Since arriving on the scene in June 2023, the Chase Freedom Rise® Credit Card has been considered one of the best credit cards for applicants with no credit history, and it’s easy to see why.
It has no annual fee and does not require a security deposit. Cardholders receive a flat 1.5% cash back on every purchase they make and earn a $25 statement credit after enrolling in automatic payments.
This combination of benefits makes the Chase Freedom Rise® an excellent credit card for beginners, but there’s a catch. Chase says those with at least $250 in a Chase checking account have a better chance at being approved.
Chase Freedom Rise®
Credit score needed
credit_score_needed
Welcome offer
bonus_miles_full
This Chase card helps consumers start building credit without paying an annual fee. It also earns 1.5% cash back, provides a $25 incentive for enrolling in automatic payments, and offers a chance at a credit limit increase in as soon as six months.
Card Benefits:
- Increase your approval chances: Maintaining a Chase checking or savings account with a balance of at least $250 can boost your chances of getting approved for Chase Freedom Rise®.
- Earn Cash Back: With Chase Freedom Rise℠, build your credit while earning 1.5% cash back on all purchases. Cash Back rewards never expire as long as your account is open, and there’s no minimum to redeem.
- Earn a $25 statement credit: Sign up for automatic payments within the first three months of opening your account to receive a $25 statement credit. Simply choose a date and amount to ensure your Credit Card gets paid on time.
- Credit Limit Increase: As a Chase cardmember, you’ll be evaluated for a credit line increase as soon as 6 months. Your credit line is the maximum amount you can spend on your Freedom Rise℠ Card.
- Free Credit Score: Track your credit score and learn how to improve it with Chase Credit Journey.
- No Annual Fee: Enjoy all the great features of your Freedom Rise℠ card without paying an annual fee.
Member FDIC
TIME’s Take
For people with no credit history, the Chase Freedom Rise® simply cannot be beat. This is partly because it doesn’t require a cash deposit, earns cash back rewards, and has no annual fee. Perhaps more importantly, the Chase Freedom Rise® helps build credit over time by reporting monthly to the three credit bureaus—Experian, Equifax, and TransUnion.
The Chase Freedom Rise® also helps users break into the Chase universe of credit and banking products, which gives cardholders the option to upgrade to a Chase credit card with more robust rewards after building credit.
Who is the card for?
The Chase Freedom Rise® is for individuals with no credit history who are looking for a first credit card.
One of its most notable features is that it’s a “credit-building” card—but it’s not for repairing bad credit. This differentiates it from secured credit cards, which let users work toward rebuilding their credit after mistakes but require a security deposit.
Approval odds for this card increase when someone has a Chase checking account with at least $250 on deposit, so you may need to to start banking with Chase.
This card also has variable interest rates on the higher end—which can take those new to credit cards by surprise.
Pros and cons
Pros:
- Available with no credit score.
- No security deposit required.
- Earns rewards.
- No annual fee.
- Reports to the credit bureaus.
- Path to higher credit limits.
Cons:
- High and variable APR.
- Charges 3% foreign transaction fees.
- May need a Chase checking account to be approved.
- Not designed for rebuilding bad credit.
Rewards structure
The Chase Freedom Rise® offers a very respectable rewards rate of 1.5% cash back on all purchases. This puts it on par with cards geared to consumers with good or excellent credit, including the Capital One Quicksilver Cash Rewards Credit Card. The card also earns 5% cash back on Lyft rides through March 31, 2025.
Cash back rewards never expire as long as the account remains open and in good standing. They can be redeemed anytime.
Don’t want cash back? Cardholders can redeem rewards for gift cards, Amazon purchases, or travel through the Chase portal.
Chase Freedom Rise® also offers a $25 cash bonus when you set up automatic payments.
The fine print
This card’s terms are fairly straightforward—other than Chase checking account holders gaining increased approval odds. Still, be aware that this card has variable interest rates on the high side—which means the annual percentage rate (APR) can change periodically. Here’s a breakdown of fees and charges:
Interest rates
- Regular APR: 26.99% (Variable).
- Balance transfer: 26.99% (Variable).
- Cash advance APR: 29.99%
- Penalty: Up to 29.99% (Variable).
Fees
- Annual fee: $0.
- Balance transfer fee: 5% of each transfer ($5 minimum).
- Cash advance fee: 5% of each cash advance ($10 minimum).
