Chase Freedom Unlimited (CFU) Credit Card Review (2019.4 Update: $150 Offer or First Year 3% Offer)

cfu

Chase Freedom Unlimited (CFU) Review

2019.4 Update: Now apart from the usual 15k UR points offer, there’s another offer: earn 3x UR points for the first year, up to $20k spending (max 60k UR). After that, the earning rate is still 1.5x UR. Compared to the usual offer, there’s no 15k in the new offer. Therefore, it is a better offer only if you spend $10k or more in the first year. Otherwise the usual 15k offer is more suitable for you.

Application Link

Benefits

  1. 15k offer: earn 15,000 Ultimate Rewards (UR) points after spending $500 in the first 3 months. 
  2. Earn 1.5x UR on everything, no cap!
  3. Although this card is advertised as a cash back card, it actually earns Ultimate Rewards (UR) points. We estimate that Ultimate Rewards (UR) points are worth about 1.6 cents/point, see below for a brief introduction. So the 15k sign-up bonus could be worth about $240, and the return of the spendings could be worth about 2.4%!
  4. Refer a friend: You can earn 10,000 bonus UR points for every approved account you refer, up to a maximum of 5 approved referrals (50,000 UR points) per calendar year.
  5. No annual fee.

Disadvantages

  1. It has foreign transaction fee, so it's not a good choice outside the US.

Introduction to UR Points

Recommended Application Time

  1. [5/24 Rule] If you have 5 or more new accounts opened in the past 24 months, Chase will not approve your application on this card, no matter how high your credit score is. The number of new accounts includes all credit card accounts, not only Chase accounts. See this post for details about how to possibly bypass this rule.
  2. This product is available to you if you do not have this card and have not received a new cardmember bonus for this card in the past 24 months. Note that what matters here is the time you got the sign-up bonus, not the time you open the account or close the account.
  3. Don’t apply for more than 2 Chase credit cards within 30 days, or it’s highly likely that you will get rejected.
  4. If you have more than $10,000 deposits in Chase checking, you can get this card even with no credit history at all. You can go to a branch and find a banker to apply for this credit card directly through Special Consideration. Special Consideration is no longer available.
  5. We recommend you to apply for this card after you have a credit history for more than 8~9 months.

Summary

1.5x UR on everything is worth about ~2.4% in return. The return is even higher than the Citi Double Cash (DC)! So as long as you are interested in points/miles, and you have/will have CSP/CSR to convert UR points, this card is great for non-bonus categories. If you want this card but you think the sign-up bonus is not enough, or you are limited by the 5/24 rule, you can convert your other Chase credit cards (FreedomCSPCSR ) to this card (there’s no sign-up bonus for conversion). The Freedom + CFU + CSP/CSR combo makes the UR currency even better than before! The biggest drawback is that, these UR cards are hard to get because of the 5/24 rule.

Related Credit Cards

After Applying

  • Call 800-436-7927 to check Chase application status. This is an automated telephone line, and the information has the following meanings: Receive decision in 2 weeks means your application is probably approved; Receive decision in 7-10 days means your application is probably rejected; Receive decision in 30 days simply means your application requires further review and there’s nothing to tell you for now.
  • Chase reconsideration backdoor number: 888-270-2127 or 888-609-7805. Call it if you didn’t get approve immediately. Your personal information will be acquired and they will then review it. You seldom answer questions, instead, just enjoy the music and then you get approved or rejected, or further information is needed to be hand in to the branch or faxed.

Historical Offers Chart

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