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A new credit card aimed at the younger population was just announced: the Chase Freedom Student Visa Signature Card.
It provides a basic introduction to credit cards. But like other credit products, it might not be for everyone.
Let’s take a quick look.
Chase Freedom Student Card
The Chase Freedom Student Visa Signature Card has no annual fee (yay!) and offers a simple, easy-to-achieve welcome offer: receive a $50 bonus after the cardholder makes their first purchase with it within three months of being approved.
There are no bonus categories. Each dollar spent earns 1% cashback (kinda meh but better than a kick to the head).
Plus, the card’s “Good Standing Rewards” benefit gives cardholders a $20 reward after each account anniversary (for up to 5 years).
So far, so OK, right?
Here’s the part that makes me a little nervous.
Cardholders earn a credit limit increase after making five (5) monthly payments on time within ten (10) months from opening their card’s account.
I’m thinking that if you want to reward someone with something — in this instance, a credit limit increase — they should have to pay in full and on time every month. Call me crazy.
I understand banks make money from charging interest, late fees, and miscellaneous fees. But I don’t know that this card is everyone. People who aren’t sure if they’re going to make payments on time are better off using a debit card or cash. Or if they want to start building credit and seeing if they’re comfortable with credit cards, a secured card might not be a bad option.
Granted, every person is different with their credit card usage and responsibility. I (admittedly) learned the hard way.
For people who can be trusted and genuinely have the ways and means to pay off their statement each month, then the Chase Freedom Student Visa Signature Card could be a good product. (Or they could get another cashback card with better rewards.)
Featured image: Model photo ©iStock.com/Paffy69 (no endorsement implied), Rene’s Points Composite.
Advertiser Disclosure: Eye of the Flyer, a division of Chatterbox Entertainment, Inc., is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact how and where card products appear on the site. This site does not include all card companies or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed, or approved by any of these entities. Some of the links on this page are affiliate or referral links. We may receive a commission or referral bonus for purchases or successful applications made during shopping sessions or signups initiated from clicking those links.
Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
what is the minimum age for applications?
AFAIK, 18.
Can it be PC’ed to a regular Freedom later?
I assume it probably can — though it’s probably better to apply for the Freedom Flex or Freedom Unlimited so you can get welcome bonus.