It’s unclear how the cash back that the Chase Freedom Student credit card earns will transfer into Chase Ultimate Rewards. It seems likely that it’ll transfer the same way the Chase Freedom and Freedom Unlimited do now.
Each year, the cardholder will get a $20 bonus each year (equivalent to 2,000 Chase Ultimate Rewards points). The cardholder gets an automatic credit line increase if five payments are made on time within the first ten months. With that said, as we cover in our Beginner’s Guide, if you don’t plan on paying off your credit card in full each month, travel credit cards aren’t right for you.
We have an entire article on the Chase Trifecta. Pairing the Freedom Unlimited with the Sapphire Preferred or Sapphire Reserve. one of or both of the Freedom or Freedom Unlimited Card is even more powerful.
Because cardholders of the student card can automatically upgrade to the Freedom or Freedom Unlimited, this card is perfect in order to get started on holding the Chase Trifecta.
The Freedom (5x on quarterly rotating categories) and Freedom Unlimited (1.5x on every purchase) are both cash-back cards earning cash back instead of points. However, when a cardholder has the Sapphire Preferred card, the cash back credits can be transferred to become Ultimate Rewards.
I’ve been thinking a lot about the addition of this card to the market. I think it’s actually some of the more significant news so far in 2019.
Chase allowing for students – those with unestablished credit histories – to join their family of credit cards isn’t only smart by Chase, but also incredibly valuable to young people who want to earn points and miles towards free travel.