Chase Freedom Student Credit Card Review

Editor’s Note: The Chase Freedom® Student credit card is no longer available to new applicants. Please see the issuer’s website for more information on available offers. Card details have been collected independently by Forbes Advisor and have not been reviewed or approved by the card issuer.

Building your credit history is a tough assignment while in school. Student credit cards offer a 101 level lesson on managing credit. Banks will offer student credit cards with lower limits and lower rewards at first, then allow students to graduate to more lucrative credit card reward options.

Students will like that the Chase Freedom Student credit card earns cash-back rewards without charging an annual fee. With the ability to get a This card does not offer a welcome bonus, students don’t need to worry about keeping track of a larger minimum spending requirement. Plus, for the first five years that the card is open and remains in good standing, cardholders will receive a $20 bonus on their credit card anniversary.

The Chase Freedom Student credit card rewards cardholders that meet credit requirements with a credit limit increase after they make five on-time payments during the first 10 months after opening the card. Plus, they’ll have unlimited access to their credit score through Chase’s Credit Journey tool.

This card also offers other attractive benefits that many other student cards do not. You’ll enjoy purchase protection and an extended warranty on your eligible purchases.

• This card does not offer a welcome bonus
• $20 anniversary bonus for accounts in good standing for up to five years
• Earn unlimited 1% cash back
• Credit limit increase for eligible cardholders after five on-time payments
• No annual fee
• Purchase protection
• Extended warranty protection

Earning Rewards

Students can earn an unlimited 1% cash back on all purchases with the Chase Freedom Student credit card. There are no bonus categories to memorize or promotions to register for.

Additionally, new cardholders receive: a This card does not offer a welcome bonus.

Each year that you keep your account open, you’ll also receive a $20 “Good Standings Rewards” bonus on your account anniversary. You’re eligible to receive this bonus for up to five years.

Redeeming Rewards

You may redeem your rewards for cash back in any amount and at any time. When redeeming your rewards, 5,000 points is equal to $50 in cash back. This can be a statement credit, or you can choose to have a direct deposit into your checking or savings account.

All rewards earned do not expire as long as your account remains open and in good standing.

Rewards can also be redeemed while shopping at Amazon, for gift cards or to book travel. Redemption values may vary and be less than a penny per point.

Your cash back rewards are Chase Ultimate Rewards® points. You can accumulate points and combine them with other Ultimate Reward credit cards, like the Chase Sapphire Preferred® Card. Depending upon the card, this can open up additional value when booking travel or the option to transfer to airline and hotel partners.

Rewards Potential

To calculate the potential of the Chase Freedom Student credit card, Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories. The average student spends $13,640 per year on food, transportation, entertainment and other typical expenses. Many of these expenses can be paid for with a credit card, which provides an opportunity to earn rewards.

Assuming that 50% of this potential spending is paid for with this student credit card, you can expect to earn $68.20 per year in cash-back rewards.

• Credit Limit Increase: After making five on-time payments in the first 10 months, you may receive an automatic credit limit increase if you meet the credit criteria.
• Zero Liability Protection: You aren’t responsible for unauthorized purchases.
• Purchase Protection: Covers new purchases against damage or theft up to $500 per claim for 120 days after purchase. Maximum coverage of $50,000 per account.
• Extended Warranty Protection: Extends manufacturer’s warranty an additional year on eligible warranties of three years or less.
• Lock/Unlock Feature: Quickly lock or unlock your credit card online or through the Chase Mobile app.
• Free Credit Score: Unlimited access to your credit score and more through Credit Journey.

Interest Rates

• Regular APR: see terms
• Purchase Intro APR: N/A
• Balance Transfer Intro APR: N/A

Fees

• Annual Fee: see terms
• Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
• Cash Advance: Either $10 or 5% of the amount of each transaction, whichever is greater.
• Foreign Purchase Transaction Fee: 3% of each transaction in U.S. dollars

There are many attractive features of the Chase Freedom Student credit card, such as unlimited rewards, annual bonuses and no annual fees. Here’s how it compares against three other student credit cards that offer rewards so that you can choose the right one that fits your goals.

Chase Freedom® Student credit card* vs. Journey Student Rewards from Capital One* (This card is no longer available for applications)

The Journey Student Credit Card from Capital One earns an unlimited 1% cash back on all purchases. On time payments boost cash back to a total of 1.25% for that month. Earn 5% cash back on hotels and rental cars booked through Capital One Travel. This is 25% more cash back for making on-time payments.

The Journey Student Card offers unlimited access to your credit score with CreditWise. By exhibiting positive credit behaviors, your card will be automatically considered for a line increase in as little as six months.

There are $0 annual fees and no foreign transaction fees.

Chase Freedom® Student credit card* vs. Discover it® Student Cash Back

Cash-back rewards are the focus with the Discover it® Student Cash Back credit card. It earns 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations and more, up to the quarterly maximum once activated. Plus, automatically earn unlimited 1% cash back on all other purchases. Although it doesn’t have a traditional welcome bonus, all cash back earned during the first year will be matched at the end of your first year. This can easily top the This card does not offer a welcome bonus the Chase Freedom Student offers as a welcome bonus.

Chase Freedom® Student credit card* vs. Bank of America® Travel Rewards credit card for Students

Students who love to travel can earn 1.5 points per dollar on all purchases everywhere, every time with no expiration on points as long as your account remains open with the Bank of America® Travel Rewards credit card for Students. Plus, 25,000 online bonus points after spending $1,000 in purchases in the first 90 days of account opening. This is one of the highest welcome bonuses for a student card available.

You can redeem rewards for any flight, hotel and other travel purchases at any time with no blackout dates. It has no annual fee and there are no foreign transaction fees. Students also have a 0% introductory APR for 15 billing cycles on purchases and balance transfers made within 60 days of opening the account. After that, a standard APR of 19.24% - 29.24% variable on purchases and balance transfers will apply. A 3% fee applies to all balance transfers for 60 days from account opening, then 4%.

The Chase Freedom Student credit card is a good choice for students that might benefit from having a long term relationship with Chase. It has no annual fee and an easy to earn welcome bonus.

That being said, other student credit cards might be a better option. The student credit cards from Capital One, Discover, and Bank of America mentioned above also have no fees while offering greater rewards on your spending. The bottom line is that the Chase Freedom Student credit card is a good card, but not a great one.