Chase Freedom a good card?
Possibly considering applying for a Chase Freedom Visa card, but just want to know your experience with Chase. I've heard good things about it, also horrible. Also, how much credit limit do they issue you, I need at least $1,000. I already have a credit card (Capital One) but going to cancel if i get approved for a Chase Freedom. please all your tips and advice are greatly appreciated. No smart remarks please.
What are good things about it, and drawbacks of this card. Thank you everyone.
- 1 decade agoFavorite Answer
The Chase Freedom(SM) Cash Visa(R) Card offer terms mention the APR as 14.24 variable. However a look at the terms and condition of this card and you find that there is a lot more to the APR's than this figure. Let us analyze it a bit more.
APR stands for Annual percentage rate. It is the interest rate that credit card companies charge on the outstanding balances. The first thing to note is that the APR is available for three different pricings. The Elite, the Premium and the Standard. The APR varies for these three pricing range. The Chase Freedom(SM) Cash Visa(R) Card has a 0% fixed APR for the first 6 billing cycles for the Elite and Premium pricing. After this 0% intro APR period is over the APR will change to 14.24% variable for Elite pricing and 18.24% variable for Premium pricing. The main point to note here is the APR's for Standard pricing. For this category there is no 0% intro APR period and the APR rate is 23.24% variable from the day of account opening.
The credit card issuing company first considers for the pricing with the lowest rates. Depending on a review of your credit history and other information a person can get the Chase Freedom(SM) Cash Visa(R) Card at the lowest rates or alternative rates. The credit card company if finds that a particular applicant is not suitable he or she might not be allowed to open an account.
The second thing to note is that all these APR's except the 0% Intro APR are variable. A variable APR means that it can vary over a period of time. The variable APR is tied to the prime rate. The "Prime Rate" is the highest prime rate published in the Money Rates column of The Wall Street Journal two business days before the Closing Date on the statement for each billing period. Variable APR's are based on the 8.25% prime rate on 07/05/2006. The variable APR is an APR rate added to this prime rate subjected to certain minimum. Apply online at: http://www.credit-card-gallery.com/Chase.html
- Anonymous1 decade ago
The Chase Freedom Card doesn't seem all that good. The advertised benefit is that you can choose between miles or cash. However, basically every card allows you to exchange earned miles for cash. Thus, there is really no benefit. The credit line will vary drastically depending on your credit score, this is also true of the APR associated with the card.
You may want to first consider asking Capital One for a credit line increase. This way you won't have to keep track of a second card.
If you are looking to make a major purchase, you may want to look for card that offers 0% on purchases for the first few months. This can save you money interest and allow you to pay it off before you are charged finance charges. If you are going to be paying it off in full every month, you will probaby want to consider one of two types of cards.
The first is the Capital One Cash card. The 1.25%earn rate is one of the highest base earn rates.
The second is the Citi Dividend. It has a 1% base earn rate, but 2% at gas, grocery, and drug stores (sometimes 5% for a fixed period of time).
- WendyLv 45 years ago
It is a very flexible card, but I prefer my Southwest Airlines card issued by Chase for three free round trips per year!