Chase Freedom Unlimited Information
Over the weekend I covered the rumor of a new Chase Freedom card called the Freedom Unlimited. At the time, the rumor also suggested that the normal Freedom along with its 5X rotating categories was going away. Thankfully that doesn’t seem to be the case. The Points Guy has confirmed with Chase that the original Freedom is staying and both cards will coexist alongside each other.
Freedom Unlimited Details
We now know more information about the new Freedom Unlimited card and it seems to be very good. Here are some of the features of the card as described by Chase to The Points Guy.
- The new Chase Freedom Unlimited card will offer 1.5% unlimited cash back on every purchase.
- There’s no minimum to redeem for cash back—cardholders can redeem any amount, anytime.
- Chase Freedom Unlimited customers will earn points through the Ultimate Rewards program in the same way our Freedom customers do today
- Customers can redeem points for cash back or other redemptions options including gift cards and travel.
Update: You can now apply online.
Great News
Based on the quote from Chase, both the old Chase Freedom and new Freedom Unlimited will coexist. That is nice, but the really great news is that the new card will earn Ultimate Rewards! This means that you can earn 1.5X Ultimate Rewards on every purchase as long as you also have a Sapphire Preferred or Ink Plus card to transfer the points to.
Depending on your valuation of Ultimate Rewards, this card could be much better than a standard 2% cashback card. I personally value Ultimate Rewards at about 1.7 cents each based on my past redemptions, so using this card would earn me about 2.55% back based on that. If you are looking to cash in the points earned directly for cash at $.01 each, then cards like the Double Cash from Citi would be better.
Frequent Miler has a good analysis based on mostly correct assumptions about how this card stacks up against the competition. It is definitely worth a read.
Converting Freedom to Freedom Unlimited
While a lot is not known at this point, The Points Guy does say, “Chase has confirmed that you will be able to switch from Freedom to Freedom Unlimited, if that’s something you’d like to do.” This is good news for people like me with multiple Freedoms. While it might sting a bit to lose the 5X categories, it may make sense to switchover a Freedom to have this earning ability.
Conclusion
I am very glad the rumor from this past weekend of the regular Freedom’s demise was wrong. Additionally I am excited that this new card will earn Ultimate Rewards points. While there are still some things we don’t know, it seems the Freedom Unlimited will be a strong addition to the Chase lineup for people who are invested in the Ultimate Rewards program.
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[…] existing Chase Freedom card, but instead will be a new product. For more details on the card see my original post. As a recap, here are the key […]
I’d be more curious if one could convert the Slate into a Freedom Unlimited.
I’d be even more curious if Chase will allow someone to have both Freedom and Freedom Unlimited via a PC.
My question exactly. I’d def love to convert my slate into this when my promo apr ens in Dec. Shawn?
[…] New Chase Freedom Unlimited Details: Earns Ultimate Rewards & Old Freedom Stays […]
Wonder if any blogger has ever picked up a phone and called the public relations department at places like Chase about stuff like this?
Reminds me of when Amex switched from the Old Blue to the New Blue. I wonder if Chase will let you convert from an Ultimate back to a Freedom if you change your mind?
May reduce the sting when you think about the fact that 5% Freedom probably gets phased out in 1-2 years. Could (hope) be wrong but if they’re turning it into a grandfathered plan then I can’t see the luster of keeping a program alive that probably isn’t a big money maker as it is.
If you value UR points at 1.4 or higher it’s worth using it as your everyday spend card. I personally don’t use the 5% Freedom as much as others do, so the practicality of keeping one of these new Unlimited cards is probably a good way to diversify. DoC has a good opportunity cost analysis w/ example of purchases between the two cards.
My biggest fear from the fallout of this switch is what impact, if any, it’ll have with Discover. A lot of things can happen so I’m not going to stress over it, but every decision has ripple effects and right now the Discover IT is looking especially more shiny going forward for those who want a 5% bonus card.
Shawn, given Chase’s 5/24 rule might this card be more difficult to obtain without cancelling or converting?
As you opine, most point hoarders on this site(and several others) will likely want to ADD this card(for 1.5X on everything not bonused) to the usual Freedom(with 5X categories) and either CSP(2X dining, travel) or Ink Plus(5X office supply etc..).
Very robust earning but as I said, actually getting Chase to play ball might prove cumbersome.
Good to know. Thanks for keeping us posted.