Finding a cash-back credit card that offers a signup bonus can be tough. One popular cash back card that provides a sign-on promotion is the Chase Freedom®. You’ll get a $100 Bonus after spending $500 on purchases in your first 3 months from account opening.
But is this a good reason to get the Chase Freedom®? The Nerds explain below.
What the Chase Freedom® brings to the table
The Chase Freedom® provides a lot of ongoing value to users, in addition to its generous signup bonus. You’ll earn 5% cash back in rotating quarterly bonus categories (up to $1,500 spent per quarter) and unlimited 1% cash back on all other purchases.
Historically, 5% bonus categories have included popular retailers like restaurants, grocery stores, gas stations, Starbucks and more. As a result, nearly every type of shopper will have the opportunity to earn extra rewards throughout the year with the Chase Freedom®.
Nerd tip : In order to get the bonus 5% cash back, you’ll have to go online every quarter and opt in to the new categories. Set calendar reminders so that you don’t forget to take this extra step.
Also, the Chase Freedom® charges an annual fee of $0, which makes it a good card to hold onto over the long haul.
Other cash back cards with a signup bonus
If getting a cash-back card with a signup bonus is important to you, the Chase Freedom® isn’t the only game in town. Here are two other cash-back cards that provide a little green after you sign on the dotted line:
The Capital One® Quicksilver® Cash Rewards Credit Card
The Capital One® Quicksilver® Cash Rewards Credit Card is a good alternative for people who aren’t interested in managing rotating quarterly bonus categories. With it, you’ll earn 1.5% cash back on all of your purchases. There’s no limit to the cash back you can earn, and rewards are redeemable in any amount.
As far as the signup bonus goes, the Capital One® Quicksilver® Cash Rewards Credit Card delivers: One-time $100 bonus after you spend $500 on purchases within the first 3 months. Also, it charges an annual fee of $0 and no foreign transaction fees.
The Blue Cash Everyday® Card from American Express
Heavy gas and grocery spenders should definitely keep the Blue Cash Everyday® Card from American Express on their radars. This card earns 3% cash back at supermarkets (up to $6,000 spent per year), 2% cash back at gas stations and select department stores, and 1% cash back on all other purchases. This is a very high rewards rate for a card that charges an annual fee of $0, so you could be making a killing on your everyday spending.
And don’t forget about the signup bonus: Get $100 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive $100 back in the form of a statement credit. All in all, the Blue Cash Everyday® Card from American Express is a great choice for foodies, families, and fashionistas.
Should you get the Chase Freedom®?
Getting the Chase Freedom® (or any card) just because it offers a signup bonus probably isn’t wise. Think of a signup bonus as a feature that adds extra value to a card, as opposed to the feature to exclusively consider. Other attributes – like the value and accessibility of ongoing rewards, fees, etc. – are more important factors for most people to use in the decision-making process.
With that being said, the Chase Freedom® is a very good cash-back card. The Nerds encourage you to apply if your spending aligns with its bonus categories and you’re interested in having a new opportunity to maximize your rewards every quarter. Otherwise, continue to explore your cash-back options – there’s undoubtedly a card out there that will meet your needs.
Lindsay Konsko is a staff writer covering credit cards and consumer credit for NerdWallet . Follow her on Twitter @lkonsko and on Google+ .
Image via iStock.
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