Why Chase Freedom Unlimited should be the first card in every student’s wallet

June 2, 2024Last Updated: June 2, 2024

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The best credit cards for commuting expenses

college student are at a major disadvantage when it comes to earning points and miles because most have limited income and little to no credit history. This makes a number Best points and miles card just out of their reach.

The Pursue Unlimited Freedom® solves this dilemma while providing huge benefits to those with limited credit histories. Read on to see why it should be the first card on every college student’s list.

No need to worry about annual fees

Since most college students don’t make a lot of money, cards with annual fees are often out of reach. The Unlimited freedom no annual fee. That means you’ll have more money in your pocket to spend on food and activities while traveling. But this also has long-term benefits: You can keep this card open forever without worrying about annual fees and increase your credit score simultaneously.

Since the length of your credit history determines 15% of your credit score, you can keep it annual fee free card open for a long time and see your credit score increase.

Before you apply for your first credit card, It’s important to know what your credit score is and fully understand the factors that influence it. If you miss payments or spend money you don’t have just to earn points, it will cost you both in the short and long term — and you’ll end up paying more than whatever you’re worth. received from the reward.

Relatively easy to get approved

Because Unlimited freedom has a moderate sign-up bonus – earn 1.5% more on everything you buy (on up to $20,000 spend in the first year, up to $300 cashback value) – and few perks more than a few perks Chase’s higher-end alternativesOverall this is one of the easier entry-level cards to get approved for.

Building credit is like chutes and ladders; a few approvals can raise your score quickly, but an early rejection can set you back in the short term. It’s helpful to be cautious in the early stages and apply for cards for which you’re more likely to be approved. Remember to leave at least a few months between credit card applications; Applying for too many cards too quickly can be dangerous for issuers.

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Build credit and establish good relationships with issuers

It takes years of regular payments and responsible spending to build your credit score, but it helps to make friends along the way. If you’re new to credit and you show Chase (or any credit issuer) that you can be responsible with the first card they give you – make all the payments. Pay on time, keep rates low Balance ratio and limitetc. – will be more likely to approve you for cards of other values.

Having good credit and a good relationship with the issuer isn’t just good for getting approved for a new card. It can also help increase your credit limit. Your first credit card will likely have a low credit limit, with the exact limit depending on factors such as income and credit score. If you are responsible with your card and use it regularly, the issuer will notice this and be more inclined to increase your credit limit.

Useful bonus categories

Unlimited freedom Cardholders will earn 5% cash back on travel purchases through Chase Travel℠, 3% back on dining – including takeout – and pharmacies, and 1.5% on all purchases other. Many college students spend a lot of money on dining every month, so having a card that earns 3% back on dining is a huge plus.

If you need to buy everyday items for your dorm room, like dish soap or toiletries, try buying those items at the pharmacy to earn extra rewards. There’s usually at least one pharmacy near the college campus, so this is pretty easy. Even if you have to use this card at a regular grocery store, you’ll still get 1.5% back.

Valuable welcome bonus for a no-annual-fee card

Many of best credit card on the market there is a minimum spending requirement of $3,000 to $5,000 in the first three months, but what do you do if you don’t even have that much money in the bank? Fortunately, Unlimited freedom much easier to manage as it comes with an extra 1.5% off everything you buy (on up to $20,000 in spend in the first year, worth up to $300 cash back) for subscribers new.

If your income situation improves and you’ve demonstrated responsible credit card usage habits over a period of time, you may want to consider adding an earning card. Chase the ultimate bonus scoresuch as Chase Sapphire Preferred® Card. With a higher-end card like the Chase Sapphire Preferred, you can convert your Freedom Unlimited cash back into Ultimate Rewards points. You can then transfer the points 14 airline and hotel travel partners or redeem them through Chase Travel.

Incredible long-term profit potential

After you open it Unlimited freedomyou will be one step closer to owning”Chasing the Trifecta” of credit cards. Here’s how it breaks down:

Chasing unlimited freedom: 5% back on travel booked through Chase Travel℠, 3% back on dining and pharmacies, and 1.5% back on all other purchases.
Chase Sapphire Reserve®: The Reserve earns 5 points per dollar on Chase Travel purchases and Lyft rides (through March 2025), 3 points on dining and 2 points on all other travel. Reserve has a high annual fee of $550 but has many premium travel benefits. To learn more, read our Full review of Chase Sapphire Reserve.
Ink Business Preferred® Credit Card: This card offers 3 points per dollar on travel, transportation, internet, cable, phone service, and advertising purchases made with social media sites and search engines (up to 150,000 total dollars spent each account anniversary year). It may not make sense when you’re a college student, but it can become a useful card if you decide to start your own business. To learn more, read our full review Prioritize ink business.

Remember: While Freedom Unlimited has strong earning potential, it technically just a cash back card. Unlock The final reward redeems sweet pointsYou need to pair it with a premium UR earning card like Sapphire preferred or Reserve. Get a head start on your post-graduation travel plans by starting to earn rewards now with Freedom Unlimited, so you’ll already have an array of rewards ready when you open a higher-level Chase card.

Related: Best Chase credit cards

Chase limits applications

When you first start collecting points and miles, you’re bound to be overwhelmed by a bunch of jargon. Abbreviations like UR and MR (Ultimate Reward Point Chase and American Express Membership Rewards corresponding points) is commonly used among points and miles enthusiasts and can be quite confusing to beginners.

You can and should learn as you go, but it’s more helpful to be aware of one thing from the beginning when applying for a Chase card: the issuer the infamous 5/24 rule. Simply put, Chase will automatically decline you for most credit cards if you’ve opened five or more credit cards in the past 24 months (across all issuers). This means you usually want to start by filling your five “slots” with Chase before moving on and Unlimited freedom is a great way to get started.

Bottom line

College (if not earlier) is the perfect time to start building your credit history and Pursue unlimited freedom is a great starter credit card for students. If you’re a college student or are in the points-earning hobby with a limited credit history, there’s no shame in starting small and applying for cards that you can actually get approved for. continue. When you’re ready to upgrade Chase Sapphire preferred or Chase Sapphire SanctuaryYou’ll have amassed a treasure trove of meaningful rewards and be on your way to a free vacation.

To learn more, read our Full review of Chase Freedom Unlimited.

Register here: Pursue unlimited freedom

Related: Chase Freedom Flex card review

June 2, 2024Last Updated: June 2, 2024

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