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Chase Freedom Card - pros/cons?
Posted on 11/19/12 at 8:47 pm
Posted on 11/19/12 at 8:47 pm
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?
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 11/19/12 at 8:49 pm
7
Posted on 11/19/12 at 9:50 pm to tylercsbn9
This is what we all do. The rewards are worth it. I prefer the chase sapphire preferred though.
Posted on 11/19/12 at 10:25 pm to tylercsbn9
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.
Posted on 11/19/12 at 10:33 pm to FredSecunda
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
Posted on 11/19/12 at 10:37 pm to tylercsbn9
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 
Posted on 11/19/12 at 10:42 pm to BACONisMEATcandy
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.
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.
Posted on 11/19/12 at 10:46 pm to tylercsbn9
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
You may not qualify though if you don't have much credit card history
Posted on 11/19/12 at 10:51 pm to Croacka
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
I would also look at Citi cards. The generally have long 0% intros
Posted on 11/19/12 at 10:54 pm to BACONisMEATcandy
I got 0% for 12 months which just ended in October
Not sure what they're running now
Not sure what they're running now
Posted on 11/19/12 at 10:58 pm to tylercsbn9
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.
Posted on 11/19/12 at 11:01 pm to medtiger
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.
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 11/19/12 at 11:04 pm
Posted on 11/19/12 at 11:05 pm to tylercsbn9
Pretty sure the 5% cash back is capped
Posted on 11/19/12 at 11:06 pm to tylercsbn9
quote:
I ask bc the wedding I'm paying for is at a hotel and I have $13,000 to pay on the contract.
Posted on 11/19/12 at 11:07 pm to BACONisMEATcandy
It is capped at $1500 per quarter.
I would get $650 back if I used it on the $13k
I would get $650 back if I used it on the $13k
This post was edited on 11/19/12 at 11:09 pm
Posted on 11/19/12 at 11:08 pm to Zilla
quote:
It's okay.
I'm an OT baller
Posted on 11/19/12 at 11:22 pm to tylercsbn9
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
Posted on 11/19/12 at 11:39 pm to BACONisMEATcandy
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
No 0% intro APR though
Posted on 11/19/12 at 11:58 pm to tylercsbn9
quote:
Do they ever have hotels?
This quarter is hotels, best buy, and Kohls. They probably have hotels one quarter per year.
Posted on 11/20/12 at 12:07 am to medtiger
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)
Posted on 11/20/12 at 12:12 am to BACONisMEATcandy
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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