The Chase Freedom Credit Card Is Changing

According to many *sources, Chase very well may be introducing a new credit card product this month that may, or may not, replace the current Freedom card.

Its name is Chase Freedom Unlimited, and according to the image Angelina Travels included in her post, it will provide unlimited 1.5% cash back on every purchase.

Here are some of the other highlights for this, likely, new card from Chase.

$150 Bonus after spending $500 in the first 3 months
$25 Bonus after adding the first Authorized User who makes a purchase in the first 3 months
0% intro APR for 15 months on Purchases and Balance Transfers
As mentioned, unlimited 1.5% cash back on every purchase
Redeem for cash back – any amount, anytime
Cash back rewards do not expire as long as account is open

Cash back is fine, but as a Miles and Points enthusiast, the first thing that jumps out at me is the lack of any language regarding the ability to turn the cash back into Ultimate Rewards points.

And, also, there is no mention of the 5x rotating quarterly bonus categories.

Which brings me to the biggest question, will the current Chase Freedom card continue to exist?

It could be that Chase has decided the 5x bonus categories perk is too expensive, and will transition current Freedom cardholders to the Freedom Unlimited, doing away with the 5x (5%) bonuses and the ability to tap into Ultimate Rewards points.

Frequent Miler has an interesting take. Chase has begun using certain language related to the Freedom card that leads him to believe the bank may keep multiple, different, Freedom cards.

I hope that’s the case. And, I especially hope the current Freedom card retains the 5x earning power AND the ability to move the “cash back” to Ultimate Rewards points. Being able to earn 5 points per dollar and transfer those points – via the Sapphire Preferred or Ink card – on to a variety of travel partners is a huge benefit of the Freedom card.

Gary Leff, from View from the Wing, writes on how the new Freedom Unlimited – as a cash back only card – would stack up against other, currently offered, cash back credit cards. It’s a must read if cash back is your thing.

Unfortunately, only time will tell how this new Freedom Unlimited card will impact the big picture – both for cash back earning and Miles and Points.

As I’ve said before, the Miles and Points game is always changing, and you really need to keep on top of what’s happening to maximize your play.

Following Savings Beagle, as well as many of the other outstanding resources around the web, will help you do just that.

*HT: Angelina Travels, Frequent Miler and View from the Wing