Credit Card News
Chase Reveals Q2 2023 5% Bonus Categories for Freedom Cards
One of the biggest perks of the popular Chase Freedom Flex card (and its predecessor the Chase Freedom card) is the ability to earn 5% cashback on categories that rotate each quarter. Currently, these categories include grocery stores, fitness clubs and gym memberships, and purchases at Target. Now, with the first quarter of the year drawing to an end, Chase has revealed its Q2 2023 bonus categories.
From April 1st through June 30th, Chase Freedom and Chase Freedom Flex customers will be able to earn 5% cashback on purchases from Lowe’s (in-store or online) and Amazon.com. Cardholders will need to activate this offer by visiting the Chase Bonus site and will need to do so by June 15th in order to have their purchases eligible for this bonus. Additionally, this perk is capped at $1,500 in combined category spending per quarter, meaning that card members who max out this benefit can earn $75 in cashback per quarter from it. All purchases beyond this cap will earn 1% cashback.
For comparison, Discover also recently revealed its 5% bonus categories for the second quarter of the year. These include restaurants (including cafes, cafeterias, fast food locations, and restaurant delivery services) and wholesale clubs. Like with Chase’s Freedom card, Discover does cap this bonus at $1,500 in combined category spending per quarter, for a total of $75 cashback.
In a press release announcing this quarter’s categories, Chase Freedom GM Brent Reinhard stated, “We are excited to bring back cardmember favorites like Lowe’s and Amazon.com during the time of year when home improvements, outdoor entertaining and spring travel pick up.” He added, “This quarter, we want to give cardmembers diverse opportunities to start cashbacking while enjoying some of their favorite activities.”
It is interesting to note that both of Chase Freedom’s 5% bonus categories for Q2 are brand-specific. Of course, considering how wide of a selection Amazon has, this is a pretty easy-to-use option for many consumers. Plus, as Reinhard notes, the spring cleaning and project season make Lowe’s a strong pick as well.
Meanwhile, on the surface, comparing Chase’s Q2 categories to Discover’s, it would seem that the latter has the upper hand. However, Chase’s Freedom Flex does include 3% cashback at restaurants year-round, which does undercut Discover’s advantage here. In any case, Chase Freedom/Freedom Flex customers should be sure to activate their 5% bonus for the next quarter and adjust their credit card rewards strategies accordingly come April.