- Foreign transaction fee: 3% of each transaction in U.S. dollars.
- Late payment fee: Up to $40.
- Returned payment fee: Up to $40.
- Over the credit limit fee: $0.
- Returned check fee: $0.
Hidden perks
This card offers quite a few benefits that might surprise you, most notably, consumer protections. Here’s a rundown:
- DoorDash: A three-month complimentary DashPass membership, with $0 delivery fees and reduced service fees (activation required).
- Extended warranties: Extra protection on items with a manufacturer’s warranty of three years or less.
- Purchase protection: Coverage for 120 days, worth up to $500 per claim and $50,000 per account.
- Trip cancellation and interruption insurance: Coverage up to $1,500 per person and $6,000 per trip. Must be used for eligible, prepaid travel expenses, and the trip must be canceled or cut short for a covered reason.
Where does the card stand out?
This credit-building card stands out compared to others with easy credit qualifications.
No credit history required
The biggest benefit of this card: It’s available to people with no credit history at all. You can use this card to start building credit from scratch, and you can even increase your approval odds by opening an eligible account with Chase.
Cash-back rewards for spending
Earning 1.5% cash back on all purchases is rare with no credit history. This card’s rewards rate is competitive with some of the best credit cards on the market today, especially since there’s no annual fee.
What could be improved?
One of the biggest potential downsides: You may need a Chase checking account to be approved. These checking accounts have monthly service fees unless you meet steep direct deposit requirements, or maintain relatively large amounts in an account or across multiple accounts ($1,500 to $5,000, or more).
In practice, however, this may not be a hurdle for many customers without credit history. That’s because Chase offers a free checking account for five years for college students aged 17 to 24.
Another drawback is that the Chase Freedom Rise® charges 3% in foreign transaction fees. That makes this card a poor option for traveling abroad.
Finally, it’s important to remember that the Chase Freedom Rise® is not designed for credit rebuilding. Having no credit history is not a barrier, but you are unlikely to be approved if you have poor or fair credit due to late payments or other negative credit history.
Card alternatives
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1.5% cash back on all purchases |
1.5% cash back on all purchases |
2% to 10% cash back (select merchants only) |
Bottom line
The Chase Freedom Rise® is unbeatable for building credit if you have no history. You may need to open a Chase checking account to be eligible for this card—meaning likely fees if you’re not a student, or you cannot meet minimum direct deposit or average daily balance requirements.
That being said, Chase doesn’t say you have to have a checking account with the bank to get approved—only that having one increases your odds.
Chase Freedom Rise®
Credit score needed
credit_score_needed
Welcome offer
bonus_miles_full
This Chase card helps consumers start building credit without paying an annual fee. It also earns 1.5% cash back, provides a $25 incentive for enrolling in automatic payments, and offers a chance at a credit limit increase in as soon as six months.
Card Benefits:
- Increase your approval chances: Maintaining a Chase checking or savings account with a balance of at least $250 can boost your chances of getting approved for Chase Freedom Rise®.
- Earn Cash Back: With Chase Freedom Rise℠, build your credit while earning 1.5% cash back on all purchases. Cash Back rewards never expire as long as your account is open, and there’s no minimum to redeem.
- Earn a $25 statement credit: Sign up for automatic payments within the first three months of opening your account to receive a $25 statement credit. Simply choose a date and amount to ensure your Credit Card gets paid on time.
- Credit Limit Increase: As a Chase cardmember, you’ll be evaluated for a credit line increase as soon as 6 months. Your credit line is the maximum amount you can spend on your Freedom Rise℠ Card.
- Free Credit Score: Track your credit score and learn how to improve it with Chase Credit Journey.
- No Annual Fee: Enjoy all the great features of your Freedom Rise℠ card without paying an annual fee.
Member FDIC
Frequently asked questions (FAQ)
How do you qualify for Chase Freedom Rise®?
You can qualify for the Chase Freedom Rise® with no credit history at all. Chase says you can increase your odds by opening a Chase checking account with at least a $250 deposit.
What is the credit limit for Chase Freedom Rise®?
The credit limit varies depending on your particular credit history and the level of card you’re approved for. For example, those approved for a Signature account get a minimum credit limit of $5,000, while the minimum credit limit for the Platinum version is $500.
Is the Chase Freedom Rise® being discontinued?
This card is not being discontinued and is currently available to new applicants.
The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.