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Chase Freedom Student Card Review: Solid Pick for First-Time Cardholders

Review Updated
Brittney Myers
Author: Brittney Myers
Brittney Myers
Brittney Myers
Writer

Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

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Unfortunately, the Chase Freedom® Student credit card has been discontinued and is no longer accepting new applicants.

If you found this card interesting, we have a few other top-rated student cards that might suit your needs.

If you are currently a Chase Freedom® Student credit card cardholder, don't worry. Nothing will change for you at this time. You can continue to use your card as normal, and your services and rewards will stay the same.

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.49% - 27.49% Variable APR *Rates as of December 12, 2024.

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.49% - 28.49% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Full Chase Freedom Student Card review

This credit card is a good fit for: Students looking for a first credit card with rewards and no annual fee.

Top perks

The Chase Freedom® Student credit card has a lot going for it, especially for a first card.

Unlimited 1% cash back

One of the top perks of using a credit card for your purchases is the ability to earn rewards. The Chase Freedom® Student credit card earns an unlimited 1% cash back on purchases, with no categories to track or activate. This means you'll earn the same rate on things, from textbooks to late night pizza runs.

Additionally, you won't need to reach an arbitrary minimum rewards amount to redeem your cash back. Any rewards you don't redeem will last forever, as rewards never expire as long as your account remains open.

Read more: Best Cash Back Credit Cards

No annual fee

While some rewards credit cards charge big annual fees, the Chase Freedom® Student credit card isn't one of them. This means you won't need to pay an annual fee each year just for hanging onto your card.

Plus, no annual fees means you can keep the account open after you graduate without worrying about it costing you money. The age of your credit accounts is one of the five factors that go into your credit scores, so it can be good for your credit to keep your student credit card even if you move on to better cards.

See more options: Best No Annual Fee Credit Cards

Modest sign-up and anniversary bonuses

Credit card sign-up bonuses are lump-sum rewards that you can earn just for using your card. The Chase Freedom® Student credit card, for instance, offers new cardholders a $50 bonus when they make their first purchase (must be made within the first three months of card opening).

This is a modest bonus compared to some options. But the Chase Freedom® Student credit card has no spending requirement, which makes the bonus a breeze to earn. Cardholders can also earn an additional $20 in bonus rewards each year on their anniversary so long as their account remains in good standing.

Credit limit increase after five on-time payments

The credit limit on your credit card tells you how much you can charge with your card. Since most students have limited (or no) credit history, starting credit limits are generally low. But the Chase Freedom® Student credit card offers cardholders a way to boost their spending power when they use their card responsibly.

Specifically, you can get a credit limit increase with your Chase Freedom® Student credit card when you make five on-time monthly payments within the first 10 months. Now, this doesn't mean you can just not use your card; you'll need to actually make a purchase and pay off your balance for it to count as a payment.

What could be improved

The Chase Freedom® Student credit card has a lot of perks, but there are some drawbacks to consider.

Modest cash back rewards rate

While it's nice that the Chase Freedom® Student credit card earns cash back rewards on purchases, that 1% cash back rate doesn't stack up to some other options. In fact, in the student credit card world, 1% back is table stakes among the best offers.

Foreign transaction fees

Studying abroad is a long-standing college tradition -- just don't take your Chase Freedom® Student credit card with you. Credit card purchases made in a non-U.S. currency are considered foreign transactions, and the Chase Freedom® Student credit card charges a 3% foreign transaction fee.

Because of this fee, purchases you make in a foreign currency will come with an added surcharge of 3% of the total transaction on top of the purchase amount. It may not seem like a lot on a few small purchases, but the fee can add up fast over the course of a semester abroad.

Find the best credit card for your needs
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Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

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Suggested credit score

The Chase Freedom® Student credit card is designed for college students, many of whom will be first-time credit card users. As such, you can qualify for the Chase Freedom® Student credit card even if you have no credit history. Since it takes at least six months of credit history to get a FICO® credit score, you won't need a credit score to qualify, either.

One thing to note is that, by law, credit card issuers must be reasonably sure you can make your credit card payments before they approve your application. You'll be asked about your income on the application. Don't lie. Student credit cards have low credit limits, so you won't need a sky-high income to qualify -- but lying about it will definitely get you a rejection letter.

Read more: Best Starter Credit Cards for No Credit

Chase Freedom Student Card is right for you if:

The Chase Freedom® Student credit card is a great way to start building credit. Users can enjoy unlimited cash back rewards while paying no annual fee. What's more, you'll see solid bonuses both as a new cardholder and on every anniversary.

At the same time, other student cards offer better rewards as well as better bonuses. So, while the Chase Freedom® Student credit card is a solid starter card, it's worth taking a look at your other options before committing.

Keep reading: How to Get Your First Credit Card

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.