Chase Freedom Rise Card Review 2024
Updated March 22, 2024 at 10:37 am
The Chase Freedom Rise℠ credit card offers a way to build credit without giving up an opportunity to earn cash back as you go.
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Expert Take: What makes the Chase Freedom Rise different is it’s designed for credit newcomers, but unlike many cards for people who are new to credit, it doesn’t require a security deposit. Plus, Chase offers the opportunity for people with a limited credit history to increase their approval odds.
Pros
- No annual fee
- 1.5% cash back on all purchases
- Get $25 for enrolling in automatic payments
Cons
- Foreign transaction fee
- Late payment fees of up to $40
- High APR
Vault’s Viewpoint on the Chase Freedom Rise
The Chase Freedom Rise makes sense for anyone who wants to build their credit and earn rewards at the same time. It’s an especially useful option if you already have a Chase checking account, or are willing to open one before applying, because a Chase checking account with a balance of at least $250 boosts your approval odds.
If approved, you can earn a statement credit for enrolling in automatic payments. Not only do you get the statement credit, but you also make it easier to pay your bill on time and potentially build your credit score faster.
The Chase Freedom Rise is a cash back credit card, so you’ll earn 1.5% cash back on every purchase you make. And the rewards are easy to redeem as cash back, statement credits, gift cards, Amazon purchases or travel with Chase. When combined with the lack of an annual fee, this card is an attractive option for credit builders.
Chase Freedom Rise Card Highlights
Annual Fee: $0
Sign-up bonus: $25 if you enroll in automatic payments within first three months
Foreign transaction fees: 3% of the transaction amount
Earning Rewards With the Chase Freedom Rise
Here’s a closer look at how you can earn rewards with the Chase Freedom Rise:
- Earn 1.5% cash back on all purchases, with no minimum to redeem for cash back.
- Snag a $25 statement credit for enrolling in automatic payments within the first three months of opening your account.
- Earn 5% total cash back on qualifying Lyft rides. (Until March 31, 2025).
You can redeem the cash back rewards as a statement credit or direct deposit into most U.S.-based checking and savings accounts. You also have the option to redeem these rewards as points on Amazon, gift cards and travel purchases booked through the Chase Travel portal.
Other Benefits of the Chase Freedom Rise
The Chase Freedom Rise benefits are surprisingly vast for a credit-building card with no annual fee. Below is a closer look at the other benefits you can tap into:
- Purchase protection: The card offers purchase protection against damage and theft for 120 days from the purchase date. You’ll be protected for up to $500 per claim and up to $50,000 per account.
- Extended warranty protection: If you purchase an item with the card that offers an eligible manufacturer’s warranty of three years or less, you’ll get an extra year of extended warranty protection.
- Trip cancellation/interruption insurance: If you pre-pay for non-refundable airfare with this card on a common carrier, you’ll get insurance which reimburses you up to $1,500 per person and up to $6,000 per canceled or interrupted trip for a covered reason.
- Zero liability protection: If someone makes an unauthorized purchase with your card, you won’t be on the hook for the cost.
- DashPass membership: You can get three months of a complementary DoorDash DashPass membership, which offers $0 delivery fees on eligible orders. You must activate the offer by December 31, 2024.
- Instacart+ membership: You can get three months of a complimentary Intsacart+membership, which offers $0 delivery fees on eligible orders. You must activate the offer by July 31, 2024 and make the eligible purchases with your card.
- Automatic credit limit review: Chase will automatically evaluate your account to determine if you are eligible for a higher line of credit as soon as the six-month mark.
- Credit score tracking: You can keep track of your credit score for free with Chase Credit Journey.
Rates and Fees of the Chase Freedom Rise
While none of these fees are uncommon, it’s important to read the fine print to avoid any surprises.
- Annual fee: $0
- Variable APR: 26.99%
- Balance transfer fee: $5 or 5% of the transfer amount, whichever is greater
- Foreign transaction fees: 3% of the transaction amount in U.S. dollars
- Late fee: Up to $40
- Penalty APR: Up to 29.99%
- Cash advance fee: $10 or 5% of the transaction, whichever is larger
- Cash advance APR: 29.99% variable
Who is the Chase Freedom Rise Best for?
