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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: FG Trade/E+/Brazil November 03, 2021 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Margaret has written for Money Under 30, MoneyGeek, The Simple Dollar, CreditCards.com, Interest.com and Fiscal Tiger, among other publications. She writes about subjects including saving, credit, insurance, investing and other financial topics. Claire Dickey is a product editor for Bankrate, and . Before joining Bankrate, Claire worked as a copywriter for brands within the telecommunications industry as well as a hybrid marketing and content writer. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Some of the offers below are no longer available and may be out of date. One of the best perks of opening up a credit card is the $200 cash welcome bonus, earned after spending $500 in your first three months of owning the card. While it’s not quite as generous as that of more premium , the bonus is competitive for a rewards card with no annual fee. We’ll cover the requirements for qualifying for the bonus, the best ways to use the bonus and other details about the Chase Freedom Unlimited card, below. As a reminder Details of the Chase Freedom Unlimited
Name Chase Freedom Unlimited Rewards 5% cash back on grocery store purchases (not including Target or Walmart) on up to $12,000 spent in the first year, 5% back on Lyft purchases (through March 2022), 5% back on travel purchased through Chase Ultimate Rewards, 3% back on dining, 3% back on drugstore purchases and 1.5% back on everything else Annual fee $0 Sign-up bonus $200 cash bonus when you spend $500 on your card within three months of account opening Intro APR 0% for the first 15 months on purchases Regular APR 16.49% – 25.24% variable Why the Chase Freedom Unlimited s sign-up bonus is worth noting
A $200 cash back welcome bonus is a pretty good offer for a card with no annual fee. Further, while you can redeem this bonus for cash or a statement credit, you can also use the bonus as part of the lucrative program and transfer your rewards to a more premium . This means that, depending on which redemption option you use, the bonus could potentially be worth even more than $200. The spending requirement to qualify for this bonus is only $500 over the first three months of card ownership, so most borrowers will likely qualify for the bonus if they spend just $170 per month using the card. Aside from the welcome bonus, other include a solid cash back rewards structure, and a low introductory APR on purchases. How to redeem the Chase Freedom Unlimited s sign-up bonus
There are multiple redemption options you can utilize to access the card’s sign-up bonus. The simplest way to use the bonus is in the form of a statement credit or cash back direct deposit, which transfers $200 worth of cold, hard cash to your bank account or credit card statement. But there are plenty of other ways to use the bonus, as well. In addition to cash or statement credit, cardholders can also use the bonus to book travel through Chase Ultimate Rewards, purchase gift cards, shop on Amazon, make charitable contributions and more. In some cases, these redemption options are worth more than the cash amount, allowing cardholders to stretch their welcome bonus further. How much is the Chase Freedom Unlimited s sign-up bonus worth
If redeemed for cash, each Chase Ultimate Rewards point is worth 1 cent. (Note, the Chase Freedom Unlimited technically earns Ultimate Rewards points that can be redeemed for cash back at a 1:1 rate.) Utilizing only the , points are also worth 1 cent when redeemed for travel, gift cards and Apple purchases. Points are worth .8 cents when redeemed for Amazon purchases and 1.25 cents when redeemed for charitable giving. However, your rewards can be even more valuable if you have another Chase Ultimate Rewards card, like the or . By transferring rewards earned with the Chase Freedom Unlimited to one of these more premium cards, you can increase their value. For example, points redeemed for travel through the Chase Ultimate Rewards portal are worth 1.25 cents using the Chase Sapphire Preferred and 1.5 cents using the Chase Sapphire Reserve. Best ways to use the Chase Freedom Unlimited s sign-up bonus
There’s nothing wrong with redeeming the Chase Freedom Unlimited’s sign-up bonus for straight-up cash. For many cardholders, especially those who don’t travel frequently or don’t want to spend time maxing out their rewards earning potential, a cash direct deposit or statement credit may be the path of least resistance. That said, there are a few other redemption options you should consider in order to maximize your card’s sign-up bonus value. For instance, if you own an additional Chase credit card, such as the Sapphire Reserve or Preferred, you can transfer your welcome bonus in the form of Chase Ultimate Rewards points to one of those cards, where they can then be redeemed for travel purchases at a higher rate. Chase also features a with offers from retail partners in the form of discounted gift cards, product offerings and more. Before you redeem your rewards, it’s a good idea to browse the offerings in the portal to make sure you’re not missing out on any good deals from your favorite retailers. Redemption options to avoid
With most redemption options worth 1 cent apiece, including cash back, statement credits and gift cards, there are a lot of good ways to take advantage of your rewards. However, one area that you might want to steer clear of is redeeming your rewards for Amazon purchases. Since points are only valued at .8 cents when redeemed through Amazon, there are more valuable ways to put your hard-earned rewards to work. You should also think carefully before purchasing gift cards or items through the Chase Ultimate Rewards portal. While these redemption options can be as valuable as cash (and sometimes even more so), they can also encourage you to make purchases you might not have under other circumstances. If you’re on a budget and are trying to cut down spending wherever possible, you can’t go wrong with redeeming your rewards for cold, hard cash. The bottom line
Along with lucrative rewards and no annual fee, the Chase Freedom Unlimited’s welcome bonus is one of the card’s top selling points. Cardholders only have to spend $500 in the first three months to qualify, which puts this bonus within reach of borrowers with a wide variety of budgets and spending habits. How you redeem your welcome bonus is ultimately up to you. A cash deposit, statement credit, travel purchases, gift cards or even charitable giving are all great options. If you’re pairing the Chase Freedom Unlimited with other Chase credit cards, like the Sapphire Reserve or Preferred, you can transfer your welcome bonus rewards to these cards for even more valuable redemption options. SHARE: Margaret has written for Money Under 30, MoneyGeek, The Simple Dollar, CreditCards.com, Interest.com and Fiscal Tiger, among other publications. She writes about subjects including saving, credit, insurance, investing and other financial topics. Claire Dickey is a product editor for Bankrate, and . Before joining Bankrate, Claire worked as a copywriter for brands within the telecommunications industry as well as a hybrid marketing and content writer. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Related Articles