The Chase Freedom credit card is getting a makeover. On Sept. 15, 2020, Chase is launching a new version of the card, called the Chase Freedom Flex. The new card will have many of the same benefits as the previous Chase Freedom but with a lot more value. The current version of the card will no longer be available to new applicants after Sept.14, and existing cardholders will have the choice of keeping their current card or converting their account to the new one.

Key Takeaways

  • Chase has announced a new credit card called the Freedom Flex, replacing the Chase Freedom.
  • The new card offers the same rotating bonus categories but with new ways to maximize rewards.
  • Cardholders will also be eligible for Mastercard World Elite benefits.
  • Existing Chase Freedom cardholders can keep their current card or switch to the new one.

What to Know About the Chase Freedom Flex

The current Chase Freedom card offers 5% cash back on quarterly rotating categories (up to $1,500 spent each quarter), when cardholders activate that promotion, as well as 1% back on everything else.

The new Chase Freedom Flex offers those same rewards rates, but also adds the following:

  • 5% back on travel booked through Chase Ultimate Rewards
  • 3% back on dining, including takeout and eligible delivery services
  • 3% back on drugstore purchases

New cardholders will earn $200 cash back after they spend $500 in the first three months, plus 5% cash back on up to $12,000 in grocery store purchases during their first year.

In addition to the new rewards program, cardholders will also be eligible for the benefits of the Mastercard World Elite program, including:

  • Up to $1,000 per year in cell phone insurance (a maximum of $800 per claim) against damage and theft if you use the card to pay your phone bill
  • Complimentary ShopRunner membership, which offers free two-day shipping from more than 200 online retailers
  • A $10 Lyft credit for every five rides in a calendar month
  • 5% cash rewards on Boxed purchases, which you can use for future purchases with the online retailer
  • Double VIP+ points on movie tickets purchased through Fandango

More Value for Travel Purchases

The Chase Freedom has always been a valuable credit card, primarily because it allows cardholders to pool points they've earned with the Chase Sapphire Preferred, Chase Sapphire Reserve, and Ink Business Preferred credit cards. 

All three of those cards offer more value when you use your rewards to book travel through Chase and also allow you to transfer your points to other travel loyalty programs. With the right strategy, you could squeeze even more value out of the Freedom card than ever before.

The new Freedom Flex card will offer the same 15-month introductory 0% APR on purchases promotion as its predecessor. But, if you’re more interested in the rewards, you’ll be hard-pressed to find a flaw compared to other cash back cards on the market.

If you have a Chase Freedom Unlimited card, note that Chase is also enhancing its travel, dining, and drugstore rewards, as described below.

Chase Freedom Unlimited Is Also Getting an Upgrade

The Chase Freedom Unlimited card isn’t going anywhere, but it is getting some new benefits as well. Cardholders currently earn unlimited 1.5% cash back on every purchase they make. But as of Sept. 15, they’ll also earn 5% back on travel booked through Chase Ultimate Rewards and 3% back on dining and drugstore purchases.