Chase Freedom $200 Cash Back Offer

While at lunch today, I came across what appears to be a great credit card deal from Chase.

A TV in the restaurant bar was airing a commercial for the “Chase Freedom credit card,” offering a healthy $200 cash back if you make just $500 in purchases or balance transfers during the first three months of card membership.

Seems easy enough right? Perhaps too easy…and pretty unreal at that. So I did some digging to get the details.

With this special offer, you will receive 20,000 bonus points if you meet the aforementioned spending requirement, which can be redeemed for a $200 check.

To qualify for the cash back bonus, you must make qualifying transactions totaling $500 or more during the first three months from account opening, which include purchases, balance transfers, and any convenience checks used to access your account.

Once you qualify, it’ll take 6 to 8 weeks for the bonus points to post to your account.

To be eligible for the $200 cash back, your account must be open and not in default at the time of fulfillment. Pretty straightforward.

Keep in mind that the Chase Freedom $200 cash back credit card offer does not come with 0% APR on balance transfers or purchases.

Both the purchase and balance transfer APR range from a variable 15.99% to 22.99%, based on your creditworthiness. And there’s a 3% balance transfer fee.

So it is not recommended that you carry a balance with this credit card or balance transfer any existing debt to the Chase Freedom card just to take advantage of the bonus offer.

But if you pay your credit card balance in full each month, and typically spend a few hundred bucks or more on your credit card each month, this is one of the best cash back credit card deals out there.

On top of that opening bonus, you earn 1% cash back on all your purchases, so you’ll end up earning more than $200.

You can also earn 5% cash back on up to $1,500 spent in categories that rotate each quarter, for things like gas, restaurants, and grocery stores, and earn up to 10% cash back when you shop online at select merchants through Chase.

So if you don’t already have a Chase Freedom credit card, this is an awesome deal that probably won’t last long. Note that previous and existing Chase Freedom cardmembers/accounts are not eligible for this bonus offer.

Oh and one last thing. There is NO annual fee on the Chase Freedom credit card!

If you’re interested, you can see all the important details I just discussed below in condensed form: