You're going to learn how to get approved for the Chase freedom credit card. I've traveled to over 39 different destinations all around the world using points and miles, and right now I have 2.4 million miles in my travel account, and I'm here to teach you all of my secrets.
Share with you my secrets
I'm going to share with you how you can do the proof of the trade freedom card, even if you don't get approved when you sign up online. Today we're talking about the first points credit card I got, and also I think the first points credit card you should get.
What is your current situation are? You are a student graduating soon? Do you already have a job? This will help me figure out which card you should be getting next, and also I could help you out with any trips you have coming up or how to maximize that cash-back.
I first got this card over 7 years ago, and it's still in my wallet today thanks to that amazing zero dollars annual fee now. Let's go over the new sign up bonus for the card and what you can expect once this card is in your wallet.
What makes this card so special
Right now the current sign up bonus is $150 in cash back after you spend five hundred dollars in the first three months, and with the Chase Freedom Card what you get and what makes this card so special is you get 5x points on different categories every quarter of the year.
Right now the categories are gas station, streaming services, like Netflix and Hulu, and the prior months it was from April to June, it was grocery stores and home-improvement stores, and from January to March it was gas stations tolls and drugstores, so every corner the categories are going to change and you can earn 5x points and up to $1500 and spend which is equivalent of about $6,000 per year or 30,000 points per year.
The overall strategy is the Chase trifecta
By the end of the year you're looking at about 7500 points if you maximize out the Chase Freedom Card, but first, let's talk about the overall strategy. The overall strategy I want to teach you is something called the Chase trifecta it's three credit cards that help you maximize your everyday spend to get the most cash back or travel rewards.
Now three cards in the trifecta are mainly the Chase Freedom Card, the chief Sapphire Preferred or the Chase Sapphire Reserve, and finally the Chase ink business card. Chase freedom card gets 5x points, the CSP with CSR get 2x points on travel and dining, in the Chase ink business card earns 3x points in some amazing categories.
So the Chase ink business earns 3x points on travel, shipping expenses, advertising spends like on Facebook or Instagram on phone cable, and internet services, and basically. The idea behind these three cards is for our everyday spend in our everyday lives.
What forms the basis of maximizing credit card points
I have Verizon cable which I pay with my chasing business card, I take lubbers to and from work or maybe when I'm traveling I eat out using my Chase set for a reserve, and for the Chase freedom I'm getting 5x points when I go to the gas station, when I pay a toll, when I go to a drugstore, when they go to a home-improvement store.
This is what forms the basis of maximizing credit card points becoming a flight hacking and points hacking expert. To set yourself up for this Chase trifecta, the place we're going to start is a Chase Freedom Card. This is the easiest card to get off the three, and it forms a foundation for getting the second and third cards.
You pretty much can guarantee you're not going to get a Chase Sapphire Reserve if you don't have a Chase Freedom card as well as it's really hard to get a Chase ink business card without having a Chase Sapphire Preferred or Chase freedom or Chase freedom unlimited.
How to get approved for the Chase freedom card
Now that you know the structure of the Chase trifecta, let's talk about how to get approved for the Chase freedom card. If you are just entering college and you've turned 18, now is the time to get started with the Chase freedom card.
Your first step is to get a student credit card, for the most part for you to start building credit and to have anywhere near a decent credit score, you're going to have to start with either a secured card or a student credit card. One of the cards I talked about before earns rewards which are pretty rare for a student card, it's an amazing card.
We're then going to apply for the Chase Freedom Card twelve months later or possibly once you get your first job, that's when you're going to apply for the Chase Sapphire Preferred.
After you had the CSP for a year you can get the CSR or you can move on to Chase Inc business card, you can actually get approved for a business card without having the business, you'd be running a sole proprietorship which is what I did when I first set everything up, and it's all part of that trifecta.
Anyway, your overall timeline is getting that student card, six to twelve months later get the Chase freedom card. Once you graduate to get the CSP, they get to CSR and then get the chasing business card. Means if you've applied for five different credit cards, and whether who the issuer's, whether it's a max Bank of America, Capital One, within 24 months you can't apply for any more cards.
If you send up for a student card at Bank of America card account, the one card, and the AMEX card, and you have just one slot left, that means you can only get the Chase freedom or the Chase freedom unlimited and you're maxed out.
So I want you to be very careful with the cards you sign up for in the cards you have in your wallet and have to wait an additional 6 to 12 months to get this awesome inventory in your wallet.
The things for approving for the Chase freedom card
But assuming we've got our student credit card, we're starting to build up our credit and we're ready for the Chase freedom, these are the things that they look for when approving somebody for the Chase freedom card.
First of all, you've got if a credit score around 680 or higher, you can get a free credit score check. If you got annual credit report.com, as well as certain credit cards, allow you to see your credit score, they're not always a FICO score, so make sure to see if your card offers that benefit.
The Chase freedom main criteria
What they're looking for is assuming they approve you for $500 credit limit, they're looking at your ability to repay those bills. In general, you need to make sure you're making anywhere from $3,000 to $6,000 per year, either working a side job or getting money from your parents, getting a loan, something like that.
They know you can repay this $500, that's really what the Chase freedom main criteria are. If your credit score is over a 680, it's probably because you've been paying some other credit card bills, some store card bill to build up that credit and prove that you're a reliable person to receive a loan, which is essentially what the credit card is.
The trick for pre-approval
Now when you're applying for these cards, one thing to remember is when they ask your annual income, you can include money that your parents are giving you for school or for something else like that, that can be applied to it and kind of help you get to that $6,000 mark to get approved for this Chase freedom.
Beyond that, you can get your job, all that sort of stuff and pay your bills, but use the help while you have it, and there's a cool trick that if you don't want to sign up for the card you can sign up for a pre-approval. It's not going to affect your credit score.