Chase Freedom Card - pros/cons? | TigerDroppings.com

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tylercsbn9
LSU Fan
Tomball, TX
Member since Feb 2004
55337 posts

Chase Freedom Card - pros/cons?



So I'm finally going to get a credit card.

I have a company AMEX, but this would be my first personal one. It looks to be a pretty solid card with 1% cash back, 5% on certain things at certain times, and 0% APR for 15 months.

A little background....

I'm anal as hell about my finances, so I will be paying it monthly without carrying a balence (with one exception I will get to). I am getting married soon, and we are paying for the wedding, so I am planning on using the card to pay for the expenses then just pay the balence each month from the checking account.

Then after the wedding I will put my fiancé's credit card debt of 4k onto the freedom card and have it paid off before the 0% APR promotion runs out after 15 months.

After that's paid off, I'll just charge everything to the card for the rewards and pay it off each month so I don't have to worry about interest.

Seem like a good plan unless I'm missing something?



This post was edited on 11/19 at 8:49 pm



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Rev1897
LSU Fan
NOLA
Member since Dec 2008
593 posts

re: Chase Freedom Card - pros/cons?


This is what we all do. The rewards are worth it. I prefer the chase sapphire preferred though.





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FredSecunda
LSU Fan
Baton Rouge
Member since May 2005
7152 posts

re: Chase Freedom Card - pros/cons?



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Can you pay off a credit card with another credit card? I didn't think you could. I'd ask someone at Chase about your plan to see if indeed you are missing something. I do think that despite the 0% APR it is never a good idea to carry a balance on your credit card.





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Croacka
UNLV Fan
Denham Springs
Member since Dec 2008
52279 posts
 Online 

re: Chase Freedom Card - pros/cons?


quote:

Can you pay off a credit card with another credit card


Balance transfers are pretty common but sometimes have a slightly higher rate


Theyre usually still part of the introductory bonus rates though






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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
41908 posts

re: Chase Freedom Card - pros/cons?


I wouldn't "transfer" the debt to the card. Just put every expense you make over the months on the chase card and pay off her debt directly. This will save you the balance transfer fee and you will earn the rewards on it





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tylercsbn9
LSU Fan
Tomball, TX
Member since Feb 2004
55337 posts

re: Chase Freedom Card - pros/cons?


That's a good idea. Thanks. I should be able to pay that credit card debt off in two months if I do that.

I am guessing my credit score should qualify me easily for the 0% APR for 15 months. When I refinanced my house I had scores of 750 and 780.






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Croacka
UNLV Fan
Denham Springs
Member since Dec 2008
52279 posts
 Online 

re: Chase Freedom Card - pros/cons?


I have 4 rewards credit cards that I use for certain categories but the Amex blue cash preferred is the best all around IMO

You may not qualify though if you don't have much credit card history






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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
41908 posts

re: Chase Freedom Card - pros/cons?


The importance of 0% seems to be a major factor for him... I dont think AMEX offers that very often.

I would also look at Citi cards. The generally have long 0% intros






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Croacka
UNLV Fan
Denham Springs
Member since Dec 2008
52279 posts
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re: Chase Freedom Card - pros/cons?


I got 0% for 12 months which just ended in October

Not sure what they're running now






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medtiger
LSU Fan
Cubs Fan
Member since Sep 2003
17732 posts

re: Chase Freedom Card - pros/cons?


I like the Chase Freedom. The 5% categories are usually pretty legit. Gas is 5% back every other quarter, and groceries show up fairly frequently. And you can't beat 0% interest.





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tylercsbn9
LSU Fan
Tomball, TX
Member since Feb 2004
55337 posts

re: Chase Freedom Card - pros/cons?


Do they ever have hotels?

I ask bc the wedding I'm paying for is at a hotel and I have $13,000 to pay on the contract.

I'd love to get 5% back on that

I know my limit wouldn't be at 13k, but I could tell the event manager to break it up over two weeks and just pay it With the account I have for the wedding.



This post was edited on 11/19 at 11:04 pm


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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
41908 posts

re: Chase Freedom Card - pros/cons?


Pretty sure the 5% cash back is capped





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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
10005 posts

re: Chase Freedom Card - pros/cons?


quote:

I ask bc the wedding I'm paying for is at a hotel and I have $13,000 to pay on the contract.








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tylercsbn9
LSU Fan
Tomball, TX
Member since Feb 2004
55337 posts

re: Chase Freedom Card - pros/cons?


It is capped at $1500 per quarter.

I would get $650 back if I used it on the $13k



This post was edited on 11/19 at 11:09 pm


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tylercsbn9
LSU Fan
Tomball, TX
Member since Feb 2004
55337 posts

re: Chase Freedom Card - pros/cons?


quote:




It's okay.

I'm an OT baller






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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
41908 posts

re: Chase Freedom Card - pros/cons?


quote:

It is capped at $1500 per quarter.

I would get $650 back if I used it on the $13k


It's capped so that you only get 5% cash back on the 1st $1500 spend in those categories.... So you would only get $190 cash back for that $13k unfortunately

You best bet is to find something with a really good signup bonus that says you have to spend so much in the 1st few months






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jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
4918 posts

re: Chase Freedom Card - pros/cons?


Chase sapphire card has 40,000 rewards points when you spend 3000 in the first 3 months, (that equates to $500 in travel dollars)

No 0% intro APR though






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medtiger
LSU Fan
Cubs Fan
Member since Sep 2003
17732 posts

re: Chase Freedom Card - pros/cons?


quote:

Do they ever have hotels?


This quarter is hotels, best buy, and Kohls. They probably have hotels one quarter per year.






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jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
4918 posts

re: Chase Freedom Card - pros/cons?


Another card I like is the Discover cash rewards, you get $50 for signing up, 0% apr for a year, and a 5% quarterly rolling cashback (gas is usually every other quarter)





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tylercsbn9
LSU Fan
Tomball, TX
Member since Feb 2004
55337 posts

re: Chase Freedom Card - pros/cons?


quote:

It's capped so that you only get 5% cash back on the 1st $1500 spend in those categories.... So you would only get $190 cash back for that $13k unfortunately


That's what I initially thought, but my fiance said otherwise.

And the reviews say you can get up to $1500.

LINK

quote:

The Freedom card gives you a full 5% rebate on multiple categories of spending that rotate each quarter. Unlike other credit cards, the amount of spending which qualifies for the 5% is quite high ($1,500 in category spending per quarter) and that means you can earn 5% on up to $6,000 of your spending every year!


But then the wording looks different in another review.

quote:

5% Cash Back on up to $1,500 spent at hotels (on hotel rooms purchased directly with the hotel), airlines (on tickets purchased directly with the airline)

quote:



That’s assuming, of course, that you don’t hit the $1,500/quarter bonus rewards cap, and that your spending stays constant throughout the year.


LINK /

I read it as you can get up to 1500 back per QTR.






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