Credit Cards

Chase Introduces Freedom Rise Card for New-to-Credit Customers

by Kyle BurbankJun 12, 2023

Chase’s popular Freedom line of rewards credit cards is growing. This week, the bank announced the debut of the Freedom Rise card. However, in contrast to some of the issuer’s other products, the Rise card is specifically aimed at new-to-credit customers.

About the Chase Freedom Rise:

First, the Chase Freedom Rise will allow cardholders to earn 1.5% cashback on all purchases and there’s no minimum rewards redemption requirement. The card also does not carry an annual fee. Currently, applications for the Freedom Rise are only available in-branch at Chase bank locations. However, the company expects to launch it digitally in early 2024.

Notably, Chase advises that, in order to gain the best approval odds, customers should have (or open) a Chase checking account with a balance of at least $250 within two days of their card application. However, there is no minimum checking account balance required once approved.

With the Chase Freedom Rise being a special card, it also has a unique welcome bonus. At this time, those approved for the card can earn a $25 bonus when they enroll in autopay within their first three months of account opening.

In addition to the benefits of the card itself, Freedom Rise customers will also have access to educational resources. This includes the Chase Credit Journey platform, which will enable cardholders to check their credit score for free.

What they’re saying:

Announcing the Freedom Rise card, Chase Freedom GM Brent Reinhard stated, “We know that customers are looking for options when they begin their credit journey, so we want to help make it more accessible to them.” He added, “Chase Freedom Rise is built so that customers can improve their chances of getting approved by simply having or opening a Chase checking account. We’re also giving them the opportunity to begin building their financial credit while also benefiting from cashbacking on everything they buy.”

My thoughts:

When trademark filings indicated that Chase seemed likely to be working on a card called the Freedom Rise, credit card enthusiasts were somewhat optimistic — although others rightfully deduced the nature of the card. Now that the details have arrived, those consumers will likely be disappointed. That said, however, this new card does seem like a strong option for those looking to establish credit. To that point, it’s also encouraging that Chase is still offering rewards to these customers, even though other credit-building products don’t. So, while the Chase Freedom Rise definitely won’t be for everyone, hopefully those who are in the target market will be well-served by this new addition.

Author

Kyle Burbank

Head Writer ~ Fioney

Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Universal, FNBO Announce More Details on Rewards Credit Cards

by Kyle BurbankDec 1, 2023

After teasing new co-branded credit cards earlier this year, Universal Destinations & Experiences and FNBO have released more details on their two rewards cards. About the Universal Rewards card: Starting with the no-annual-fee Universal Rewards Visa, this new card will include both spending rewards and in-park perks. In terms of the former, cardholders can earn 2% back in Rewards on eligible Universal purchases. All other purchases earn 1% back in...

FinTech News

Apple Reportedly Ending Partnership with Goldman Sachs

by Kyle BurbankNov 30, 2023

It looks as though Apple and Goldman Sachs will be moving forward with a break-up of their partnership. What's happening: According to a new report from The Wall Street Journal, Apple has now proposed that it and Goldman Sachs end their contract within the next 12 to 15 months. This development comes after months of reports that Goldman had been looking to exit the agreement. The partnership was slated to...

Personal Finance

Lessons From a First-Time Home Buyer: The Story of How We Bought a House

by Kyle BurbankNov 29, 2023

In 2015, my wife and I moved to Springfield, Missouri. At the time, while we originally elected to rent an apartment, we figured we'd eventually be able to buy a house here thanks to the lower cost of living and easy-going housing market. Despite this, although we'd revisited the idea from time to time, it seemed that something was always standing in our way. Most recently, this included interest rates...