(However, you won't be able to take advantage of new card member offers like the welcome bonus or special financing period.) This preserves your existing credit limit and length of account history, and you'll be able to benefit from the new reward rates mentioned above. If that sounds bad, look at the other option: When you request and get approved for a product change, your existing Freedom account will be transferred to a new Flex card. But a new application also results in an inquiry on your credit report and has the potential to temporarily lower your credit score roughly 5 points, which can affect bigger life events like applying for a mortgage. Submitting a new application and getting approved allows you to take advantage of all Flex perks, from the rewards and welcome bonus to the intro 0% APR period. There's also a no-interest intro period: During your first 15 months from Flex account opening, you can benefit from no interest on purchases (after, 19.99% - 28.74% variable APR).Īll of these perks make the Flex card worthwhile, but the benefits you can receive depend on whether you request a product change or submit a new application. In addition to Freedom's rewards, Flex cardholders can earn 5% cash back on travel booked through the Chase Ultimate Rewards® and 3% cash back on dining at restaurants (including takeout and eligible delivery services) and at drug stores.įlex card members can also take advantage of a welcome bonus of $200 after spending $500 within your first three months from account opening. The Freedom and Flex cards have similar rewards programs, but Flex offers more elevated reward categories. To help you decide, Select breaks down the similarities and differences between Freedom and Flex, plus when it makes sense to request a product change or submit a new application. Namely, consider the number of credit cards you have now and whether you want to take advantage of the Flex card's new card member offers. The best option for you depends on a few factors.
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