Chase Freedom Student Credit Card Review 2023

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

There are plenty of parts of college that may feel hard: studying for exams, dealing with the odd hours of your new roommate, and feeling overwhelmed while trying to plan ahead for the rest of your life, to name a few. However, one piece of the puzzle can feel easy with the Chase Freedom® Student credit card. 

Chase Freedom Student Credit Card Review: Is It the Best Credit Card for You?

TheChase Freedom® Student credit card's welcome bonus offer is the most simple and achievable on the planet: Chase Freedom® Student credit card. The card also comes with an annual $20 Good Standing reward payout. Each year, you'll earn an extra $20 as long as you are paying your bill on time.

Finding the right credit card, however, is about more than one-time and once-a-year perks, and this card doesn't pack a big punch for your everyday spending. This card earns 1% cash back on all your purchases. That rewards rate isn't much to celebrate compared with other student credit cards on the market.

For example, the Bank of America® Unlimited Cash Rewards Credit Card for Students earns 1.5% cash back on all your spending, and the Capital One SavorOne Student Cash Rewards Credit Card offers 3% cash back on dining, entertainment, popular streaming services, and at grocery stores.

One other downside to the Chase Freedom® Student credit card is the 3% foreign transaction fee. If you're planning to travel outside the US for a vacation or thinking about spending a semester abroad, you're better off with any of Capital One's student credit cards or the Discover it® Student Cash Back. None of those charge additional fees for transactions outside the country.

While other card offerings can make your spending during college more rewarding, the Chase Freedom® Student credit card is worth your consideration if you have no credit history. You can use Chase's Credit Journey tool to monitor your FICO score. Plus, you'll score a credit limit increase — a key piece of improving that score — by making five monthly payments on time.

The card also comes with a surprisingly good range of benefits for a student credit card, including purchase protection, trip cancellation/interruption insurance, and extended warranty.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Chase Freedom Student Credit Card Rewards

Chase Freedom Student welcome bonus offer

New Chase Freedom® Student credit card - Editorial Name Only cardholders can earn a Chase Freedom® Student credit card - Intro Bonus. That's not the highest welcome bonus offer available for a student credit card, but considering there's no minimum spending requirement — you just have to make one purchase in the first three months — it's incredibly easy to unlock.

How to earn rewards with the Chase Freedom Student card

Earning rewards is straightforward with the Chase Freedom® Student credit card. You'll earn 1 Chase Ultimate Rewards® point for each dollar you spend, with no bonus categories to worry about.

You can also earn bonus points by shopping through the Chase portal.

How to use points from the Chase Freedom Student

You don't have to use the Chase Ultimate Rewards points you earn from the Chase Freedom® Student credit card for cash back (although that's the simplest method). Here are your redemption options:

• Cash back (1 cent per point)
• Gift cards (1 cent per point)
• Airfare, hotels, car rentals, and more through the Chase Ultimate Rewards travel portal (1 cent per point)
• Apple purchases (1 cent per point)
• Pay Yourself Back (1.25 cents per point toward eligible charities through December 31, 2023) 
• Amazon purchases (0.8 cents per point)

Paying with points at Amazon checkout should be avoided — you're better off paying for an Amazon purchase with your card, then after the charge posts to your account, using points at 1 cent apiece for a statement credit.

There are no minimum requirements for redemption.

Chase Freedom Student Credit Card Benefits and Features

Student credit cards don't typically have an expanded set of perks, but there are a few notable add-ons for having the Chase Freedom® Student credit card in your wallet.

$20 annual Good Standing Reward

Each year on your Chase Freedom® Student credit card account anniversary, you'll receive a $20 Good Standing Reward (2,000 Chase Ultimate Rewards points). In order to qualify, your account must be open and not in default, and you can receive the reward for the first five years of account opening.

5% back on Lyft rides

Through March 2025, you'll earn 5% back (5x points) on all your Lyft rides. So, if you're constantly shifting loyalty between Lyft and Uber, you're better off sticking with Lyft with this card.

3-month DashPass subscription

DoorDash's DashPass waives delivery fees on orders more than $12. You'll be able to enjoy this service for free for three months. If you like it, you can get 50% off a subscription for nine months (activation is required by December 31, 2024).

Instacart benefits

With the Chase Freedom® Student credit card, you can activate a complimentary three-month Instacart+ membership. Instacart+ offers free delivery on orders of $35 or more and reduced service fees, and normally costs $9.99 per month or $99 per year.

If you don't plan to keep the membership after three months, be sure to set a calendar reminder to cancel, otherwise, it will automatically renew for a year ($99) once your trial period ends.

