There are a select few credit cards out there that offer a massive 5% cash back. The catch is that every 3 months, the categories that earn 5% switch to someone of the credit card company’s choosing. With Discover and Citi, we usually have a pretty good lead time into what’s going on. However, with Chase, we usually find out what the next quarter’s categories will be a whole two weeks before it starts.
Right on schedule, Chase announced its quarter 2 categories for 2020. The categories will be:
- Grocery Stores
- Gym Membership
- Fitness Clubs
As always, in order to get the 5% of cash back, you’ll need to activate the quarter. There are a few ways of doing so, the easiest would be by logging into your Chase account via the app or directly online and activating it that way. Alternatively, you can call the number on the back of your Chase card in order to activate it.
Finally, the last thing to keep in mind is that there is a $1,500 quarterly limit on the 5% category. Once you have passed that spending level, you’ll only earn 1% for the rest of the quarter.
Unfortunately with the Coronavirus in full swing, it may be difficult to use this card for gym memberships and fitness clubs. However, this is absolutely the right time to cash in on the grocery store category. If you are having trouble meeting the spend requirement at grocery stores, you can always buy some gift cards either to the grocery store itself, or to other places. The only thing to avoid of course would be the direct Visa and Mastercard sort of gift cards.
What do you think about the categories for the Chase Freedom for Q2? Let us know in the comment section below how easy this will be for you to max out on!