The Chase Freedom Student credit card was first introduced in 2008. It was designed to help students build their credit history and earn cash back on their purchases. The card offers 5% cash back on rotating categories, 1% cash back on all other purchases, and a $20 annual statement credit for using your card to pay for select streaming services.
The Chase Freedom Student credit card has been a popular choice for students ever since it was first introduced. In 2017, it was named the best student credit card by U.S. News & World Report. The card has also been praised by other financial experts for its competitive rewards and no annual fee.
In 2021, Chase updated the Chase Freedom Student credit card with a few new features. The card now offers 5% cash back on travel purchased through Chase Ultimate Rewards, up to $200 per year. The card also now offers a welcome bonus of 15% cash back on up to $500 in purchases in your first 3 months from account opening.
The Chase Freedom Student credit card is a great option for students who are looking to build their credit history and earn cash back on their purchases. The card offers competitive rewards, no annual fee, and a few helpful features that can make it easier for students to manage their credit.
Eligibility Requirements
To be eligible for the Chase Freedom Student credit card, you must meet the following requirements:
- Be a student enrolled at least half-time in an eligible college or university.
- Be at least 18 years old.
- Have a Social Security number or Individual Taxpayer Identification Number (ITIN).
- Have a credit history of at least 6 months, or have a cosigner with good credit.
- Have a minimum annual income of $1,200.
Pros and Cons of the Chase Freedom Student Credit Card
Pros:
- 5% cash back on rotating categories
- 1% cash back on all other purchases
- $20 annual statement credit for using your card to pay for select streaming services
- No annual fee
- No foreign transaction fees
Cons:
- The credit utilization ratio must be below 30%
- Late payments can damage your credit score
- The annual fee may be waived for the first year but is $39 after that
Where to Get the Chase Freedom Student Credit Card
You can apply for the Chase Freedom Student credit card online or by mail. When you apply, you will need to provide your name, address, date of birth, Social Security number or ITIN, and other relevant information. You will also need to provide proof of your enrollment in school and your income.
How to Improve Your Chances of Getting Approved?
Getting a student credit card with no cash in your back can be a daunting task sometimes makes you frustrated but by following these steps below can get approved easily
- Apply early. The earlier you apply, the more time you will have to build your credit history.
- Have a cosigner. If you have a cosigner with good credit, they can help you get approved for the card.
- Keep your credit utilization low. Your credit utilization ratio is the percentage of your available credit that you are using. Aim to keep your utilization below 30%.
- Make your payments on time. This is the most important factor in determining your credit score. Make sure to pay your bills on time, every time.
- Have a steady income. Chase will want to see that you have a steady income that you can use to pay your credit card bill.
- Enroll in Credit Journey. Credit Journey is a free service from Chase that can help you track your credit score and improve your credit health..
Here are some additional strategies for student
- Apply for the card online. The online application process is usually faster and easier than applying by mail.
- Be honest and accurate on your application. Any inconsistencies or inaccuracies could lead to your application being denied.
- Be prepared to provide documentation. Chase may ask you to provide documentation to verify your identity, income, and student status.
If you are denied the Chase Freedom Student credit card, don’t give up. You can try again in a few months after you have had a chance to improve your credit score. You can also try applying for a different student credit card with lower requirements.
chase Freedom Credit card international fees?
The Chase Freedom credit card does charge a 3% foreign transaction fee on all purchases made outside of the United States. This means that if you make a purchase for $100, you will be charged an additional $3 in fees.
There are a few ways to avoid foreign transaction fees with the Chase Freedom credit card. One way is to use a credit card that does not charge these fees. There are many credit cards on the market that do not charge foreign transaction fees, so you should be able to find one that fits your needs.
Another way to avoid foreign transaction fees is to use a debit card when you travel internationally. Debit cards do not typically charge foreign transaction fees, so you can save money on your purchases.
Finally, you can also avoid foreign transaction fees by using cash when you travel internationally. This is the most effective way to avoid these fees, but it can also be inconvenient.
If you do decide to use the Chase Freedom credit card when you travel internationally, be sure to factor in the foreign transaction fees when you make your purchases. This way, you won’t be surprised by the additional charges when you receive your credit card bill.
Here are some other credit cards that do not charge foreign transaction fees:
- Capital One Venture Rewards Credit Card
- Chase Sapphire Preferred® Card
- American Express® Gold Card
- Citi® Double Cash Card
- Barclaycard® Uber Visa®
Fee and charging structure of the chase freedom credit card?
The Chase Freedom credit card has no annual fee. However, there are some other fees that you may incur, including:
- Late payment fee: $35
- Over-the-limit fee: $35
- Foreign transaction fee: 3% of the transaction amount in U.S. dollars
The Chase Freedom credit card also has a rewards structure that is based on your spending. You earn 5% cash back on rotating categories, 1% cash back on all other purchases, and a $20 annual statement credit for using your card to pay for select streaming services.
The rotating categories change every quarter, so you’ll need to check the Chase website to see what they are. Some of the categories that have been offered in the past include gas stations, grocery stores, restaurants, and travel.
You can redeem your rewards for cash back, travel, gift cards, or merchandise. You can also use your rewards to pay down your credit card balance.
The Chase Freedom credit card is a good option for people who want to earn cash back on their purchases. The card has no annual fee and offers competitive rewards. However, there are some fees that you may incur, such as late payment fees and foreign transaction fees.
Here is a table summarizing the fees and charging structure of the Chase Freedom credit card:
| Fee | Description | Amount |
|---|---|---|
| Annual fee | There is no annual fee for the Chase Freedom credit card. | $0 |
| Late payment fee | A late payment fee of $35 is charged if you make a payment that is more than 30 days past due. | $35 |
| Over-the-limit fee | An over-the-limit fee of $35 is charged if you exceed your credit limit. | $35 |
| Foreign transaction fee | A foreign transaction fee of 3% of the transaction amount in U.S. dollars is charged on all purchases made outside of the United States. | 3% |