The Chase Freedom Rise is a worthwhile choice for people who want to build their credit score and collect cash back rewards at the same time. If you are trying to build credit, the ability to boost your approval odds by opening a Chase checking account and storing at least $250 is enticing. While it’s not required to have a Chase checking account, it might help jumpstart your credit-building journey.
And, of course, the cash back is undeniably appealing. Being able to earn a flat rate of 1.5% cash back on all purchases makes it easy because you won’t have to worry about rotating cash back categories or optimizing your spending for a particular category. And it’s easy to redeem your rewards. You can even redeem small amounts for a statement credit or direct deposit into most U.S. checking and savings accounts.
Who Should Consider an Alternative to the Chase Freedom Rise?
If you want top-tier cash back rewards, the Chase Freedom Rise might not be the right fit. If you have a high credit score, you can potentially open a credit card that offers even more lucrative cash back rewards. For example, you might prefer the Chase Freedom Flex℠, which offers up to 5% cash back in activated rotating bonus categories, 3% back on dining and drugstore purchases and 1% cash back on everything else.
Anyone who wants to earn Chase points that transfer to travel partners, like airlines and hotel chains, might consider premium travel credit cards like the Chase Sapphire Preferred® Card and Chase Sapphire Reserve®. But if you are comfortable only using your points to book travel through Chase Travel, then the points you earn with the Chase Freedom Rise will suffice.
How Does the Chase Freedom Rise Stack Up to Its Competitors?
Before you apply for the Chase Freedom Rise, it’s important to consider other options.
Chase Freedom Rise vs. Capital One QuicksilverOne Cash Rewards Credit Card
Capital One’s QuicksilverOne is a similar cash back rewards credit card and it’s available to people with fair to good credit. Like the Chase Freedom Rise, you can earn 1.5% cash back on all purchases. But unlike the Chase Freedom Rise, you’ll face a $39 annual fee. Also, the QuicksilverOne comes with a slightly higher variable APR.
Another big difference is that Capital One’s QuicksilverOne doesn’t charge foreign transaction fees, which is a big deal if you frequently travel abroad. As you earn cash back with this card, you can redeem the funds as a statement credit or check. You also have the option to use the funds to directly cover a recent purchase, get gift cards and more.
Chase Freedom Rise vs. Discover it® Secured Credit Card
The Discover it Secured involves making a security deposit, which starts at $200. Since the card requires a security deposit, your approval odds tend to be better thanks to the added collateral.
Chase Freedom Rise and Discover it Secured are similar in that you can earn rewards while building credit. The Discover it Secured is one of the few secured credit cards that offers rewards and a competitive welcome offer via Discover’s Cash Back Match™ program. And if you use the Discover it Secured responsibly, you might receive your security deposit back in as little as seven months. It’s an especially good choice if you are having trouble getting approved for unsecured credit cards.
Chase Freedom Rise vs. Discover it® Student Cash Back
Students with little to no credit may qualify for the Discover it Student Cash Back. If approved, you can earn 5% cash back on rotating categories up to the quarterly maximum when you activate. For example, in the second quarter of 2024, you can earn 5% cash back on up to $1,500 in purchases at gas stations and electric vehicle charging stations, home improvement stores and public transportation.
If you are a student who wants to maximize your cash back while building credit, this card might be a better fit. But the value from the Chase Freedom Rise might outshine the Discover it Student Cash Back if you aren’t a student or don’t like the thought of keeping up with rotating cash back categories.
Is the Chase Freedom Rise Credit Card Worth It?
The Chase Freedom Rise offers attractive rewards without an annual fee and it’s designed for credit newcomers who are building their scores from scratch. All in all, it’s a worthwhile card for anyone who wants to build credit.
But if you already have an excellent credit score, you might find more value in a premium rewards credit card.
Frequently Asked Questions
Is The Chase Freedom Rise a Good Card?
If you are relatively new to credit and interested in earning cash back, then the Chase Freedom Rise is a worthwhile card. However, people with higher credit scores can find more lucrative rewards through other credit cards.
How Do You Qualify for the Chase Freedom Rise?
Chase designed the Chase Freedom Rise to be available for people who are building credit. With that, you likely don’t need a top-tier credit score to qualify for the card. But you will need to meet income and other financial criteria set by Chase. Additionally, your chances for approval for this card are higher if you have a Chase checking account.
Is the Chase Freedom Rise New?
Chase released the Chase Freedom Rise in June 2023. It’s one of many credit cards offered by the major financial institution.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
