Chase Freedom Flex Review: 5x Points & No Annual Fee

Chase Freedom Flex Review: 5x Points & No Annual Fee

Chase Freedom Flex℠ Earn $200 cash back | $0
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Chase Freedom Flex℠ Earn $200 cash back | $0
Earn 3% Cash Back on Dining, Takeout and Eligible Delivery Services
Earn 3% Cash Back at Drugstores
Rotating Quarterly Bonus Categories
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The Chase Freedom FlexSM Credit Card has no annual fee and offers up to 5x points (or 5% cash back) in rotating quarterly spending categories. In this post, I wanted to take a closer look at everything you need to know about this card. If you’re involved in the Chase Ultimate Rewards ecosystem, this is a card you should seriously consider.

Chase Freedom Flex Details For July 2022

Let’s closely examine some of the key aspects of the Chase Freedom Flex, including the welcome bonus, lack of an annual fee, return on spending, and other perks.

Chase Freedom Flex No Annual Fee

Let me emphasize that the Chase Freedom Flex has no annual fee. Not the first year, and not in any subsequent year. You can also add authorized users to the card at no extra cost. This is fantastic since the card can be legitimately rewarding, despite its lack of an annual fee. On top of that, holding onto some cards long-term can help your credit, and the ideal situation is to do that with no annual fee cards since it’ll cost you the least.

Chase Freedom Flex Welcome Bonus

The Chase Freedom Flex is currently offering a welcome bonus where you can earn $200 cash back (20,000 points) after spending $500 within the first three months.

Note that you’re eligible for this card even if you have the Freedom Unlimited Card or the Freedom Card (with the latter no longer being open to new applicants). Chase’s typical credit card applications rules apply, including the 5/24 rule.

Earn 5% cash back (5x points) on Rotating Bonus Categories

Chase Freedom Flex Card Rewards Structure

The Chase Freedom Flex has a pretty awesome rewards structure, and offers anywhere from 1-5% cash back (or 1-5x points) per dollar spent. With the Freedom Flex you can earn:

  • 5% cash back (5x points) in rotating quarterly bonus categories on up to $1,500 in spending per quarter; in the first quarter of 2022 you can get 5% back with grocery stores and eBay
  • 5% cash back (5x points) on travel purchased through Chase Ultimate Rewards
  • 5% cash back (5x points) on Lyft rides through March 2022
  • 3% cash back (3x points) on dining, takeout, and eligible delivery services
  • 3% cash back (3x points) on drugstores
  • 1% cash back on everything else

While this isn’t the card I’d use for everyday spending, the bonus categories are excellent. Being able to earn 5x points in rotating quarterly categories is awesome, as is being able to earn 3x points on dining and drugstores.

Earn 3% cash back (3x points) on dining with the Freedom Flex

What Rewards Does The Chase Freedom Flex Earn?

There’s often confusion about the fact that the rewards on Chase Freedom cards (including the Freedom Flex and Freedom Unlimited) are marketed as offering cash back, as you can also convert these into Ultimate Rewards points.

Freedom cards earn points, with each point getting you one cent cash back. However, these rewards can also be converted into Chase Ultimate Rewards points at a 1:1 ratio, assuming you have this card in conjunction with the Chase Sapphire Preferred® Card (review), Chase Sapphire Reserve® Card (review), or Ink Business Preferred® Credit Card (review).

Not only does this allow you to redeem points for 1.25-1.5 cents each towards the cost of a travel purchase, but it also allows you to transfer points at a 1:1 ratio to Chase Ultimate Rewards travel partners, including World of Hyatt, Air France-KLM Flying Blue, Emirates Skywards, Singapore Airlines KrisFlyer, and more.

Redeem Chase points for some awesome travel experiences

Chase Freedom Flex Purchase Protection Benefits

The Chase Freedom Flex offers a variety of valuable purchase protection benefits. While you’ll want to consult the benefits guide for all the terms & conditions, here are some of the perks:

  • Cell phone protection — up to $800 per claim and $1,000 per year in cell phone protection against covered theft or damage; maximum of two claims in a 12 month period, with a $50 deductible per claim
  • Purchase protection — up to $500 per claim and $50,000 per account against damage or theft for new purchases for 120 days
  • Extended warranty protection — extend the time of your US manufacturer’s warranty by an additional year, on eligible warranties of three years or less
  • Trip cancelation & interruption insurance — be reimbursed up to $1,500 per person and $6,000 per trip for pre-paid, nonrefundable passenger fares, if your trip is canceled or cut short by sickness, severe weather, or other covered situations
  • Auto rental collision damage waiver — coverage for theft and collision for most rental cars in the US and abroad; in the US the coverage is secondary to your personal insurance
Get some car rental coverage with the Chase Freedom Flex

What Happened To The Chase Freedom Card?

The Chase Freedom Flex was introduced in 2020, and at the same time Chase stopped accepting applications for the Chase Freedom. The Chase Freedom Flex is essentially an improved version of the Chase Freedom. What does that mean for existing Chase Freedom cardmembers?

