These are each robust rewards playing cards that supply extra flexibility than most.

The Chase Freedom Flex℠ (Evaluate) covers a ton of floor with its bonus classes, providing each static and quarterly rotating classes.

The Financial institution of America® Money Rewards Credit score Card (Evaluate) permits you to tailor your rewards to your spending, letting you select which 3% bonus class you’d like every month, along with static money again classes.

Each playing cards have 0% APR provides, and neither one asks for an annual price, so you should utilize both of them just about without cost so long as you keep away from curiosity and costs.

So how do you select?

What’s the Distinction Between the Freedom Flex and Financial institution of America Money Rewards Playing cards?

There are fairly a couple of variations. They’ve completely different reward applications, completely different phrases, and completely different advantages.

The Freedom Flex has 3% and 5% money again classes, plus extra 5% classes that rotate each three months. The Money Rewards card offers you your selection of 1 3% money again class monthly, plus 2% static classes.

These playing cards additionally characteristic completely different intro APR provides. The Freedom Flex card provides 0% curiosity for purchases, whereas the Money Rewards card options an APR provide for purchases and steadiness transfers.

And at last, the advantages. The Freedom Flex provides excess of the Money Rewards card. It options cellphone safety, a DoorDash membership, Lyft credit, the Store by way of Chase buying portal, and extra buying and journey protections. The Financial institution of America card provides little or no compared.

The Rewards

Chase Freedom Flex℠

Spending Rewards
  • 5% money again on:

    • Journey bought by way of Chase Final Rewards
    • Lyft rides (by way of March 2022)

  • 5% money again in rotating classes, as much as $1,500 in spending every quarter, then 1%
  • 1% money again on all different purchases
Introductory Bonus
  • $200 bonus for spending $500 within the first 3 months

Regardless of having a $1,500 spending restrict on its rotating classes, you’ll nonetheless have the ability to earn loads of rewards. Once you hit that restrict, you’d have already earned $75, plus the opposite rewards from all of its different classes.

One other factor of observe right here is that the Freedom Flex solely earns 5% money again on journey if it’s booked by way of Chase Final Rewards. Should you e book your journey by way of regular means, you’d solely earn 1% money again.

Listed below are the 5% money again classes for 2021, and the earlier classes from 2020:

Quarter 2021 Classes 2020 Classes
January – March
  • Wholesale Golf equipment
  • Streaming Companies
  • Web, Cable, Telephone Companies
  • Fuel Stations
  • Streaming Companies
  • Web, Cable, Telephone Companies
April – June
  • Grocery shops
  • Health membership and health club memberships
  • Streaming companies
July – September
  • Amazon.com
  • Complete Meals Markets
October – December

Financial institution of America® Money Rewards Credit score Card

Spending Rewards
  • 3% money again in a single class of your selection:

    • Fuel
    • On-line buying
    • Eating
    • Journey
    • Drugstores
    • Dwelling enchancment/furnishings shops

  • 2% money again at:

    • Grocery shops
    • Wholesale golf equipment

  • 1% money again on all different purchases
  • 3% and a couple of% rewards solely as much as $2,500 spent per quarter, then 1% money again
Introductory Bonus
  • $200 money rewards bonus for spending $1,000 within the first 90 days

This on-line buying class is fairly uncommon, and could possibly be very helpful, protecting your favourite on-line retailers. The Freedom Flex may often earn rewards at Amazon, however will sometimes solely earn 1% at every other on-line retailer, or when that class isn’t lively.

And whereas the three% and a couple of% classes do have a spending restrict of $2,500 per quarter, that’s actually not one thing to fret an excessive amount of about. You’ll doubtless nonetheless have the ability to pull fairly good rewards.

Moreover, there’s a technique to increase the Money Rewards’ reward price previous what it usually provides, due to Financial institution of America’s Most popular Rewards program.

