Posted by Chuck on June 10, 2019
Credit Cards

Published on June 10th, 2019 | by Chuck

44

Chase ‘Freedom Student’ Card Now Available; $50 Signup Bonus and $20 Annual Bonus for 5 Years

Update 6/10/19: Card is now available, but only in branch.

Chase will launch a new Freedom Student card on June 9th. (All this information comes from an anonymous source.)

Contents

Bonus Information

  • Card comes with a $50 signup bonus after making your first purchase within 3 months
  • Card has a special Good Standing reward of $20 (2,000 Ultimate Rewards points) for 5 years at the account anniversary date, as long as the card is open in good standing (no other requirement for this bonus)

Card Details

  • Card has no annual fee (like the ordinary Freedom card)
  • Card earns 1% cashback on all purchases (like the ordinary Freedom card)
  • Card apparently does NOT have the 5% rotating categories that the ordinary Freedom card has (it’s not mentioned anywhere in the literature)
  • Card is not a secured card, it’s a regular credit card

Other Details

  • Card is only be available for students
  • Must be 18 or older to apply
  • If you graduate or stop going to school, you’ll continue receiving all the same benefits as before
  • When inputting their income, students should use income from things like seasonal jobs, internships, public assistance benefits, investments, etc.
  • Special focus on credit education information
  • Automatic credit limit increase after 5 on-time payments within the first 10 months

Final Thoughts

Chase currently does not have any student card, and it’s interesting to see them break into that market. The $20 annual bonus for 5 years + $50 initial bonus makes the signup bonus basically the equivalent of a 15,000 bonus with no spend requirement which isn’t bad for a no-fee student card.

I’m a bit surprised the card won’t have the 5% rotating categories; from what I can tell, even after graduation all card details will remain the same (other than the $20 annual bonus which ends after 5 years) with no 5% categories. For comparison, Discover’s IT Student card does have the same 5% rotating benefit as the regular Discover IT card.

Overall, a solid new option for students to get started with. Other good options for students include the Discover IT card (student version) or the Citi Rewards+ Student card.



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chong786
chong786

unless it is easier for students to get this card approved, regular freedom is much better choice..

danny
danny

im assuming it is? or its just a marketing gimmick

janitor
janitor

When I was a student a couple of years ago, applying for even a Chase freedom (almost no credit history, no loans, have seasonal income) was very difficult. I would imagine this would be much easier.

Gino
Gino

Surprisingly I didn’t really have very many issues with getting the regular Freedom as a college student back in 2015, although I did have a bit of credit history from another student card (maybe less than a year?). Believe my opening limit was $500 iirc.

Kenny S
Kenny S

Well I wonder if we can get both the student freedom and regular freedom at the same time? Then getting both would be advantageous.

USam
USam

Subject to 5/24?
Churnable?

Beefer
Beefer

Chase stole my idea. I posted this card on reddit in one of the mod’s choice threads.

Vy
Vy

Can you sue? What recourse do you have?

James
James

I doubt it, it’s not like his idea was patented or a trade secret

Mali
Mali

Churning this card will be my motivation to get new degrees.

Jeremy
Jeremy

Why would any student want this over a Discover card?

student
student

history with chase

Staradmiral
Staradmiral

It’s your ticket into chase. Normally you need 1 year of credit history. But by getting this and thus already having a chase card, you may then get the other chase cards to complete 5/24.

Matt
Matt

Studying abroad. My younger sister is going to France in a few months, and I definitely won’t be recommending her the Discover because of that.

Midnight
Midnight

This card probably has a foreign transaction fee though of 3% though….

Gerald
Gerald

No Discover card has a FTF, but I think you’ll have a hard time finding merchants who take them.

Samuel Crawford
Samuel Crawford

Of course it does, its just a starter card…when you get into the big dog cards with annual fees that when you get the 3% foreign transaction fees waived. Banks need to make money. Nothing is free.

Midnight
Midnight

There are plenty of good options with no FTF and no annual fee. Just putting it out there that there are better choices,

Gino
Gino

BofA has student versions of most of their cards, including the travel rewards with no FTFs. Usually super easy to get as well.

Samuel Crawford
Samuel Crawford

If you bank with chase, it becomes so much easier to pay your credit card on the spot using the website, mobile or in person at a chase ATM or even with the associate bankers at the teller line.
Discover is great company. You just have to choose what benefits and is more convenient for you as the consumer. Hope this helps.

jnrfalcon
jnrfalcon

SSN requirement for international students?

Staradmiral
Staradmiral

chase always requires SSN. Amex doesn’t though. you can get a credit card with ITIN

Alex
Alex

That’s not true, you can have ITIN and get a credit card

David
David

Citibank doesn’t require ITIN or SSN to get a Student Thankyou reward credit card.

