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The Chase Freedom Limitless® has ended its three% cash-back experiment after six months and goes again to a conventional money sign-up bonus.
Chase’s fashionable cash-back card has at all times paid 1.5% money again on purchases, but it surely has experimented with totally different bonus gives to attempt to entice prospects. In April 2019, it started providing a bonus charge of three% money again on the primary $20,000 in purchases throughout the first yr your account is open, then 1.5% on every part after that.
The three% supply has been eradicated as of Oct. 10, 2019. In place of the upper charge within the first yr, new cardholders can now declare a lump-sum money bonus: Earn a $150 Bonus after you spend $500 on purchases in your first three months from account opening.
The brand new bonus is definitely the identical supply that was in place earlier than the three% promotion.
The revised bonus supply is a greater deal for smaller spenders — individuals who plan to place lower than $10,000 on the cardboard within the first yr. Assuming they earn the bonus, such cardholders will accumulate extra in complete rewards than they’d have beneath the three% supply. It’s a worse deal for many who spend greater than $10,000; they’d have come out forward with the three% versus 1.5% plus $150.
There had been hints that the three% bonus supply was on the best way out. In August 2019, Chase eliminated the three% supply from its personal web site and changed it with a $200 money bonus supply, however the three% bonus remained out there on different websites, together with NerdWallet. (That $200 bonus on the Chase web site has now been knocked right down to $150.)
The Chase Freedom Limitless® is making one different vital change: The balance-transfer charge is rising to five% of the quantity transferred (minimal charge: $5). That’s a big improve from the earlier charge of three% (minimal $5). The three% charge mixed with a prolonged zero% intro APR interval had made this card a reasonably good stealth possibility for stability transfers.