The Chase Freedom Unlimited now offers a $150 bonus after you spend $500 on purchases in your first three months from account opening and 1.5% cash back on all purchases with no annual fee.

That’s great and all, but you can actually turn the sign up bonus into 15,000 airline miles and earn 1.5 miles per dollar on all purchases with several top programs including United through the Freedom Two Step, which will be explained in detail below.

This is very different from the original Chase Freedom, which offers 1% back on all purchases and 5% back on rotating categories each quarter.

Quick Facts

  • Sign Up Bonus: $150 (15,000 Ultimate Rewards) after $500 in spending in the first three months and $25 (2,500 Ultimate Rewards) extra for adding an authorized user on the application
  • Category Bonuses: none, 1.5% cash back (1.5x Ultimate Rewards) per dollar on all purchases
  • Value of Ultimate Rewards: Worth 1 cent toward cash back OR 1 United/British Airways/Singapore/Southwest mile each through Freedom Two Step
  • 0% Intro APR: 0% APR on purchases and balance transfers for 15 months; balance transfer fee is 5%
  • Global Acceptance: Chip technology and 3% foreign transaction fees
  • Annual Fee: no annual fee

Sign Up Bonus

The Chase Freedom Unlimited now offers a $150 bonus after you spend $500 on purchases in your first three months from account opening. It also offers a $25 bonus for adding an authorized user on the application.

Well, technically, it offers 15,000 bonus Ultimate Rewards and 2,500 bonus Ultimate Rewards. Ultimate Rewards have two main uses:

  1. Redeem them for cash back at a rate of 1 cent each. That’s why all the marketing of the card features cash back language.
  2. Transfer them to your Sapphire Preferred or Ink Plus account and from there to airline miles or hotel points. I call this the Freedom Two Step.
Cash Back

If you redeem Ultimate Rewards for cash, you will instantly get 1 cent per point. That makes the sign up and authorized user bonuses worth $175 and makes this a 1.5% cash back card. Those are both phenomenal rates for a card with no annual fee.

Those rates show that the card is clearly designed to compete with the Quicksilver card from Capital One that Samuel L. Jackson is constantly flogging, and in fact, it out-competes the card by offering the same cash back rate, no annual fee, and a higher sign up bonus.

Freedom Two Step

Facts:

  • Ultimate Rewards earned on the Freedom Unlimited do not transfer to airlines or hotels.
  • Ultimate Rewards earned on the Sapphire Preferred and Ink Plus do transfer to airline miles and hotel points with partners like United, Korean, British Airways, Singapore, Hyatt, Southwest, and many more.
  • Ultimate Rewards earned on the Freedom Unlimited can be transferred to your or your spouse’s Ink Plus or Sapphire Preferred account.

Combine these facts and you get the Freedom Two Step. You transfer Ultimate Rewards from Freedom or Freedom Unlimited to Sapphire Preferred or Ink Plus, and from there to airlines and hotels.

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I value several of the transfer partners’ miles in the 1.6 to 1.8 cent range, so the Freedom Two Step should allow you to get far more than 1 cent of value from those same Ultimate Rewards.

Once your Ultimate Rewards are transferred to airline miles, they become those miles, subject to that airline’s award chart and rules. And if you know how to use frequent flyer miles well, you will get way more than 1 cent of value from them.

Check out my full post on the Freedom Two Step for more explanation, screenshots of the process, and high value awards with the partner programs.

Category Bonuses

There aren’t any. You get 1.5 Ultimate Rewards per dollar on all purchases. That’s either 1.5% cash back or, through the Freedom Two Step, 1.5 United miles or Korean miles or Singapore miles, etc per dollar on purchases.

That rate of miles per dollar on all purchases is unprecedented.

0% Intro APR

I hesitate to mention this because credit card rewards are quickly swamped by interest and late fees, so the only people who should read my blog about credit card rewards are people who can pay their balances in full every month.

The Freedom Unlimited offers 0% APR on purchases and balance transfers for 15 months, although the balance transfers themselves have a 5% fee. After the introductory APR, the regular APR is 14.24% to 23.24%.

Foreign Transaction Fees

Don’t use the card abroad. It has a 3% foreign transaction fee. Use your Sapphire Preferred or Ink Plus abroad, both of which have no foreign transaction fee.

No Annual Fee

The Freedom Unlimited has no annual fee. You can get it and hold it forever, using it to get 1.5% back or 1.5 miles per dollar through the Freedom Two Step when none of your other cards is offering a category bonus.

Bottom Line

The Freedom Unlimited is an exciting new offering because its 1.5x earning rate plus the Freedom Two Step allows you to get 1.5 United/Korean/Singapore/British Airways miles per dollar on all purchases.

While I can not directly link to the current Freedom Unlimited offer, you may find it by clicking below if you decide to apply. (I receive a commission, and your support keeps this blog going.)

To do the Freedom Two Step, you’ll also need a Sapphire Preferred or Ink Plus. Here’s a little info on those.

The Sapphire Preferred is one of the best personal credit cards on the market. It offers:

  • 50,000 bonus Ultimate Rewards after spending $4,000 in the first three months
  • 5,000 bonus Ultimate Rewards for adding an authorized user
  • 2 Ultimate Rewards per dollar on travel and dining purchases
  • 1 Ultimate Reward per dollar on all other purchases
  • no annual fee the first year and $95 thereafter

While I can not directly link to the current Sapphire Preferred offer, you may find it by clicking below if you decide to apply. (I receive a commission, and your support keeps this blog going.)

The Ink Plus is easily the best business card on the market. It offers:

  • 60,000 bonus Ultimate Rewards after spending $5,000 in the first three months
  • 5 Ultimate Rewards per dollar at office supply stores and on cellular phone, landline, internet and cable TV services
  • 2 Ultimate Rewards per dollar at gas stations and hotel accommodations
  • 1 Ultimate Reward per dollar on all other purchases
  • $95 annual fee

While I can not directly link to the current Ink Plus offer, you may find it by clicking below if you decide to apply. (I receive a commission, and your support keeps this blog going.)

Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are the author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.

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