Samuel Crawford
Samuel Crawford

This is not very smart do you know why. Because the only one that benefits here is the bank (citi bank). How you ask?. Well first of all, you are not getting any credit at the credit bureau for being a good card holder, payment history etc. You get the point. Second if you skip on paying back the debt how are they going to send you to collection. Not a smart way of doing business and not good for their shareholders.

Anastasia
Anastasia

Their website says that you do need a SSN.

Things to know before you apply:
You must be 18 years of age or older
You must have a valid Social Security Number
You must be a college or graduate student

John
John

Not surprised they’re launching a student credit card. They have been heavily marketing their student checking to college students and building new branches right next to college campuses where they aren’t the first choice bank for college students. Chase is building a new branch in Berkeley right next door to a BOA where most Berkeley students have been banking with.

Midnight
Midnight

Same in North Carolina. UNC chapel hill has a new branch being built right next to the campus.

Nico
Nico

I feel bad for Berkeley students. Bank of the west is their official bank, so they’re the only bank allowed to have atms on campuses. I’m a UC Santa Cruz freshman and we have a Wells Fargo and Bank of America ATM on campus. Hoping Chase will add one too. They have the best Atms. I’m happy to have both a Freedom and Freedom Unlimited call. (It took a call to recon for the Slate, waited a month then product changed it to a CFU. Then 6 months later applied for the Freedom and for approved after the fraud department called to verify the application.) I’ll check this card out if it isn’t subject to 5/24.

Matthew
Matthew

I think it is a good thing this card does not have 5% categories. Obviously that is not great for the type of users around here, but we are also unlikely to have this card. Students do not be incentived to spend more in a quarter at one or another place for 5% back. The amount of debt people rack up on cards early on is staggering to me.

If someone has this card and gets into optimizing spend he can likely easily PC to a regular Freedom anyways.

David
David

As a student, I had to deposit $15000 into my chase bank account for 3 months to get approved for a Chase Freedom Card when I had only one year of credit history with a FICO score around 720.

Janet
Janet

David, may I ask you if this was a fairly recent experience with Chase? Our son recently turned 18, has a great score from being on our cards as an authorized user. We haven’t had him apply for any cards yet but need to.

Samuel Crawford
Samuel Crawford

This is not true, chase doesn’t force you to deposit $15,000 into a bank account to get a credit card. This is 100% false.
This is against their business ethics.
There is a bonus you failed to disclose that you get $150 bonus for opening a savings account and keeping the funds in the account for 90 days to get the bonus.

Ian
Ian

It may not be completely false. Bank of America supposedly has/had a policy where if you have $10,000+ in your checking account, then your credit card application will be approved. I applied for the Better Balance Rewards card with absolutely no credit history and as a student (so basically no income) and was approved for a limit of $2,500. I wouldn’t be surprised if Chase had a similar policy.

To be clear, however, BoA obviously didn’t force me to maintain the balance for X many days. OP’s remarks about having to “had” deposit $15,000 for 3 months might be misleading.

Samuel Crawford
Samuel Crawford

I noticed there was several points mentioning the 5% cashback. In all honesty its not a big deal. As you will never amass so much cashback from it specially when it is on specific categories. Cerdit card companies are not dumb to give you free money. This is why Chase had to introduce the 1.5% Freedom Unlimited to compete with the rest of the banks. In short don’t ever get encouraged to buy things you cannot afford simply to gain points or reward. The best reward is to buy only what you can afford and live debt free.
I have 24 credit cards, with about $500,000. Credit score is 846. Never paid 1penny in interest all my life.

Anonny Mous
Anonny Mous

They briefly marketed the CFU as a student card last year. I know of some students that did get approved for it with less than 1 year of credit history during that time. Nothing was different about the card, had the same sign up bonus and everything as the CFU, it was just listed as a “student” card type. That card was a more compelling offer for a student I thought, just add on the automatic CL increase benefit and send that to market. I’m sure it would have pulled some from the Discover it Student group even with the MSR to get the bonus.

Bit
Bit

As someone who works at a university and often advise students about building credit and how best to start their profiles I hope this can be referred from a regular chase freedom card!

lochquel
lochquel

I sure hope as a state employee you’re telling these kids to never carry a balance/pay off debts immediately. Also helping them out with all other aspects of good personal finance discipline.

If not, you’re triple dipping on the financial resources of those that would benefit the most from finance discipline. (Triple dip = taxpayer-funded position, working a public institution that has been ingrained into middle-class mindset as the only way to get ahead in the world, nevermind the bone-crushing debt and lastly potentially profiting off students without full disclosure of how it would financially benefit you.)

Either way, I hope you disclose any financial gain you get from referrals, especially to new adults out in the big world.

Jack - NJ
Jack - NJ

The big question is whether it is subject to 5/24..

William Charles

Don’t see why it wouldn’t be

Hawke
Hawke

Can we get a Chase Ink Student and Chase Sapphire Student Card lol?

Will Shrop

Yeah, how does this even compete when you have the Discover It card?

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