Chase Freedom Flex Review: $200 Bonus, 5% Rotating Categories, 3% Back on Dining Out, No Annual Fee

The Chase Freedom Flex Card is the new 5% cash back rotating category card for Chase, including the notable addition of 3% cash back on dining out and drugstore purchases. All of the popular features from the old Freedom remain as well: Up to 5% cash back on select categories throughout the year, no annual fee, and the ability to earn Ultimate Rewards points (useful in combination with Chase Sapphire cards). Highlights:

• $200 cash bonus (20,000 Ultimate Rewards points) after $500 in purchases in your first 3 months.
• 0% Intro APR for 15 months from account opening on purchases and balance transfers.

Here are the ongoing features of the Freedom Flex:

• 5X points (5% cash back) on up to $1,500 in combined purchases in rotating categories each quarter you activate.
• 5X points (5% cash back) on travel purchased through Chase Ultimate Rewards(R).
• 3X points on dining out, take-out, and eligible delivery services.
• 3X points on drugstore purchases.
• 1X points on all other purchases.
• Cell phone insurance is one of the noteworthy World Elite Mastercard benefits. “Up to $800 per claim and $1,000 per year in cell phone protection against theft or damage for phones listed on cardmembers’ monthly bill.”
• No annual fee.

From October 1st through December 31st, 2023, you can earn 5% cash back (or 5X Ultimate Rewards points) on up to $1,500 spent in the following categories:

• PayPal
• Wholesale Clubs
• Select Charities (full eligibility list)

Enroll after logging into your online account (look on the right-hand side). 5% rewards won’t apply until after you activate your rewards, so it is best to activate now before you forget. No annual fee.

Remember that these cards earn Ultimate Rewards (UR) points, which can then be redeemed for cash at 1 UR point = $0.01. Therefore, you can either view a category as 3X points per dollar points, or 3% cash back. When UR points are transferred to a Chase Sapphire Preferred or Chase Sapphire Reserve card, they can become much more valuable when converted to frequent flier miles or hotel points. For example, if you have the Chase Sapphire Reserve, 5x points = 5 United miles per dollar spent, 5 Hyatt points per dollar spent, or 7.5% value back towards travel redeemed at the Chase Ultimate Rewards travel portal.

This is a new card (different than the regular Chase Freedom Visa), so everyone should be eligible for the bonus, but Chase does have an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 2 years (aka the 5/24 rule). This rule is designed to discourage folks that apply for high numbers of sign-up bonuses. This rule applies on a per-person basis, so in our household one applies to Chase while the other applies at other card issuers.

If you have an existing Chase card like the original Freedom card, you may be able to convert to this card by calling them directly. You won’t get the sign-up offer, but you will get the new ongoing features.

Bottom line. The Chase Freedom Flex Card is a unique rewards card that lets you earn 5% cash back on select categories each quarter, in addition to a constant 3% cash back on dining out and drugstore purchases. If you have a Chase Sapphire card, this card is a great way to earn Ultimate Rewards points while using the additional redemption options of the Sapphire (hotel points, airline miles, and travel redemptions).