sam's and at places where I can get the 5% quarter deal.

The other cards I use are the FIA 2% VISA and Penfed Platinum Visa (5% cash back, and 3-5% on select categories).

[Georgia]

I have a Chase Freedom Visa. It gives me 5% on 3 items quarterly. The rest is all at 1%. I also have a Citicard which gives me a small return. I have only these 2 and will probably not be changing. I have made plenty off of them and it will be going down now, as I am spending less each month on them. To make certain I do not get another, I have put a stop on my credit, which I would have to pay to release for just 1 credit check.

[Matt]

I have a Discover Escape Card that offers 2% in points on all purchases. As a travel card, the full value of the points can only be used against travel purchases(You can use the points for giftcards, direct deposit or other things at less than full value). Unlike a lot of travel cards, I can book using my Discover on any travel deal I find (Travelocity, Orbitz, whatever) and then use my points to get a cash credit on my account. It has excellent travel benefits so it makes sense to book my trips on the card, anyway. You only get the cash back after a travel charge shows up on your account so if you travel infrequently, it might not be a good fit, but just booking a hotel every few months usually ends up costing me nothing.

In addition, I receive 1000 points/mo($10) for the first 12 months as a bonus. It has a modest annual fee, so you have to factor that in. I was also worried that a Discover wouldn't be accepted most places, but in 7-8 months I've only ran into that at a couple small coffee shops or pizza joints. Totally, a non-issue.

I have thought of adding the Chase Freedom to the wallet, but the only drawback was that the 5% bonus categories are limited to the first $1500 spent in that category, so while 5%($75 if you max it out) is better than 2%($30), you're not making a killing on it.

[A_Muslim]

After applying twice, I finally got this card. My monthly expense are normally about $700 a month (which is a story for another time). So I charged everything on this bad boy until I spend %500. Then I logged into my bank account and transferred $500 to this card. Even though no balance was due at the time. I met my condition to spend $500 within three billing cycle to get the $200. So I logged into chase and ordered the check for $200.00. Sweet. Not only that beside getting the 20000 bonus points, I got the regular points. So even after redeeming $200, I have 809 points left. In couple of days or weeks, I'm going to spend enough money to turn that into 1000 points. That means, I can redeem another $10. Not bad at all. I'm going to get $210 for spending my own money that I would've spend anyways. I can't wait to milk this card for all its worth. Anyone can do it with a bit of planning and a bit of time.

[Arthur Trager]

I just can't seem to find out what the bonus categories are nor if I will qualify if I have another Chase credit card.

[Grrrrr]

I have this card. I've had fraudulent charges on this account twice in the last sixth months. In the most recent instance I called a week ago when I received a notification that there had been questionable activity. I was told there was no issue with my account. Someone proceeded to charge my account from all over the country all week long. The last time this happened Chase sent me three different letters telling me they were reversing fraudulent charges that were not fraudulent. Terrible customer service. Terrible security. The good cash awards don't make it worth it.

[FMF]

Grrrr --

FYI, I've had this card for a few years. Never a problem...