Chase Freedom Flex World Elite MasterCard Review
Updated October 19, 2021.
The Facts
April-June: gas stations, home improvement stores
July-September: groceries, select stream services
October-December: Walmart, PayPal (up to $1,500); in addition, earn 5x points, up to $1,500 in one category you spend the most from: Travel (including Transit), Dining, Home Improvement Stores, Grocery Stores (not including Target and Walmart purchases), Drugstores, Gas Stations, Select Live Entertainment, Select Streaming Services, Fitness Clubs.
April-June: groceries, fitness and gym, select streaming services
July-September: Amazon.com, Whole Foods Market
October-December: Walmart, PayPal
* Stream services include Netflix, Hulu, Sling, Vudu, FuboTV, Apple Music, SiriusXM, Pandora, Spotify, YouTube and ESPN+
The Math
Obviously Chase Freedom Flex (CFF) is best for bonus categories, and you'd better use other cards for general spending. A few notes about travel booked through UR: it makes a lot of sense to book airfare (other than a few exceptions such as Southwest) to take advantage of the bonus, as the rates are the same as if you book directly with airlines and if you remember to add your frequent flyer number you will still earn miles and be recognized for your elite status; however, you may want to think twice before booking hotels, because several hotel programs won't allow points accumulation or recognize your elite status if you book through a third party; you may also need to be careful about car rentals, as you might not be able to apply certain coupons or promotions.
If you have a premium UR card such as Sapphire Reserve, Sapphire Preferred or Ink Preferred, you will be able to unlock the full potential of CFF by having two premium features. The first feature allows travel redemption at fixed value: 1.25 cents/point when you have Sapphire Preferred / Ink Preferred, making CFF a 6.25% | 3.75% | 1.25% rewards card, and 1.5 cents/point when you have Sapphire Reserve, making CFF a 7.5% | 4.5% | 1.5% rewards card. The second feature allows points transfer to frequent traveler miles/points and may represent even higher returns. Our current conservative value for UR points with the transfer feature happens to be 1.5 cents/point, and CFF also returns 7.5% | 4.5% | 1.5% in this way.
Chase Freedom Flex vs. Discover it vs. Citi Custom Cash: All three offer 5% cashback on select categories; however, Custom Cash earns bonus on the top one eligible category each billing cycle, while Freedom Flex and Discover it rotate bonus categories (usually 2-3 categories) every quarter. While Freedom Flex and Discover it require enrollment to earn bonus, Custom Cash automatically applies bonus based on your actual spending. Considering the fact that Custom Cash's 10 eligible categories include groceries, gas, dining, select travel, home improvement, we think it provides better flexibility than the other two cards. The spending caps are similar: Customer Cash has a $500 limit per billing cycle, while Freedom Flex and Discover it have a $1,500 limit per quarter. Ultimately, it all comes down to your spending pattern and the 5% calendar to decide which card is the best for you. Another important consideration is that Chase UR or Citi TY rewards ecosystem could potentially increase the 5% cash rewards to 7.5% travel rewards when you have a premier UR or TY product.
The Conclusion
CFF offers such powerful category bonuses without an annual fee. When paired with a premium UR card such as Sapphire Reserve, Sapphire Preferred, or Ink Preferred, it is even more valuable than you may have thought.
The Facts
- Annual Fee: None
- Signup Bonus: 20,000 points (advertised as $200) after spending $500 within 3 months of new account opening and 5x points on groceries, up to $12,000 in purchase within the first year. This card is not available if you currently have this card or have received a signup bonus for this card in the past 24 months. Based on anecdotal reports, this card is subject to Chase's 5/24 rule (you won't be approved for this card if you have opened 5 or more new accounts within the past 24 months; any new account with any issuer will count, not just with Chase; new accounts include most credit cards and charge cards but exclude non-Chase business cards and store charge cards). Historical best bonus of this card: $200 + 5x points on groceries for the first year in 2020 & 2021.
- Application landing page [Disclaimer: we will receive a referral bonus from Chase if you apply and are approved for this card. The signup bonus you will receive is the same as if you visit Chase's non-referral link].
- Rewards: 5x quarterly rotating categories (up to $1,500 spent each quarter), 5x travel through Chase Ultimate Rewards, 3x dining & drugstores, and 1x everything else. In addition, through March 2022, earn 5x on Lyft purchases (4 additional points).
- Best Use of Ultimate Rewards (UR) points: Even though Chase Freedom Flex (CFF) is advertised as a cash back card, it actually earns UR points. You can redeem UR points for merchandise, gift cards, cash or travel, at up to 1 cent per point. Unlike Citi ThankYou, BofA WorldPoints, and Amex Membership Rewards whose cash redemption rate is worse than other options, the cash redemption in UR is at exactly 1% starting at 2,000 points = $20 with increments of 1,000 points. So undoubtedly cash back is the best redemption of CFF for most cardholders. However, if you have a premium UR card (Sapphire Reserve, Sapphire Preferred, Ink Preferred), you can move the UR points earned from CFF to the premium UR account and take advantage of two premium redemption features: (1) transfer UR points to miles/points of frequent traveler programs at 1:1 ratio, or (2) fixed value travel redemption when booking through UR at 1.25 cents/point for Sapphire Preferred / Ink Preferred and 1.5 cents/point for Sapphire Reserve. This obviously increases CFF's value quite a bit. Please see our review on Marriott vs. MR vs. UR vs. TY vs. C1 vs. CR for detailed analysis of the five programs that allow mile/point transfer.
