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PSA: Chase Freedom changing to Freedom Unlimited with 1.5%cash back

drdvls 989 869 February 28, 2016 at 10:17 AM in Finance
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Rumors of BIG Changes to the Chase Freedom Coming Soon!!

rumor has it that there’s allegedly a new Chase product coming next month, The Chase Freedom Unlimited, that will replace the existing product that we know (and I love) today.

This is what it will supposedly look like:

check attach:

The improvement is that there will be the ability to earn 1.5% cash back on every purchase, but notice how there’s no mention of the 5x rotating quarterly bonus categories, a feature that I consider to be the absolute most valuable component to the card (last quarter you even had the ability to earn 22,500 bonus points at Amazon.com!)

What’s also uncertain is that there’s no guarantee that the new product will offer “cash back” in the form of Ultimate Rewards points that can be combined with the amazing and flexible Ultimate Rewards points from the Sapphire Preferred and Ink products (learn more about the “trifecta” here).

Strong rumors say that this product will be replaced immediately in all Chase branches by March.

What will happen to existing customers?

The good news is that existing customers who have the old Freedom card will stay in the existing product (whew, a card I will keep forever).

The bad news is that while the new Freedom Unlimited card appears to be an better “everyday” cash back card than it already is (1.5x vs 1x), the removal of the 5x option really hurts our ability to work towards free travel.

What now?

Pat yourself on the back if you have the original Freedom card. If not, it is highly recommended that you consider getting the no-annual fee card that offers 5x on rotating quarterly bonus categories.

source: angelinatravels at boardingarea.com
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Last Edited by hawleyncsu March 4, 2016 at 07:07 AM
According to a post on NerdWallet (which as an interview with Pamela Codispoti, president of Chase Consumer Branded Cards), this is a NEW card, and the original Chase Freedom card WILL NOT BE GOING AWAY.
https://www.nerdwallet.com/blog/c...unlimited/

Please edit the title of this thread to reflect correct information.
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151 Comments

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Joined Nov 2005
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#3
the last time they changed (from automatic monthly categories based on your spending to the current quarterly categories) it took a couple years before they changed me over but it did happen eventually. Oddly, this change didn't occur at the same time for all cardholders; many others were switched within the first few months.

Once they do make the switch the card will be pretty pointless since it'll be the same as Quicksilver (which has some deal with uber and lower foreign transaction costs) and worse than the new Fidelity visa for cashback percent.
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#4
May as well just get the Citi double cash.
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#5
Quote from string3599 View Post :
May as well just get the Citi double cash.
If you value UR above 1.3cents/pt, then 1.5% * 1.3 is still better than citi double cash (if new card still does UR...

if not, then yeah, citi double cash
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Joined Dec 2008
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#6
If this is true, 1.5% CB with no rotating categories, it will permanently go into the sock drawer.

No need for the Chase card with FIA AMEX 2% and DiscoverIT having the rotating categories.
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#7
That's a terrible change if true, Chase Freedom is just getting worse and worse. It used to be our go-to card with 5% all the time on gas & groceries. Now they have these rotating categories that a lot of the time are junk, and somehow almost always seem to be identical to Discover's categories, and then we'd rather use the Discover card with much better value on the rewards pts.

Unless you fly & stay at hotels a lot and happen to have the ink/sapphire card and also have no other miles cards to use for that, UR pts are rarely worth more than 1c/p.

Also like ciswt said, at least last time we were able to keep our old rewards program years after the change (even years more than others were forced to change) but ultimately we were also forced over to the rotating categories program...
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#8
I'd probably end up with more reward points with the 1.5%. I hope Chase ups the 1% for existing customers but keeps the 5% categories.
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Joined Dec 2008
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#9
Quote from Crabba View Post :
and then we'd rather use the Discover card with much better value on the rewards pts.

Unless you fly & stay at hotels a lot and happen to have the ink/sapphire card and also have no other miles cards to use for that, UR pts are rarely worth more than 1c/p.
I just use the Freedom Points for Amazon purchases.
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#10
Quote from tennis8363 View Post :
I just use the Freedom Points for Amazon purchases.
Ok, but that's still only 1c/p value.
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#11
Quote from paperwastage View Post :
If you value UR above 1.3cents/pt, then 1.5% * 1.3 is still better than citi double cash (if new card still does UR...

if not, then yeah, citi double cash
Are you saying 1.95 > 2?
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Joined May 2010
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#12
Quote from sshc View Post :
Are you saying 1.95 > 2?
Someone didn't do the math.
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#13
finally a good reason for me having 2 Freedom cards.. maybe ill upgrade one if they allow it and keep the other one as is
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#14
If it's 1.5 URs, great card. If it's 1.5% cash, useless.
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#15
Quote from haserfauld View Post :
Someone didn't do the math.
Quote from paperwastage View Post :
If you value UR above 1.3cents/pt, then 1.5% * 1.3 is still better than citi double cash (if new card still does UR...

if not, then yeah, citi double cash
obviously didn't do the simple math. 2 >> 1.95. and this is taking double cash cash back at face value. value doesn't change based on redemption.
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