Chase announced a new addition to its line of credit cards, the Chase Freedom Flex® by Mastercard, along with updates to the Chase Freedom Unlimited®.

Freedom Flex and Freedom Unlimited updates will go live on September 15, 2020, with applications for Freedom Flex opening September 14, 2020.

“Flex and Unlimited are the next evolution of the Chase Freedom suite of credit cards and challenge the status quo of what consumers expect from a no-fee cash back card,” said BJ Mahoney, Managing Director from Chase Freedom, in a press release.

The Chase Freedom Flex Credit Card: More Details

This new, credit card with no annual fee offers World Elite Mastercard benefits – such as cell phone insurance and a variety of rewards and bonus benefits on Lyft, Boxed, ShopRunner and Fandango purchases – as well as Invaluable experiences of Mastercard. In terms of rewards, you will earn:

• 5% cash back up to $ 1,500 in combined purchases in bonus categories every quarter you activate. Enjoy new 5% categories every quarter!
• 5 percent on trips booked through Hunt the ultimate rewards (including car rentals and vacation bookings)
• 3 percent on meals (including take out and qualifying delivery services)
• 3 percent on pharmacy purchases
• at least 1% on other purchases

New cardholders also have the opportunity to earn a bonus of $ 200 after spending $ 500 on purchases in the first three months after opening the account – the same bonus offered by Freedom Unlimited.

According to chase away, the Freedom Flex is the “first new Chase-branded consumer credit card with Mastercard in over five years.” You can find out more about the different advantages of the World Elite Mastercard, here.

Chase Freedom Unlimited Card Updates

Chase Freedom Unlimited traditionally offers at least 1.5% cash back on purchase, but now you can earn additional rewards. In addition to the card’s base rate on general purchases, you can earn:

• 5% cash back on travel booked through Chase Ultimate Rewards
• 3 percent on meals (including take out and qualifying delivery services)
• 3 percent on pharmacy purchases

Existing cardholders don’t need to opt for anything – new rewards offerings roll out automatically on September 15, 2020.

What these Chase card changes mean to you

“I think a big part of Chase’s motivation behind Freedom Flex is to give these wealthy, credit-worthy travel enthusiasts something to get excited about,” said Ted Rossman, industry analyst at Bankrate.

Rossman points out that avid travelers who pair Chasing Credit Cards earning cash back rewards, such as Freedom Flex and Freedom Unlimited, with more premium Chase travel cards are the real winners.

Chase Sapphire Reserve® cardholders, for example, already enjoy a 50% increase in points redeemed for travel, and owners of the Chase Sapphire Preferred® Card get a 25 percent boost. In addition, Sapphire Reserve and Preferred cardholders can increase the value of their points when they exchange for a credit on the statement against qualifying purchases at grocery stores, restaurants and home improvement stores until September 2020.

“With the Freedom Flex and Freedom Unlimited promotions, they can now earn more points,” says Rossman. “They can potentially use them for travel and earn even more Travel Points when they book travel through Chase. Free ShopRunner membership and cell phone insurance are other examples of the value of the COVID era that may pay off in the future as well. “

The future of Chase Freedom

With the introduction of Freedom Flex, the Chase Freedom® will no longer be open to new applicants.

“For someone who already owns the Freedom, he could technically continue, but since the Freedom Flex offers a lot of additional benefits, he would have to call to request an upgrade after the window opens,” says Rossman.

If you already own the Chase Freedom and would like to request a product change to the Freedom Flex, consider reading Bankrate’s guide to upgrading or downgrading a Chase credit card.

Chase Freedom Information® was independently collected by Bankrate.com. The issuer has not provided the content and is not responsible for its accuracy.