The Most popular Rewards program offers you a rewards bonus based mostly on how a lot cash you retain in your Financial institution of America financial institution accounts and Merrill funding accounts. It’ll additionally incrementally improve the curiosity you earn in your account balances, amongst different perks.

This system is cut up into three tiers, every one offering a bigger bonus than the final. The tiers are Gold ($20,000), Platinum ($50,000), and Platinum Honors ($100,000). Gold supplies a 25% bonus to your bank card rewards, Platinum ups it to 50%, and Platinum Honors supplies a 75% rewards bonus.

Redeeming

The Money Rewards card has a fairly simple redemption path. You’ll be able to deposit your money again right into a Financial institution of America checking account, redeem it as assertion credit, or have them mail you a paper test.

The Freedom Flex, alternatively, provides a couple of extra choices. When you’ve earned your money again, you possibly can redeem for:

  • Assertion credit
  • Reward playing cards
  • Journey by way of Chase Final Rewards

Or you possibly can really improve your reward worth by transferring your money again to a different card within the Chase Final Rewards program. Sure different Chase playing cards, just like the Chase Sapphire Most popular® Card (Evaluate), provide journey loyalty applications to which you’ll be able to switch your rewards. Typically you’ll have the ability to discover a increased per-point worth, that means your money again equal would improve.

Which Card Would Earn the Most?

As a result of an important variations relaxation in these playing cards’ reward applications, we’ll evaluate how a lot you may earn in a handful of classes.

For the comparisons under, the Freedom Flex earns 5% money again for 3 months earlier than falling to 1% for the remaining 9 months, due to its rotating classes. This doesn’t apply to its static classes for journey (5% or 1%) and eating (3%).

The Money Rewards card earns 3% money again for one month earlier than you possibly can select a brand new class. For the aim of those examples, we’ll assume you retain the identical class for 3 months, and subsequently earn 1% for the remaining 9 whenever you select a unique 3% possibility.

Fuel Rewards
Card Annual Spending Annual Rewards
Money Rewards (3% money again, then 1%) $3,000 $45
Freedom Flex (5% money again, then 1%) $3,000 $60

 

On-line Buying Rewards
Card Annual Spending Annual Rewards
Money Rewards (3% money again, then 1%) $1,000 $15
Freedom Flex (5% money again for Amazon, then 1%) $1,000 $20
Freedom Flex (1% money again at different on-line retailers) $1,000 $10

So should you have been to do all or most of your on-line buying at Amazon with the Freedom Flex, you’d outearn the Money Rewards card. Should you store on-line however not as a lot with Amazon, the Money Rewards card would come out on prime.

Grocery Rewards
Card Annual Spending Annual Rewards
Money Rewards (2% money again) $4,000 $80
Freedom Flex (5% money again, then 1%) $4,000 $80

 

Restaurant Rewards
Card Annual Spending Annual Rewards
Money Rewards (3% money again, then 1%) $1,000 $15
Freedom Flex (3% money again) $1,000 $30

 

Journey Rewards
Card Annual Spending Annual Rewards
Money Rewards (3% money again) $5,000 $150
Freedom Flex (5% money again for journey booked by way of Chase Final Rewards) $5,000 $250
Freedom Flex (1% money again for journey booked usually) $5,000 $50

Should you’re in a position to e book your whole journey by way of Chase Final Rewards, you’d earn excess of should you booked by way of regular means.

Now let’s see the whole spending and the whole rewards you’d’ve earned for every card.

Whole Annual Rewards
Card Annual Spending Annual Rewards
Money Rewards $14,000 $305
Freedom Flex $14,000 $230–$440

Based mostly on these examples, and supplied you e book your whole journey by way of Chase Final Rewards, the Freedom Flex could be the extra rewarding card.

Nonetheless, should you e book your journey by way of regular means, the Money Rewards card would doubtless overtake the Freedom Flex, albeit not by a lot.

