Interesting Money

Back in February I applied for a new credit card from Chase. Dubbed the Freedom card, it comes in Visa and Mastercard varieties. To my knowledge, both variants have the same potential rewards – namely, 3% cashback for all purchases at grocery stores, gas stations, and “quick service” restaurants (such as pizza, burgers, coffee houses, etc). All other purchases earn an even 1% cashback.

In prior years, many credit card companies offered 5% cashback for some of these categories, but those offers have dried up. A solid 3% is the best offer I could find at the time.

I admit, a lot of my money is spent at grocery stores and certain types of “quick service” restaurants (namely pizza – yum!). What does this mean for my cashback earnings? I just received my first statement a few days ago, and for just one month my earnings are $14.99. Given my balance (less than $900), my cashback percentage is about 1.7%.

Considering that I used to settle for a solid 1% cashback card, this new percentage is definitely an improvement.

If you are looking for a credit card with a decent cashback rewards system, the Chase Freedom card isn’t bad. Perhaps one day we’ll see the return of 5% cards. I eagerly await that day.

Card summary:

• 3% / 1% cashback percentages
• $50 reward increments
• No annual fee
• 0% APR for six months