Examined Oct 2, 2026 Paid in points, worth $200 cash No annual fee Chase Freedom Unlimited pays $200 for $500 of purchases in 3 months, unless you hold this card or took its bonus in the last 24 months.
This is an open offer on Chase's own product page, with no invitation and no referral link needed. The bonus is tracked as points: Chase says each $1 in Cash Back rewards equals 100 points, so 20,000 points is $200, redeemable as a statement credit or an electronic deposit into an eligible Chase account in the United States, with no minimum to redeem. Chase's refer-a-friend program is a separate thing, and adds nothing for you.
What pays what
| You, a new cardmember, $500 in purchases within 3 months of account opening | $200, as 20,000 points |
|---|---|
| Every purchase after that, with no annual fee | 1.5% cash back; 3% on dining and drugstores; 5% on travel through Chase Travel |
| Applying through an existing cardmember's referral link | Nothing extra for you |
| Current cardmembers, or anyone who received this card's bonus in the last 24 months | $0 |
| $500 reached with balance transfers, cash advances, money orders, wire transfers or fees | $0 |
| Account closed or in default when the points are due to post | $0 |
This product is not available to either (i) current cardmembers of this credit card, or (ii) previous cardmembers of this credit card who received a new cardmember bonus for this credit card within the last 24 months.
The same footnote lists what does not count toward the $500: balance transfers, cash advances, travelers checks, foreign currency, money orders, wire transfers, lottery tickets, casino chips, race track wagers, checks that access the account, interest, unauthorized charges, and fees of any kind.
Do this, in this order
- Check the 24-month lookback, then the pricing document's own gates. The bonus is for people who do not hold this card and have not taken its bonus in the last 24 months. The pricing and terms document adds: “You must be at least 18 years old to qualify (19 in AL and NE, 21 in Puerto Rico).” It also requires a valid permanent home address within the 50 states, the District of Columbia, Guam, Puerto Rico or the US Virgin Islands, or a United States military address. And it warns that Chase cardmembers who currently have or have had a Chase card in any Rewards Program associated with this offer may not be eligible for a second Chase card in the same program.
- Apply through the page that shows the $200. Chase's offer details say: “Offers may vary depending on where you apply, for example online or in a branch, and can change over time.” The next sentence tells you to apply through the method in that advertisement. Chase also says that after reviewing your credit it may issue a Signature or Platinum card with different costs or benefits, or no card at all.
- Put $500 of real purchases on the card inside 3 months of opening. Groceries, gas and bills count. Balance transfers, cash advances, money orders and any fee do not, and the annual fee is $0, so there is no fee to lean on anyway. Returns come off the total, since Chase counts purchases minus returns or refunds.
- Wait 6 to 8 weeks, and keep the account open and paid. “After qualifying, please allow 6 to 8 weeks for bonus points to post to your account.” The sentence after that makes the account being open and not in default a condition of the bonus at the time of fulfillment. Do not close or downgrade anything until the 20,000 points are in the account and redeemed.
- Pay in full, or at least never late. The card gives 0% intro APR for the first 15 months on purchases and balance transfers, then 18.49% to 27.99% on Chase's card page (the pricing document, dated 12/16/2025, still prints 18.24% to 27.74%). A minimum payment 60 days late ends the intro APR and brings a penalty APR of up to 29.99%, which Chase says could remain in effect indefinitely. A late payment costs up to $40. Balance transfers cost $5 or 3% in the first 60 days, then $5 or 5%; foreign transactions cost 3%.
What Chase does not publish, and what its documents are dated
No end date. The product page prints no expiry for the $200. Its footnotes end with “Restrictions and limitations apply. Offer subject to change.”
The pricing document is dated, and says it may be stale. Its last paragraph reads: “The information about the costs of the card described in this form is accurate as of 12/16/2025. This information may have changed after that date.” The variable APRs in it are built on a 6.75% Prime Rate as of the same date.
The referral program's terms. The refer-a-friend page describes the mechanic, which is to sign in and share a link. We found no separate terms document for it, so we cannot say where a cardmember may post that link.
The DashPass perk renews itself. The card comes with 6 months of complimentary DashPass, to be activated by December 31, 2027. Chase's footnote says that after the complimentary period you stay enrolled and are charged the then-current monthly DashPass rate until you cancel. Treat it as a free trial with a cancellation date.
Is it worth your time?
If you clear the 24-month lookback, yes. $500 in 3 months is a low bar, there is no annual fee to claw the bonus back, and the $200 is real cash once you redeem the points. Allow up to 3 months to qualify and up to 8 more weeks for the points, and leave the account alone until then. After that it is a no-fee card paying 1.5% on everything, 3% on dining and drugstores, and 5% on travel booked through Chase Travel.
If you carry a balance, the bonus is the wrong reason to open it. The 0% period lasts 15 months, and a single payment 60 days late replaces it with a penalty rate of up to 29.99% that Chase may keep in place indefinitely. And if you already hold a Freedom Unlimited, there is nothing here for you as a new customer. If you refer someone instead, Chase's refer-a-friend page says you get $50 for each friend who gets a participating Freedom card, up to $500 a year.