- Word Elite MasterCard benefits: MasterCard Luxury Hotels & Resorts (a collection of 2,000+ luxury hotels worldwide that offer complimentary breakfasts for two, room upgrades upon availability, early check-in, late check-out, and a special amenity such as a certain amount of hotel credit up to $100 per stay, free internet, or welcome gift, etc.), MasterCard Travel & Lifestyle Services (savings on airfare, private jets, airport concierge, car rentals, chauffeured cars, cruise lines, tours, vacation packages, etc.), complimentary ShopRunner membership (free two-day shipping and returns at participating stores), 10% discount with onefinestay (high-end home sharing service), monthly $10 Lyft credit after five rides each month, double Fandango points for movie tickets ($5 rewards for every two tickets purchased), 5% rewards for Boxed purchases, the Dining Program (special amenities at participating restaurants), the Nightlife Program (exclusive access to and recognition at participating night clubs), Priceless Cities, Priceless Surprises, Priceless Causes, Priceless Golf, MasterCard Cellular Wireless Telephone Protection (up to $800 for a stolen or damaged phone as long as you charge your monthly cellphone bills to the card), MasterCard ID Theft Protection, etc.
- Other benefits: 3 months of DoorDash's subscription service DashPass for free - activate before December 31, 2021. DashPass, normally $9.99 per month, offers $0 delivery fee and reduced service fees on food orders over $12 via DoorDash. After the 3 month period, you will be automatically enrolled in DashPass at 50% off for the next 9 months, so remember to cancel if you don't plan to continue the subscription.
- History: Chase introduced Freedom Flex WEMC in September 2020 as a direct replacement of its popular Chase Freedom Visa, and while keeping the 5x rotating categories, Chase added travel through UR as a 5x category and dining & drugstores as 3x categories. The existing Freedom Visa cardholders may call in to request a product change to Freedom Flex.
- 2021 Freedom Flex 5% Bonus Calendar:
April-June: gas stations, home improvement stores
July-September: groceries, select stream services
October-December: Walmart, PayPal (up to $1,500); in addition, earn 5x points, up to $1,500 in one category you spend the most from: Travel (including Transit), Dining, Home Improvement Stores, Grocery Stores (not including Target and Walmart purchases), Drugstores, Gas Stations, Select Live Entertainment, Select Streaming Services, Fitness Clubs.
- 2020 Freedom Flex 5% Bonus Calendar (the first three quarters are for existing Freedom Visa cardholders):
April-June: groceries, fitness and gym, select streaming services
July-September: Amazon.com, Whole Foods Market
October-December: Walmart, PayPal
* Stream services include Netflix, Hulu, Sling, Vudu, FuboTV, Apple Music, SiriusXM, Pandora, Spotify, YouTube and ESPN+
The Math
Obviously Chase Freedom Flex (CFF) is best for bonus categories, and you'd better use other cards for general spending. A few notes about travel booked through UR: it makes a lot of sense to book airfare (other than a few exceptions such as Southwest) to take advantage of the bonus, as the rates are the same as if you book directly with airlines and if you remember to add your frequent flyer number you will still earn miles and be recognized for your elite status; however, you may want to think twice before booking hotels, because several hotel programs won't allow points accumulation or recognize your elite status if you book through a third party; you may also need to be careful about car rentals, as you might not be able to apply certain coupons or promotions.
If you have a premium UR card such as Sapphire Reserve, Sapphire Preferred or Ink Preferred, you will be able to unlock the full potential of CFF by having two premium features. The first feature allows travel redemption at fixed value: 1.25 cents/point when you have Sapphire Preferred / Ink Preferred, making CFF a 6.25% | 3.75% | 1.25% rewards card, and 1.5 cents/point when you have Sapphire Reserve, making CFF a 7.5% | 4.5% | 1.5% rewards card. The second feature allows points transfer to frequent traveler miles/points and may represent even higher returns. Our current conservative value for UR points with the transfer feature happens to be 1.5 cents/point, and CFF also returns 7.5% | 4.5% | 1.5% in this way.
Chase Freedom Flex vs. Discover it vs. Citi Custom Cash: All three offer 5% cashback on select categories; however, Custom Cash earns bonus on the top one eligible category each billing cycle, while Freedom Flex and Discover it rotate bonus categories (usually 2-3 categories) every quarter. While Freedom Flex and Discover it require enrollment to earn bonus, Custom Cash automatically applies bonus based on your actual spending. Considering the fact that Custom Cash's 10 eligible categories include groceries, gas, dining, select travel, home improvement, we think it provides better flexibility than the other two cards. The spending caps are similar: Customer Cash has a $500 limit per billing cycle, while Freedom Flex and Discover it have a $1,500 limit per quarter. Ultimately, it all comes down to your spending pattern and the 5% calendar to decide which card is the best for you. Another important consideration is that Chase UR or Citi TY rewards ecosystem could potentially increase the 5% cash rewards to 7.5% travel rewards when you have a premier UR or TY product.
The Conclusion
CFF offers such powerful category bonuses without an annual fee. When paired with a premium UR card such as Sapphire Reserve, Sapphire Preferred, or Ink Preferred, it is even more valuable than you may have thought.
