Review of Chase Free Cash Rewards Card



The Chase Free Cash Rewards Card was last reviewed on : 13th April 2005

Summary - The Chase Free Cash Rewards Visa is a cash rebate card. You earn 1 point for every dollar you spend on the card. Once you have accumulated 2,500 points, you can either redeem it for a $25.00 check or for $25.00 worth of gift certificates from merchants like The Home Depot, Borders Books and Music, Red Lobster, Chilli's Grill & Bar, Romano's Macaroni Grill, On the Border, Exxon, Sam Goody, JC Penny, Best Buy, BLOCKBUSTER, Pizza Hut, Macy's and Pier 1 Imports. The rebate percentage is 1%. You can earn up to 60,000 points in one calender year (ie $600 in cash rebates). You get 1,000 points as a signing bonus when get your card.

The Chase Free Cash Rewards Visa has no annual fee. There are three different aprs, prime rate plus 4.74% (low), 8.74% or 12.74%. You also get a 0% apr introductory offer on both purchases and balance transfers (you do have to pay a balance transfer fee). The Free Cash Rewards Visa uses the two cycle average daily balance method (including new purchases) of calculating monthly balance.

The Chase Free Cash Rewards Platinum Visa® Card is a basic cash rebate credit card with a 1% rebate payout that will appeal to those who spend close to $60,000 on their card and are looking for a basic cash rebate credit card. Those looking to earn more than 1% rebates should also consider the following alternatives.

Latest Notice - The Chase Free Cash Rewards Card is no longer offered by Chase. We suggest you consider the Chase Cash Plus Rewards Card, which is a better cash rebate credit card as it pays 5% rebates on grocery, gasoline or purchases at drugstores.

Positives

  • No annual fee.
  • Low apr
  • Earn up to $600 in rebates
  • Allows you to exchange cash rebates for gift certificates
  • 1,000 points signing bonus


Negatives
  • Uses 2-cycle average daily balance method (including new purchases)


Chase Free Cash Rewards Card
Signing Bonus 1,000 bonus points
Rebate Formula Earn 1 point for every dollar spent on purchases
Redeem $25 once you have accumulated 2,500 points (either cash check or gift certificate).
Rebate percentage is 1%
Caps on Points Earn up to 60,000 points in one calender year.
Travel and Insurance Benefits
Up to $500,000 Automatic Travel Accident Insurance
Auto rental insurance
Travel and Emergency Assistance
Other Benefits
Online Account Access
Zero liability on unauthorized purchases
Warranty Manager
Cost/Fees/Interest rates
Introductory rate 0% for 12 billing cycles (balance transfer)
Annual Fee No annual fee
Purchase APR Prime Rate plus 4.74%, 8.74% or 12.74%
Balance Transfer APR Prime Rate plus 4.74%, 8.74% or 12.74%
Cash Advance APR Prime Rate plus 14.74%
Penalty/Default Rate APR Prime Rate plus 23.99% (min is 19.99%)
Minimum Monthly Payments Greater of 2% of balance plus new account fees or $10.00
Greater of 3% of balance plus new account fees or $10.00 in default mode
Min Finance Charge $1.00
Grace Period 20 days
Balance Calculation Method 2-cycle Average Daily Balance (including new purchases)
Balance Transfer Fee 3% of transaction (min is $5.00, max is $75.00)
Cash Advance fee 3% min $10.00
International Transaction Fee 3% of US Dollar Amount
Over-the-credit-limit fee $35.00
Late Payment fee $15.00 - up to but not including $250.00
$39.00 - $250 and above



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