Chase Freedom Scholar Credit score Card Evaluate 2020 – Forbes Advisor

Earn rewards

Students can earn unlimited 1% cashback on all purchases with the Chase Freedom Student Credit Card. There are no memorization bonus categories or promotions that you need to register for.

In addition, new cardholders receive: A special bonus offer of 50 USD, which was earned after the first purchase within the first 3 months after opening the account.

Every year, if you keep your account open, you will receive a bonus of $ 20 to Good Standings Rewards on your account anniversary. You can receive this bonus up to five times.

Redeem rewards

You can redeem your rewards for cash of any amount and at any time. When you redeem your rewards, 5,000 points equals $ 50 cashback. This can be a bank statement credit, or you can make a direct deposit into your checking or savings account.

All rewards earned will not expire as long as your account remains open and in good condition.

Rewards can also be redeemed when shopping on Amazon, for gift cards or to book trips. These withdrawals are also valued at 1 cent per point.

Your cashback rewards are Chase Ultimate Rewards points. You can collect points and combine them with other Ultimate Reward credit cards such as the Chase Sapphire Preferred. Depending on the card, this can open up additional value when booking trips or the option to transfer to airline and hotel partners.

Reward potential

To calculate the potential of the Chase Freedom Student credit card, Forbes uses data from various government agencies to determine both basic income and average spend across different categories. The average student spends $ 13,640 per year on food, transportation, entertainment, and other typical expenses. Many of these expenses can be paid for with a credit card that offers the opportunity to earn rewards.

Assuming 50% of that potential expense is paid for using that student credit card, you can expect to make $ 68.20 per year in cashback rewards.

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