Chase Freedom Dynamic Cash Rewards

If you have a Chase Freedom card, then Chase Freedom Dynamic Cash Rewards is a program you’ll want to join. And if you don’t have the card, this program may be a compelling enough reason to get one.

Instead of earning 3% of your spending at grocery stores, gas stations and quick payment service fast food restaurants, in this program you earn 3% for the 3 categories (out of a pre-defined set of 15) where you spent the most each month. Like the standard program, you’ll earn only 1% for each $1 in purchases once you’ve reached $600 in spending on your top categories for the month. Both programs earn 1% on everything else, with no cap.

The categories for the Dynamic Cash Rewards program are defined as:

• grocery stores (that are not affiliated with or departments of superstores, warehouse clubs or discount stores)
• gas & convenience stores
• quick service payment/fast food restaurants
• telecommunications
• cable/satellite TV/Internet Service Providers
• video rentals
• department stores
• dry cleaners
• drugstores
• movie theatres
• local and suburban commuter passenger transportation (including ferries, bridges, tolls, parking garages, taxis/limos)
• pet supply stores and veterinary services
• utilities
• beauty shops (salons and spas)
• gym/recreation memberships

If you already have a Freedom card, you’ll have to contact Chase in order to convert your card. People from FW and BS have reported mixed results, as not all customer service reps appear to be familiar with the program. There appear to be at least two routes to convert:

1. Upgrade to the Chase Freedom Visa Signature version of the card. The Dynamic Rewards program appears to come with the Visa Signature. You’ll need a credit limit of $5,000 on your card as a prerequisite.
2. Convert to the Chase Freedom Points Visa. Some have reported being automatically converted to this program after their Cash card was converted to earn points.
   

This program makes the Freedom card even more suitable as a general purpose card, especially among lighter spenders. The $600 monthly cap on 3% doesn’t make it the first choice for big spenders, but as a backup card, it could still work well.