You can redeem your rewards for cash, gift cards, travel, and even pay for transactions with your balance at select retailers. The exceptions are balance transfers, cash advances, and other cash-like transactions, lottery tickets, casino gaming chips, race track wagers or similar betting transactions, any checks that access your account, interest, unauthorized or fraudulent charges, and fees of any kind. However, you should know that not all transactions qualify for 1% cash back. If you spent $1,000 on purchases, that means you’d get $10 in cash back rewards. The Chase Freedom Student card has a flat rewards structure: You'll earn 1% cash back on every purchase. So something as modest as groceries or sheets can earn you an extra $50. You can earn the reward for making any purchase, no matter how small. You’ll get a $50 bonus when you make your first purchase if you do it within three months of opening your account. While most credit cards require you to spend a certain amount to qualify for a bonus, the Chase Freedom Student card is different. Your rewards never expire, and there is no minimum amount you have to redeem to get the cash back. You’ll earn 1% cash back on every purchase you make, period. The Chase Freedom Student card is best for college students who want a simple card to earn rewards, without having to worry about activating or keeping track of spending categories. For example, the Journey Student credit card from Capital One has no annual fee and doesn’t charge any foreign transaction fees. Over time, those fees can add up, potentially costing you hundreds of dollars-especially if you’re doing a summer internship or a study-abroad program. If you plan on traveling outside the country, consider applying for a credit card that doesn’t charge a foreign transaction fee. The Chase Freedom Student card charges 3% on every purchase you make outside of the country. 3% Foreign Transaction Fee: If you travel outside of the United States, pay attention to foreign transaction fees.If you have a big-ticket item to buy, such as a couch or a laptop, that’s a significant drawback. No Introductory APR: While it offers a $50 bonus for your first purchase, the Chase Freedom Student card doesn’t have an introductory 0% APR offer for purchases or balance transfers.There's no need to remember spending categories or to activate bonus categories you just use your card and automatically earn cash back rewards. Simple Rewards Program: With the Chase Freedom Student card, you'll earn 1% cash back on every purchase you make.Automatic Credit Line Increase: If you make five monthly payments on time within 10 months after opening an account, Chase will automatically consider you for a credit increase. If you qualify for a credit increase, you’ll not only get more spending power, but you could see a boost in your credit score since you’ll have more available credit overall. However, any late payments within the first 10 months will disqualify you from getting approved for a credit limit increase.You can receive this benefit for up to five years, so you can potentially earn $100 just for making your payments on time. Good Standing Rewards: For every year that your account is in good standing, meaning it is not delinquent or in default, you’ll receive 2,000 points, which can be redeemed for $20 or in rewards.
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