by Daniel | Last Updated June 13th, 2023
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Just yesterday Chase revealed a new credit card called the Chase Freedom Rise, and this credit card is targeted towards anybody new to credit cards and looking to start building some credit.
Now if you are looking to apply for this credit card there are a few things to will need to know.
First of all, it is only possible to apply for the Chase Freedom Rise by going into a Chase branch in person and going through the application process with one of the bankers.
Also, Chase recommends that you have a Chase Checking account with at least $250 in it before applying for this specific card for a better chance of being approved.
Sign-up Bonus
Now there’s no actual sign-up bonus associated with this card but
Chase will give you a $25 statement credit if you sign up for automatic payments within the first 3 months of opening the account.
This is a great idea and good practice for increasing your credit score over time as it reduces the chance of you missing a payment.
Earning Cash Back
Now in terms of earring cash backwash this card there are two options.
First of all, it is actually possible to receive 5% cash back on any Lyft ride.
And then all other purchases that are made on the card will earn 1.5% cash-back.
Also, cash-back rewards don’t expire as long as you keep your account with Chase active.
So cash back with this card will be earned as points at a rate of 100 points per $1 cash back, and these points can then be redeemed for a variety of different reward options that include:
- Cash
- Gift cards
- Travel
- Pay with points
Now It is possible to shop on Amazon with these points but this is not a very good use of points as it only offers a value of 0.8 cents per point.
Benefits Included With This Card
First of all, there is a complimentary 3-month DashPass membership that provides you with unlimited delivery from DoorDash with no delivery fee and reduced service fees.
After this 3-month period is up you will automatically be enrolled to DashPass for the next 9 months at a 50% reduced rate.
Then you will receive a complimentary 3-month Instacart+ membership that provides you with unlimited deliveries with no delivery fees and reduced service fees on eligible orders.
Once the free 3-month period is up you will automatically be enrolled in an annual Instacart+ membership unless you cancel your membership.
Also, when you are a member of Instacart+ it is possible to receive a $10 statement credit each quarter.
Insurance Coverage
Now this card also provides you with a reasonable amount of insurance protection.
So first of all the card comes with ‘Zero Liability Protection’ which basically means you won’t be held responsible for any unauthorized charges that are made to your card.
Then there is a ‘Lock/Unlock Feature’ which gives you the ability to lock or unlock your credit card from the Chase mobile app or through Chase.com.
And best of all if you do lock your card, it won’t affect any automatic payments you have set to the card.
There is then ’Purchase Protection’ that provides you with 120 days of coverage against damage or theft of new purchases and covers up to $500 per claim and a total of $50,000 per account.
With ‘Trip Cancellation/Interruption Insurance’ it is possible to be reimbursed up to $1,500 per person and $6,000 per trip if your trip happens to be canceled or cut short due to severe weather sickness or any other covered situations.
There is also ‘Extended Warranty Protection’ which basically provides you with one additional year of coverage on eligible warranties that are 3 years or less.
APR
So last but not least let’s just take a quick look at what the current APR rates are and what fees are associated with this card.
Currently, the APR for purchase and balance transfers is 26.74%, with a balance transfer incurring a fee of either $5 or 5% of the amount of each transfer.
One thing you should avoid at all costs is cash advance as the APR for this is currently 29.99% and also incurs a fee of either $10 or 5% of the amount of each cash advance.
Then any late payments or returned payments will put you on a Penalty APR of 29.99% and you will also incur a fee of up to $40 for each occurrence.
Final Thoughts
So there you have it, that pretty much covers everything you need to know about the Chase Freedom Rise credit card.
And as you can see it is a good credit card for anyone that might have very limited or even no credit history at all.
Basically, this card will help you to access credit and actually build your credit score over time, which will then in turn help you to secure lower interest rates on mortgages, auto loans, and credit cards.
Now if you like to learn how to actually build your credit score quickly and effectively check out my article where I show you how The Quickest Way To Increase Your Credit Score in a short period of time.