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The third quarter is quickly approaching (July 1 – September 30) and that means in only a few weeks you are able to get 5x points at Gas Stations and Kohl’s when using your Chase Freedom credit card. For many, gas is a huge monthly expense, so getting 5x points (which is really 5% cash back is great).
The 5x points is on purchases up to $1,500 (for both categories combined). So if you hit the cap, that means you’ll earn an additional 6,000 points on your already existing 1 point per cent purchase (which would be 1,500 points) – this will give you a total of 7,500 points.
If you like to redeem your Chase Freedom points for cash back, this means that 7,500 points equals a flat $75. Based on my “Best Credit Card for Various Category” post, 5% cash back is the best you’ll earn on gas purchases. Now, if you have the Chase Sapphire Preferred, Chase Ink Bold, or Chase Ink Plus credit card, you can actually get more then 5 cents per point out of your points. Because they are all Chase Ultimate Reward cards, you can transfer your Chase Freedom points to one of these three accounts and then from there transfer your points to a partner loyalty program. Depending on how you redeem your points, those 5x points can easily be worth 10 cents per point! Read this prior post on Maximizing your Chase Ultimate Reward points to fully understand this transferring option.
Make sure though you activate your Q3 bonus categories or else you won’t receive the extra points!
Application Link: Chase Freedom®
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