By Adam Jusko, ProudMoney.com, firstname.lastname@example.org
Chase has added the Chase Freedom Student credit card to its credit cards site, allowing you to apply online for the first time at https://creditcards.chase.com/cash-back-credit-cards/freedom/student.
The Chase Freedom Student credit card was introduced in early 2019, but until now had only been available to students who visited a Chase bank branch.
In terms of features, the Chase Freedom Student is a no-annual-fee credit card that offers a modest 1% reward on all card purchases. New cardholders as well as long-term cardholders do get a chance to boost that reward a bit:
- New cardholders get a $50 bonus as long as they actually use the card at least once in the first three months after approval.
- Existing cardholders earn an extra $20 “Good Standing” reward at each card anniversary, for up to five years.
While these extra bonuses are fairly small, for students that may not spend much with their cards, they actually could be significant percentage-wise. For example, if a student used the card for $2000 in purchases in the first year, s/he would earn just $20 in rewards at a 1% rate, but once the extra $20 kicked in on the card anniversary, the actual reward would be $40 for the year, or 2% of that $2000 spend. Many standard credit cards on the market today actually offer a smaller percentage reward, so there is some value here.
The card also offers a 4% reward on Lyft rides through March of 2022 (which obviously doesn’t mean much at the time of this writing, but hopefully we’ll all be out and about again soon).