Chase has announced a new benefit for new Chase Freedom Flex and Chase Freedom Unlimited cardholders. New account holders will now earn 5% cash back on gas station purchases, up to the first $6,000 spent in their first 12 months with the card.
- The Chase Freedom Flex and Chase Freedom Unlimited are offering 5% cash back on up to $6,000 spent on gas station purchases for the first 12 months from account opening.
- This bonus replaces a grocery store bonus, which offered 5% cash back on up to $12,000 in purchases over the first 12 months.
- The new gas rewards bonus is in addition to the cards' regular sign-up bonuses.
How to Make the Most of the New Freedom Gas Bonus
Gas prices have soared since the beginning of the pandemic, as oil prices rebounded after entering negative territory for the first time. In December 2021, the average price per gallon in the U.S. was $3.406, compared to $2.284 the previous year.As a result, the new bonus offered by the Chase Freedom cards could be a major incentive for some consumers.
To maximize the bonus, however, you'll need to make sure you're using your new Freedom card at eligible gas stations. According to Chase, merchants that don't specialize in selling gasoline for cars, such as truck stops, boat marinas, oil and propane distributors, and home heating companies, are ineligible.
Since you'll have 12 months to make the most of the bonus rewards rate, that breaks down to spending $500 per month. Depending on your driving habits, you may not be able to reach that with gas purchases alone. But bear in mind that it's based on the merchant, not what you purchase. This means that you'll earn the bonus rewards rate not only when you buy gas at the pump, but also when you make purchases inside the gas station.
Finally, note that this bonus rewards rate is in addition to the regular sign-up bonus you can get with either card, which is $200 after you spend $500 in the first three months.