Update 9/26/24: Those who have this card are getting an email that it will be changed to a Freedom Unlimited card on October 7, 2024 as the Freedom Student is being discontinued. (ht avsterbone) Presumably this card is being discontinued in favor of their newer Freedom Rise card.
Update 4/2/20: Card is now available online.
Update 6/10/19: Card is now available, but only in branch.
Chase will launch a new Freedom Student card on June 9th. (All this information comes from an anonymous source.)
Bonus Information
- Card comes with a $50 signup bonus after making your first purchase within 3 months
- Card has a special Good Standing reward of $20 (2,000 Ultimate Rewards points) for 5 years at the account anniversary date, as long as the card is open in good standing (no other requirement for this bonus)
Card Details
- Card has no annual fee (like the ordinary Freedom card)
- Card earns 1% cashback on all purchases (like the ordinary Freedom card)
- Card apparently does NOT have the 5% rotating categories that the ordinary Freedom card has (it’s not mentioned anywhere in the literature)
- Card is not a secured card, it’s a regular credit card
Other Details
- Card is only be available for students
- Must be 18 or older to apply
- If you graduate or stop going to school, you’ll continue receiving all the same benefits as before
- When inputting their income, students should use income from things like seasonal jobs, internships, public assistance benefits, investments, etc.
- Special focus on credit education information
- Automatic credit limit increase after 5 on-time payments within the first 10 months
Final Thoughts
Chase currently does not have any student card, and it’s interesting to see them break into that market. The $20 annual bonus for 5 years + $50 initial bonus makes the signup bonus basically the equivalent of a 15,000 bonus with no spend requirement which isn’t bad for a no-fee student card.
I’m a bit surprised the card won’t have the 5% rotating categories; from what I can tell, even after graduation all card details will remain the same (other than the $20 annual bonus which ends after 5 years) with no 5% categories. For comparison, Discover’s IT Student card does have the same 5% rotating benefit as the regular Discover IT card.
Overall, a solid new option for students to get started with. Other good options for students include the Discover IT card (student version) or the Citi Rewards+ Student card.
Source: doctorofcredit.com