Chase Freedom Flex℠ and Chase Freedom® (no longer accepting new applicants) credit cardholders can activate bonus 5% cash-back categories each quarter.
Below, CNBC Select shares the cash-back calendar for the rest of 2023, plus how you can use a 5% cash-back card to your advantage.
Chase Freedom cash-back calendar for 2023
Chase has just announced its 5% cash-back category for the fourth quarter of 2023. The category for the first quarter of 2024 will be released later this year.
- January to March (closed): Grocery stores (excludes Walmart), Target and fitness clubs and gym memberships
- April to June (closed): Amazon.com and Lowe's
- July to September (Open until September 31): select live entertainment (i.e. concerts, professional sporting events, museums and amusement parks, gas stations and EV charging
- October to December (activate now): Wholesale clubs, select charities and PayPal*
*Note, the Chase Freedom Flex is a Mastercard, which is only accepted online at Costco.com, not in-warehouse or at gas stations. Learn more about what credit cards Costco accepts.
Eligible charities for the 5% bonus include American Red Cross, Equal Justice Initiatives, Feeding America, Habitat for Humanity, International Medical Corps, International Rescue Committee, Leadership Conference Education Fund, NAACP Legal Defense and Educational Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, UNICEF USA, United Way, World Central Kitchen, GLSEN, Out and Equal and Sage.
Chase Freedom Flex℠
Rewards
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1%), 5% cash back on travel booked through the Chase Ultimate Rewards®, 3% on drugstore purchases and on dining (including takeout and eligible delivery services), 1% cash back on all other purchases
Welcome bonus
$200 cash back after you spend $500 on purchases in your first three months from account opening
Annual fee
$0
Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
Regular APR
20.49% - 29.24% variable
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3%
Credit needed
Excellent/Good
Member FDIC. Terms apply. Information about the Chase Freedom Flex℠ has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Read our Chase Freedom Flex℠ review.
How 5% cash-back credit cards work
In order to benefit from 5% cash back, you're required to activate bonus categories each quarter. Once you activate bonus categories, you can start earning 5% cash back. Chase allows you to save activation reminders to your calendar and set up email alerts. You can also activate the bonus categories by clicking here and entering your last name, the last four digits of your card number and your zip code.
If you want to participate in the rotating 5% categories that Chase offers, you'll need to apply for the Chase Freedom Flex℠, as the Chase Freedom is no longer available for new applications. The Freedom Flex ranks as one of the best cash-back cards with no annual fee and earns cardholders 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining at restaurants (including takeout and eligible delivery services) and drugstores and 1% on all other purchases.
Pro tip: Although billed as cash-back cards, if you have another Chase-Ultimate-Rewards-earning card like the Chase Sapphire Preferred® Card, you can convert the cashback earned with a Freedom card into transferrable Ultimate Rewards points and potentially receive more value from your rewards.
Is 5% cash back unlimited?
There are limits to how much spending qualifies for 5% cash back each quarter. After you spend a combined $1,500 in the bonus categories, the cash-back rate drops to 1%. This maximum spending requirement resets every quarter.
All other purchases made outside the bonus categories automatically earn 1% cash back. If you're looking to optimize how many points you can earn, we suggest using an alternative cash-back or rewards credit card for spending outside the bonus categories, so you earn more than 1% cashback.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Other 5% cash-back cards to consider
Discover offers several different no-annual-fee credit cards that allow cardholders to enroll every quarter to earn 5% cash back in various categories, up to a $1,500 quarterly maximum (then 1% cash back) throughout the year. Its most popular option is the Discover it® Cash Back and Discover will currently match all the cash back new cardholders earned at the end of their first year.
Discover it® Cash Back
Rewards
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
Welcome bonus
Discover will match all the cash back you've earned at the end of your first year.
Annual fee
$0
Intro APR
0% for 15 months on purchases
Regular APR
17.24% to 28.24% Variable
Balance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Foreign transaction fee
None
Credit needed
Good / Excellent
*See rates and fees, terms apply.
Read our Discover it® Cash Back review.
Citi also launched its own 5% cash-back card, the Citi Custom Cash® Card, which is a competing option for other 5% cards because you don't need to activate each quarter.
Cardholders of the Custom Cash Card can get 5% cash back on purchases in their top eligible spend category each billing cycle, up to the first $500 spent (then 1%). The card also offers a welcome bonus with a pretty low spending threshold: Earn $200 in cash back after spending $1,500 on purchases in the first six months of account opening (fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back).
Citi Custom Cash® Card
Rewards
5% cash back on purchases in top eligible spend category each billing cycle, up to the first $500 spent (then 1%); unlimited 1% cash back on all other purchases
Welcome bonus
Earn $200 in cash back after you spend $1500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® points, which can be redeemed for $200 cash back.
Annual fee
$0
Intro APR
0% APR on balance transfers and purchases for first 15 months
Regular APR
19.24% - 29.24% variable
Balance transfer fee
5% of each balance transfer ($5 minimum)
Foreign transaction fee
3%
Credit needed
Excellent, Good. Fair
See rates and fees. Terms apply.
Read our Citi Custom Cash® Card review.
FAQs
When does Chase announce the Freedom bonus categories?
Chase announces its rotating 5% bonus categories one at a time, shortly before the new quarter begins.
How much can I earn with the Freedom bonus categories?
The Chase Freedom 5% cash-back bonus is limited to $1,500 in combined spending per quarter, meaning you can earn up to $75 in cash back quarterly — and up to $300 annually.
Does the Chase Freedom Unlimited have a 5% cash-back category?
The Chase Freedom Unlimited® offers no rotating categories but earns unlimited 5% cash back on travel booked through Chase Ultimate Rewards®, as well as 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and 1.5% on all other purchases.
What is the Chase 5/24 rule?
The Chase 5/24 rule is an unofficial policy that restricts you from being approved for a Chase credit card if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit cards.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date
Read more
The Chase Freedom® is not currently available to new cardholders. Please visit our list of the best cash-back cards for alternative options.
For rates and fees of the Discover it® Cash Back, click here
Information about the Chase Freedom® has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
