Cardholders who like to maximize rewards value across a number of cards may need to look elsewhere for long-term value on categories like groceries, but the Chase Freedom Unlimited® is worth a look for anyone who wants to maximize cash back value without putting in too much effort.
The Chase Freedom credit card is no longer open to new applicants, which may make you wonder what happens to your card. Here are the options you have now. Select's editorial team works independently to review financial products and write articles we think our readers will find useful.
Chase doesn't have a hard limit on the number of cards you can have at once. Instead, there's a maximum amount of total credit they'll extend you. Some of us on the MMS team have six or more Chase credit cards.
Don't downgrade to Chase Freedom Unlimited, you can always get one with the $150 sign-up bonus and it earns unlimited 1.5X UR points. So, no point having multiple Freedom Unlimited.
The Chase Freedom Unlimited credit limit is $500 or more for everyone who's approved. The most creditworthy applicants can get starting credit limits of $5,000 or higher.
For example, with the Chase Freedom Unlimited® approved cardholders will either receive the basic level Visa Platinum card (with a minimum credit limit of $500) or the upgraded Visa Signature card (with a minimum credit limit of $5,000), according to Chase Freedom Unlimited's pricing and terms.
Chase Freedom®: Basics
Card type: Cash back. Annual fee: $0. Rewards: 5% cash back in quarterly bonus categories, on up to $1,500 per quarter in combined quarterly spending (you must opt in to the categories quarterly; 1% back on other spending).
The Chase Freedom Flex℠ credit score requirement is 700+, or good-to-excellent credit. It may be possible to get approved for the Chase Freedom Flex℠ card with a slightly lower credit score if you have a lot of income and little debt, but the higher your credit score is, the better your approval odds will be.
Are you eligible for the Chase Freedom Flex℠? If you have good credit — a FICO score of 690 or higher — you're likely eligible. That is, as long as you aren't afoul of Chase's "5/24 rule." Chase limits the number of new personal credit cards you can open in a rolling 24-month window.
Chase will typically approve you for at most two personal cards in a 30 day period, and at most one business card in a 30 day period.
What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
No other card issuer has a more definitive and restrictive rule than the Chase 5/24 Rule. Therefore, your best strategy will be to get valuable Chase cards first, while you are “under” 5/24, before branching out to other card issuers.
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