Credit Card News
Chase Introduces Freedom Rise Card for New-to-Credit Customers
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
Other Articles by Kyle Burbank
Credit Card News
Financial
Robinhood App Review: Why I'm Still a Fan (Overall)
Robinhood has proven to be an extremely easy way to start buying stocks without having to pay commissions or fees. Furthermore, as I do start to learn the ropes and am ready to take my portfolio to the next level, it's nice to know that Robinhood continues to increase their offerings.
FinTech News