  • Existing cardmembers can choose whether to keep their Chase Freedom or product change to the Chase Freedom Flex
  • The welcome bonus on the Chase Freedom Flex is available to those who have the Chase Freedom and/or the Chase Freedom Unlimited, as it’s considered a separate product
  • One difference is that the Freedom Flex is a Mastercard while the Freedom was a Visa, so unless there’s a compelling reason you need a Visa, it definitely makes sense to get the Freedom Flex over the Freedom
  • Some people may prefer to apply outright, while others may prefer to product change
  • Personally I think it makes sense to apply outright so that you get the welcome bonus, which you don’t receive if you product change

Is The Chase Freedom Flex Worth It?

The Chase Freedom Flex is absolutely worth it if you have the Chase Sapphire Preferred or Chase Sapphire Reserve. The card offers an excellent welcome bonus (especially for those who spend a lot on groceries), has no annual fee, and can earn you 5x points in rotating quarterly categories, plus 3x points at drugstores, and more.

If you want to maintain a great credit score, you’ll want to keep some cards for a long time, as it can help you maintain a high average age of accounts. What better card to do that with than a no annual fee product that also earns you lots of rewards?

Redeem Chase points for awesome travel rewards

Chase Freedom Flex Vs. Chase Freedom Unlimited

I did want to address that there are currently two Chase Freedom cards open to new cardmembers, and talk about which is better. There’s the Chase Freedom Flex I’ve been talking about here, and then there’s the Chase Freedom Unlimited® (review). Which Chase Freedom card is better?

  • Both Chase Freedom cards have no annual fee, offer the same welcome bonus, and offer 3x points on drugstores and dining
  • The Freedom Flex offers 5x points in rotating quarterly categories, so it’s ideal if you can maximize those
  • The Freedom Unlimited offers a minimum of 1.5x points on all purchases, so it’s one of the best cards for everyday spending

The decision between the two cards really comes down to whether you’d benefit more from earning elevated rewards on everyday spending (an extra 0.5x points per dollar spent) with the Freedom Unlimited, or whether you’d benefit more from earning 5x points in rotating categories with the Freedom Flex. Personally I have both cards, because they both help improve my credit score and earn me bonus rewards.

Freedom cards are an important part of the Ultimate Rewards ecosystem

Bottom line

The Chase Freedom Flex is an awesome no annual fee card that offers 5x points in rotating quarterly categories, and 3x points on dining and drugstores. These rewards can be redeemed as cash back, or otherwise can be converted into Ultimate Rewards points in conjunction with another card, getting you even more value from your points.

If you already have the Chase Freedom Flex or it doesn’t interest you, consider the Chase Freedom Unlimited, which is one of the most well-rounded cards for everyday spending. I have both of these cards, and they both offer considerable value.

If you want to learn more about the Chase Freedom Flex or apply, follow this link.

Conversations (5)
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  1. Jill Guest

    wow another 5 star ratings for this credit card

  2. BD Guest

    Can you downgrade to this card from chase Saphire preferred and get the sign up Bonus and perks?

    1. Ben Schlappig OMAAT

      @ BD -- If you've had your Sapphire Preferred for at least a year you should be able to downgrade. However, you'll probably get a new card number, since you'll go from a Mastercard to Visa. When you downgrade cards you don't receive the sign-up bonus, but you do generally receive the ongoing perks. So if you want the bonus, you'll want to apply outright.

  3. Evan Guest

    Ben, you mention that current legacy Freedom cardholders can either keep their Freedom card or product-change to the Freedom Flex. Why would a product change ever be a good strategy, as opposed to keeping the legacy Freedom card and applying for a Freedom Flex card, when the Freedom Flex is considered a separate product and offers a welcome bonus? On top of that, maintaining both cards doubles the quarterly limit on 5x bonus points from the rotating categories.

    1. Ben Schlappig OMAAT

      @ Even -- While I'd do what I can to apply outright, some may choose to product change because they're over the 5/24 limit, or because they're close to the limit. If that limit is at all a consideration, then the question becomes which Chase card it makes the most sense to apply for.

      If someone is at 4/24, they may prefer to apply for another Chase card with a bigger bonus, rather than the...

      @ Even -- While I'd do what I can to apply outright, some may choose to product change because they're over the 5/24 limit, or because they're close to the limit. If that limit is at all a consideration, then the question becomes which Chase card it makes the most sense to apply for.

      If someone is at 4/24, they may prefer to apply for another Chase card with a bigger bonus, rather than the Freedom Flex.

      But otherwise it absolutely is worth applying for the card outright.

Featured Comments Most helpful comments ( as chosen by the OMAAT community ).

The comments on this page have not been provided, reviewed, approved or otherwise endorsed by any advertiser, and it is not an advertiser's responsibility to ensure posts and/or questions are answered.

Jill Guest

wow another 5 star ratings for this credit card

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Ben Schlappig OMAAT

@ BD -- If you've had your Sapphire Preferred for at least a year you should be able to downgrade. However, you'll probably get a new card number, since you'll go from a Mastercard to Visa. When you downgrade cards you don't receive the sign-up bonus, but you do generally receive the ongoing perks. So if you want the bonus, you'll want to apply outright.

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BD Guest

Can you downgrade to this card from chase Saphire preferred and get the sign up Bonus and perks?

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