Chase is making some small updates to one of its popular rewards credit cards.
About the Chase Freedom Flex Updates:
Soon, Chase Freedom Flex will swap one benefit out for a new one (as reported by TPG). The cashback card will discontinue its current cell phone protection. In its place, the card will offer 0% foreign transaction fees. These updates will be effective as of September 20th. That means that the Cell Phone Protection offered by the card will only cover eligible losses incurred through September 19th.
With the Freedom Flex’s Cell Phone Protection plan, cardholders who charged the entirety of their monthly cell phone provider bill to their card were able to file claims on their phones in the event of theft or damage. Each claim was limited to $800, and a $50 per-claim deductible applied. Moreover, the policy was limited to two paid claims totaling $1,000 per 12-month period.
As for foreign transactions, the Freedom Flex charged a 3% fee on purchases made in other currencies.
More on the Chase Freedom Flex:
Aside from these tweaks, the popular Chase Freedom Flex is staying the same. This means that cardholders can continue to earn 5% back on travel purchases made using Chase Travel, 3% back on dining (including takeout), 3% at drugstores, and 1% back on all other purchases. Additionally, the Freedom Flex features rotating quarterly bonus categories, allowing cardholders to earn up to 5% back.
For the third quarter of the year, Freedom Flex customers can currently earn up to 5% back at Gas Stations and on EV Charging, Select Live Entertainment, and donations to United Way. New bonus categories are announced on the 15th of the month preceding the new quarter. Note that 5% earnings are capped at a combined bonus category total of $1,500 in spending, meaning that this benefit maxes out at $75 per quarter. Cardholders must also activate their bonuses by visiting ChaseBonus.com.
Those interested in opening the Chase Freedom Flex can also earn a welcome bonus. Currently, new cardholders can earn a $200 bonus cashback after spending at least $500 on the card within the first three months.
The Chase Freedom Flex also has no annual fee.
My Thoughts:
Compared to the revamp the Chase Sapphire Preferred recently received, these Freedom Flex updates are very minor. Still, I think this is notable because it’s a big win for travelers. Personally, I vastly prefer having 0% foreign transaction fees to the cell phone protection policy — and I think many cardholders will agree.
As a reminder, though, in order to take advantage of the no foreign transaction fees perk once it goes into effect, those traveling abroad will want to ensure they’re paying in the local currency. While the option to select U.S. dollars may seem appealing, this usually leads to poor conversion rates. So, with a card that waives foreign transaction fees, forgoing the dollar conversion is the way to go.
