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As part of the Chase Freedom credit card family, it offers generous rewards and benefits with no annual fee.
But is that all? Well, in this article, we’ll give you a full rundown of the key details and features of the Chase Freedom Rise Card. We’ll dissect both the good and the bad of the Chase starter card so you can decide if it’s worth applying for.
Features of Chase Freedom Rise Card
Chase Bank offers various credit card options, each with different features. Here is what differentiates the Chase Freedom Rise card from others in the family and competitors.
First, the card allows you to earn 1.5% unlimited cash back on every purchase with no annual maximum. While a 1.5% isn’t the best in the market, it is a great offer considering it’s unlimited and the card is a credit builder.
It also comes with a $0 annual fee lifetime offer. This means that you don’t have to worry about recurring annual costs.
You also get access to Credit Journey tool for monitoring credit score. This enables you to check out how your credit score is fairing at any time.
Another attractive feature is the sign up bonus. If you sign up for the automatic repayments in your accounts first three months of operation, you get $25 statement credits.
The fraud protection feature also finds its way into the card features mix. In other words, you are protected against any fraudulent activities on your card. So, rest easy, not worrying about liabilities arising from a stolen card.
Pros and Cons of the Chase Freedom Rise Card
Chase Freedom Rise Card Pros
The Chase Freedom Rise Card definitely has some appealing pros. The unlimited 1.5% cash back on all purchases is very generous for a starter credit card – most others earn 1% or less.
There are also no annoying annual fees to contend with. Plus, Chase provides helpful tools for monitoring your credit score and tips to improve it over time.
But perhaps the most attractive feature is that the card doesn’t require a credit history. This makes the card a great option for people new to credit cards. You also get a chance to check and monitor your credit score for free.
Lastly, the card offers a credit limit upgrade after six months. However, this only comes with responsible use of the Chase Freedom Rise Card.
Cons of the Chase Freedom Rise Credit Card
The card does come with a few cons to keep in mind. For instance, the 3% foreign transaction fee makes it expensive for international purchases.
Also, the credit limits may start relatively low compared to premium cards (as low as $500). And as a Visa card, it’s not accepted at merchants that take only Mastercard – only those that accept Visa.
Rates & Fees of the Chase Freedom Rise Card
The Chase Freedom Rise Card has the following key rates and fees:
The 26.99% variable APR on purchases leads the way. Next is the balance transfers APR, also at 26.99%. But that’s not all with the APRs.
The Cash Advances APR stands at 29.99% the same as the Penalty APR. Lastly, there is the 26.99% My Chase Loan APR.
Although there is no annual fee, when it comes to fees incurred on the Chase Freedom Rise Card, they are as follows:
Let’s start with the 5% or $5 balance transfer fee. Then there is the $10 or 5% Cash Advances fee. The foreign transaction fee stands at 3%.
Lastly, there are some penalties that you might incur on the card. For instance, there is a late payment fee of up to $40 and one for returned payments at $40.
As you can see, the Chase Freedom Rise Card is clear on what you’ll incur to operate it. And with responsible use, you can avoid interest and fees altogether.
Eligibility Criteria & Requirements
Getting approved for this card is not too hard a task. However, there are some minimal requirements that you must fulfill. One of the things that might increase your chances of approval is having a checking account with Chase Bank. Also, the account should have at least $25 in it.
Other requirements are as follows;
For starters, while the Rise card is a credit builder, it is not a bad or fair credit card. So, you need at least a good credit score starting from 690. Chase will review your full credit report when you apply. But those new to credit are also welcome to apply.
You must also be at least 18 years old, have a valid Social Security Number, and be a US resident. If you live in Puerto Rico, you must be over 21 years old, while in AL and NE, you must be at least 19 years old.
How To Apply for the Chase Freedom Rise Card
Ready to apply for the Chase Freedom Rise Card? Here are the steps to submit an application:
First, go to Chase Credit Cards website and click on either of the two sign up options – “Sign in to apply faster” or “Apply as a guest.” From here, enter your personal information as requested and submit it.
Complete the online application with details like income, address, SSN, and provide the requested documents. Accept the terms and submit your application.
All you need now is to wait for a decision, typically within 30 seconds. If approved, your new account will be ready immediately
You can also apply in person at a local Chase branch. A banker can walk you through the process and answer any questions.
