Throughout 2011, credit card companies increased sign up bonuses at a frantic pace. The Chase Freedom® Visa $200 cash back bonus offer was initially introduced in June of last year as a limited time offer but was continued for nearly a year. However, in keeping with the trends of 2012, the Chase Freedom $200 offer was terminated and replaced with the ostensibly less lucrative Chase Freedom® Visa $100 cash back offer. While this $100 bonus pales in comparison to the $400-$500 bonus being offered on the Chase Sapphire Preferred ®, it is still one of the largest sign-up bonus being offered on any cash back credit card today and, unlike most rewards cards, the
Chase Freedom® Visa offers a 0% APR for 15 months on purchases and balance transfers.
The Chase Freedom® Visa $100 Cash Back Deal
The Chase Freedom® $100 offer, like the $200 offer that preceded it, doesn’t impose a massive hurdle to get in the way of earning the $100 sign up bonus. New applicants are given three months to make $500 in purchases with the card. This breaks down to about $170 a month in spending, something that should not pose a problem to consumers.
Once the $500 spending requirement is met, Freedom card-holders get credited with the $100 cash back bonus. It’s that simple. Plus, every dollar spent on the card still earns at least 1% cash back plus 5% cash back on up to $1,500 of spending in categories that rotate quarterly. Maxing out the 5% cash back available in any quarter can bring in another $75 in rewards on top of the $100 bonus.
Comparing Chase Freedom® Deals
While the Chase Freedom $200 offer provided consumers with twice the sign-up bonus as the current $100 offer, the $200 card had some drawbacks that generally made the Chase Freedom® Visa $100 offer a better pick for consumers. For starters, the Freedom $200 card charged a higher long term interest rate than the Chase Freedom® Visa $100 card. The $200 Freedom card also did not offer the 0% rate on purchases and balance transfers available on the Chase Freedom® Visa $100. These two value features can help consumers save money on interest over the long term.
Thus, while it is sad to see the end of ultra lucrative sign up bonuses, consumers will likely find that the Chase Freedom $100 card offers long term benefits that are worth more than the extra $100 previously offered as a sign up incentive.