Chase has launched a brand-new card for those looking to apply for their first credit card and start building credit: the Chase Freedom Rise. Whether you're a student or are establishing credit later on in life, this credit builder card is for those with limited or no credit history. As of the card's launch, the Chase Freedom Riseâ„ can only be obtained by physically going to a Chase branch and filling out an application there.Â
Here's what else you need to know about the card.Â
Chase Freedom Riseâ„ launchÂ
As a starter card, the Chase Freedom Riseâ„ offers solid cash-back opportunities and rewards that can be hard to find in other credit builder cards. Unlike the Chase Freedom® Student card, the Freedom Rise card is open to students and non-students alike. Â
If you currently have a Chase checking account (such as Chase Total Checking®) with a balance of $250 or more, you're more likely to get approved. If you don't currently have a checking account with Chase, open one and try to have the recommended balance before applying for the Freedom Rise card.
Welcome bonus
While this card doesn't offer a traditional welcome bonus, you can earn a $25 statement credit by signing up for automatic payments within the first three months of account opening. The statement credit can take up to eight weeks to appear on the account from the date all requirements are met.Â
RewardsÂ
In addition to the statement credit bonus, cardholders earn 1.5% cash back — 0.5% more than the Freedom Student card — on all purchases, similar to what the Chase Freedom Unlimited® card offers. And like the Freedom Unlimited card, the Freedom Rise card doesn't have an annual fee. Â
You can also earn rewards through Chase Travelâ„ Program, where you also can redeem Ultimate Rewards® points for cash back, travel, gift cards and more.Â
Once you establish a credit history, you may decide to upgrade to one of Chase's premium credit cards like the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®. Both of these cards let you convert your cashback into transferrable Ultimate Rewards® points, which you can use to potentially receive more value from your rewards through Chase's travel partners.Â
Additional benefits
Other perks of the card include:Â
- A possible credit limit increase as soon as six months after opening the account, pending approval from the lender
- 24/7 monitoring for potentially fraudulent credit card purchasesÂ
Is the Chase Freedom Rise right for you?Â
Credit builder cards like the Freedom Rise aim to help those with limited or no credit history to access credit and improve their credit score. You need a good credit score to qualify for low interest rates on mortgages, credit cards, and more. While many credit cards tend to charge high interest rates, credit builder cards typically have lower interest rates and low (or non-existent) annual fees, making them an excellent option for those trying to rebuild their credit. Â Â
Other optionsÂ
If the Chase Freedom Riseâ„ card doesn't sound right, consider the Petal 1 "No Annual Fee" Visa Credit Card and the Petal 2 "Cash Back, No Fees" Visa Credit Card. Neither card requires you to have a credit history to apply, and both of them reward users with 2% to 10% cash back offers at participating merchants through the Petal Perks program. The Petal 2 also earns 1% cash back on eligible purchases and up to 1.5% on eligible purchases after making 12 on-time monthly payments.Â
The Discover it® Secured Credit Card also offers a decent welcome bonus and earns 2% back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and 1% back on all other purchases.
If you already have a respectable credit score and are looking for a card that bridges the gap between credit builder and premium cards, the Chase Freedom Flex® and Chase Freedom Unlimited® are also great choices. The Freedom Unlimited offers an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Discover it® Secured Credit Card
Rewards
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
Welcome bonus
Discover will match all the cash back you've earned at the end of your first year
Annual fee
$0
Intro APR
N/A on purchases
Regular APR
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
New / Rebuilding
*See rates and fees, terms apply.
Chase Freedom Unlimited®
Rewards
Enjoy 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services, 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
Welcome bonus
INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
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.
Read our Chase Freedom Unlimited® review.
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
Earn a $100 bonus after you spend $500 on purchases in the first 3 months from account opening. Plus, earn 5% cash back on grocery store purchases (excluding Target® and Walmart®) on up to $12,000 spent in the first year.
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.
Bottom lineÂ
While many credit builder card options do a great job of establishing your credit history, only some offer benefits that are as good as a typical credit card. The welcome bonus, cash-back and rewards program offered by the Freedom Rise elevate it above many other cards in its class and make it a good choice for users who want to raise their credit score while enjoying some benefits.
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For rates and fees of the Discover it® Secured Credit Card, click here.
Petal credit cards are issued by WebBank.
