I will take the new 3% cashback credit card from Chase
Posted by Frugal on March 24th, 2008
For those who have missed the HSBC 5% cashback credit card offer, I must say that it’s a great pity. Like the previous citibank dividend platinum card which eventually had its 5% reduced to 2%, I’m a little afraid that the 5% cashback on my HSBC credit card will eventually go away. Quite often, good things just don’t last very long.
Therefore, I decided to apply for this 3% cashback card not only as a backup, but to also increase cashback in my other spending area. What’s good about this “Freedom” card is that you don’t need to be mindful about where you are spending your money. By default, it’s going to give you 3% cashback on the 3 categories where you are spending most of your money. Some of the categories include grocery, gasoline, drugstore, pet supplies, utilities, etc. I’m actually getting $100 cashback instead of the $50 after the first purchase. My offer was in the mail. If you apply from this link, you just get $50.
In any case, 3% is not too shabby. Especially considering that the cashback is tax-free, I’m much more motivated in getting them. A dollar saved is two dollars earned. The statement pretty much applies to my personal situation since my marginal tax bracket is at 40%.
Why is it important to get a cashback or a good deal on your credit card? You can read more about my arguments in this post on Two Must-Do Money Saving Tips.
Good luck on your savings,
Frugal at My 1st Million At 33 .com
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March 24th, 2008 at 9:00 am
I got the Chase Freedom card too and I must say I just love it. I got the sign up bonus and I am working on building up to the $200 so I can get the $250 cash back. My only problem with the card is that I did not get a high limit with Chase like I do with other cards so there is not much I could actually spend on it.
March 24th, 2008 at 9:19 am
I have chase freedom, when they were running 200 sign in promotion. Already got 250 rebate once. I would strongly recommend this card.
March 24th, 2008 at 7:54 pm
I also have the Chase Freedom and love it. The Amex Blue Cash card is my primary card though, only because at my level of monthly spending, it gives me even more cash back. For many people though, the Chase Freedom is easily the best cash back credit card.
I do however throw my cell phone, landline and cable bills on the chase freedom card, given its 3% rebate in the Telecommunications category. The Chase Freedom card is also my primary card at McDonald’s, Taco Bell and the like because of the 3% rebate at Fast Food restaurants.
March 28th, 2008 at 11:38 am
I have the Chase Freedom card but there is a limit of $600 on the amount which they allow a 3% rebate on and anything after that is 1%. Still a good deal but not as good as 3% on everything. I wonder if others have a similar cap ir if there is a way around the cap.
May 23rd, 2008 at 6:47 pm
I just activated my Chase Freedom card. Yay me! Anyhow … like Frugal, I got one of those “you are pre-approved” mailings to which I replied online. It said I would get $100 cash back after first purchase; however, when I called their customer service, I was told that the $100 cash back bonus depended on what my credit limit was, etc. etc. etc. Then, the rep said she couldn’t even tell me IF I qualify for the $100 cash back bonus until I made my first purchase! So, she’s not even sure I’m going to get that $100 back! I told her the only reason I replied to the offer was the $100 (plus the 3% ain’t too shabby), but I don’t want to make a purchase before I know for sure whether I’m going to get that $100 back or not. So, Frugal, did Chase give you the run-around, as well? Or, did you just make your first purchase and automatically receive the $100? Please let me know! Thanks!
May 23rd, 2008 at 6:50 pm
I just activated my Chase Freedom card. Yay me! Anyhow … like Frugal, I got one of those “you are pre-approved” mailings to which I replied online. It said I would get $100 cash back after first purchase; however, when I called their customer service, I was told that the $100 cash back bonus depended on what my credit limit was, etc. etc. etc. Then, the rep said she couldn’t even tell me IF I qualify for the $100 cash back bonus until I made my first purchase! So, she’s not even sure I’m going to get that $100 back! I told her the only reason I replied to the offer was the $100 (plus the 3% ain’t too shabby), but I don’t want to make a purchase before I know for sure whether I’m going to get that $100 back or not. So, Frugal, did Chase give you the run-around, as well? Or, did you just make your first purchase and automatically receive the $100? Please let me know! Thanks!