The card also comes with up to $10 per quarter in statement credits toward Instacart purchases when you activate. If you max out this benefit every quarter, you'll get a value of up to $40 per year — not bad at all for a no-annual-fee student card.

Automatic credit limit increase

As long as you make five monthly payments on time within the first 10 months of opening your account, you'll be eligible for a credit limit increase. Note that any late payments or other increase in your credit limit within this 10-month period will disqualify you for this offer.

Trip cancellation/interruption insurance

The Chase Freedom® Student credit card offers some peace of mind when you're traveling: You can be reimbursed up to $1,500 per person and $6,000 per trip for pre-paid, non-refundable fares if your trip is cut short by sickness, bad weather, or other qualifying situations. This type of coverage is typically only seen on the best credit cards with travel insurance, so it's an extra good deal on a starter credit card.

Purchase protection

There is some additional peace of mind when you're at home, too. When you pay for a new, eligible item with the Chase Freedom® Student credit card, you can be covered against damage or theft for 120 days (up to $500 per claim and $50,000 per account) with the card's purchase protection.

Extended warranty

Eligible items you purchase with the Chase Freedom® Student credit card with a manufacturer's warranty of three years or less can qualify for an additional year of extended warranty coverage.

Chase Freedom Student Annual Fee and Other Costs

There is no annual fee for the Chase Freedom® Student credit card, which is the norm for most student credit cards. The card charges a Chase Freedom® Student credit card APR, so it's best to pay your bill off in full every month.

There are fees to be aware of that apply to other situations, all of which are avoidable:

• Foreign transaction fee: 3% of the amount of each transaction in US dollars
• Balance transfer fee: Either $5 or 5% of the amount of each transfer, whichever is greater
• Cash advance fee: Either $10 or 5% of the amount of each transaction, whichever is greater
• Late payment fee: Up to $40
• Returned payment fee: Up to $40

If you're planning on traveling outside the US at all during your college term, this isn't the card to use on those adventures — pack one of the best credit cards with no foreign transaction fees, instead. If you're staying stateside, though, it's worth considering.

How the Chase Freedom Student Card Compares

The Chase Freedom® Student credit card is the only student credit card available from Chase. However, the bank does have a wider line of Freedom-branded cards that are designed for customers with more established credit. While Chase doesn't publish specific credit score requirements, the other Freedom cards are much more rewarding if you can qualify for one of them.

And if you can't meet the requirements for one of these (which is highly likely if this is your first card), consider these more lucrative benefits a source of inspiration to build your credit and take advantage of one of them down the road.

Chase Freedom Student vs other Chase Freedom cards

Chase Freedom Student card other student credit cards

Chase Freedom Student Credit Card Frequently Asked Questions (FAQ)

Is the Chase Freedom Student card good?

The Chase Freedom® Student credit card is a good choice if you're a college student looking for an uncomplicated rewards credit card with no annual fee. While its rewards rate and welcome offer aren't as substantial as some other student cards, it does come with a nice array of benefits including a yearly Good Standing bonus.

Who is eligible for the Chase Freedom Student card?

Chase says the Chase Freedom® Student credit card is intended for students enrolled in college, university, or career/trade school, and that they'll verify the student's enrollment status. In addition, you must be at least 18 years old to qualify.

How do I apply for the Chase Freedom Student card?

You can apply for the Chase Freedom® Student credit card online, or by visiting a Chase branch. You'll need to provide details like your full name, date of birth, address, Social Security Number, and income to be considered for approval.

What happens to my Chase Freedom Student card after I graduate?

You can keep using your Chase Freedom® Student credit card after you graduate. There's no annual fee, so you can keep it open at no cost for as long as you want. Many graduates request an upgrade from their student credit card to the "adult" version of the card after graduation, and that's an option too with this card — you can always call Chase and request to change your card to the Chase Freedom Unlimited® or Chase Freedom Flex℠.

Methodology: How we reviewed the Chase Freedom Student credit card

We compared the Chase Freedom® Student credit card to other rewards credit cards geared to students, and looked at various factors, including: 

• Ease of use — Does the card offer straightforward earning and redeeming, or is the rewards program complicated? Is it easy for beginners to understand?
• Earning potential — How do the card's welcome bonus offer and bonus categories compare to similar cards? Are any bonus categories capped at a maximum amount of spending, and are the categories useful for students in particular?
• Benefits — Even though student credit cards don't usually come with fancy perks, does the card have benefits that make it stand above others?
• Fees — Although student cards typically don't charge an annual fee, are there other fees to be aware of (like foreign transaction fees or late payment fees)?

Read about how we rate credit cards at Insider for a closer look at our methodology.