You may have thought Chase was busy locking everybody out there trying to get more credit. With the way they are locking down small business card applications and the way they are tightening up mortgage applications, you wouldn’t be wrong to assume that. However, if you look at moves like this, it will make you question that sort of outcome.
Chase has changed the sign up bonus on the Freedom and Freedom Unlimited cards. The standard bonus is $200 after spending $500 on the card within the first 3 months.
The new offer keeps the $200 for spending $500 intact. However, in addition, you can also earn 5% back on grocery store spending within the first year. There is a limit of spending $12,000 at the 5% rate, afterwards, the grocery spending will go down to the usual 1/1.5% cashback depending on the card.
If you are able to spend the complete $12,000 in grocery spending within that first year, you would earn a total of 60,000 points + 20,000 points for the sign up bonus (the $200). 80,000 points is no joke! Especially for a no annual fee card like this. However, spending $12,000 on just groceries within a year is also no joke. That would imply you’re spending $230 a week on average on only groceries! Still, with not much else happening right now due to coronavirus, it’s not like you’re able to spend much of that money anywhere else.
As far as the Freedom, I don’t think we’ve seen a really good offer other than the standard $150-$200 for spending $500. The Freedom Unlimited has seen some pretty big offers within the last year though. We’ve seen things like an Unlimited 3% cashback for the first year, which later got changed to a limited amount of 3%. Still, those offers were something you’d probably be pretty hard pressed to see again.
If you’re remotely interested in either Freedom card and don’t already have it, this could be a good opportunity to pick it up, and get rewarded at 5% for all of your grocery shopping. Keep in mind though that you need to be under 5/24 to pick these up.
What do you think about this new offer for the Freedom cards? If you do like the offer, which one would you pick up? Let us know down in the comment section below!