Chase has a new version of its popular Freedom card in the works. Thew new card is called Freedom Student and should be launched on June 9, 2019. It’s not a very exciting product, but should be an easier option for students that might have limited options.
Chase Freedom Student
Doctor of Credit posted the details of this new card. This is a card for students 18 or older only and it’s a regular credit card, not a secured card. Here’s what we can expect:
- $50 signup bonus after first purchase within 3 months
- Good Standing reward of $20 (2,000 Ultimate Rewards points) for 5 years at the account anniversary date, as long as the card is open in good standing
- No annual fee
- 1% cashback on all purchases (no rotating categories like the regular Chase Freedom card)
- If you graduate or stop going to school, you’ll continue receiving all the same benefits as before
- Automatic credit limit increase after 5 on-time payments within the first 10 months
Chase Freedom Student will probably be a decent option for students. It comes with a $50 bonus, and a $20 annual bonus for the first five years. That’s a total of $150 or 15,000 Ultimate Rewards points. Not huge, but it’s something for student that probably do not have many credit card options at first. Sadly Chase is not offering 5% rotating categories on this card, unlike Discover it Student Cash Back card.