Have in mind there are a variety of variables right here that can impression how a lot you earn with every card. For instance, you may select to maintain a particular bonus class with the Money Rewards for longer than three months, or maybe you spend much less on journey with the Freedom Flex, or don’t do most of your on-line buying with Amazon.

These examples additionally assume you’re spending evenly throughout the classes for your entire yr. Should you have been to spend extra on-line, for instance in the course of the holidays, that class would clearly pertain to you much more. Or should you journey solely a few times a yr, that might lower the rewards you’d earn.

Each of those playing cards could be very rewarding, and one is likely to be higher for you relying on the place and the way a lot you spend. And don’t neglect, the Money Rewards card could possibly be much more rewarding should you qualify for the Most popular Rewards program’s bank card bonuses, or you possibly can bump up the Freedom Flex’s reward worth by good transfers to different Chase playing cards.

How Do the Phrases Evaluate?

Card Buy APR Stability Switch APR Money Advance APR
Financial institution of America® Money Rewards Credit score Card 0% for 12 billing cycles, then 13.99%–23.99% Variable 0% for 12 billing cycles, then 13.99%–23.99% Variable 16.99%–27.24% Variable
Chase Freedom Flex℠ 0% for 15 months, then 14.99% – 23.74% Variable 14.99% – 23.74% Variable 24.99% Variable
Card Annual Payment International Transaction Payment
Financial institution of America® Money Rewards Credit score Card $0 3%
Chase Freedom Flex℠ $0 3% of every transaction in U.S. {dollars}
Card Stability Switch Payment Money Advance Payment
Financial institution of America® Money Rewards Credit score Card 3%, $10 minimal See Phrases
Chase Freedom Flex℠ Both $5 or 5% of the quantity of every switch, whichever is bigger. Both $10 or 5% of the quantity of every transaction, whichever is bigger.
Card Penalty APR Late Payment Returned Cost Payment
Financial institution of America® Money Rewards Credit score Card As much as 29.99% Variable As much as $40 As much as $29
Chase Freedom Flex℠ None See Phrases See Phrases

There are a couple of variations inside these card’s phrases that you need to be conscious of. For starters, whereas they each provide 0% intro APR intervals, they’re for various lengths and don’t cowl the identical issues.

The Money Rewards card provides 0% curiosity on each purchases and steadiness transfers, and the Freedom Flex offers 0% curiosity for purchases solely. Nonetheless, as of February 2021, the Freedom Flex supplies an extended length for its intro provide.

0% APR provides for steadiness transfers and purchases are nice methods to economize and mitigate debt. When you’ve got a steadiness accruing curiosity on one other card, you possibly can switch it to both of those to pay it down at no curiosity. Doing so will prevent cash from curiosity expenses and will aid you get out of debt sooner.

Buy APR provides could be extraordinarily helpful when you’ve got any giant bills deliberate. You might purchase a brand new sofa or TV after which pay it down whereas it accrues no curiosity, giving your self some further time to pay with out incurring further expenses.

Needless to say as soon as the intro 0% APR intervals finish, you’ll have to pay your assertion steadiness in full every month to keep away from curiosity expenses.

How Do Their Advantages Evaluate?

In relation to the advantages, the Freedom Flex comes out on prime. It provides excess of the Money Rewards card. There are Lyft credit and Fandango reductions, a DoorDash membership, entry to Chase’s buying portal, and a slew of journey and buying protections like cellphone safety and rental automotive insurance coverage.

Compared, the Money Rewards card comes up gentle. It options only a few further perks exterior of Financial institution of America’s Most popular Rewards program and the usual fraud legal responsibility protections, though it should doubtless include some buying and journey protections too.

You’ll be able to evaluate the entire collection of advantages from each playing cards under.

Freedom Flex

  • Complimentary DoorDash membership: You’ll get three free months of DashPass, DoorDash’s subscription service. You’ll pay $0 in supply charges for orders over $12, and get diminished service charges. As soon as these three months are up, you possibly can reenroll for 50% off.
  • Store by way of Chase: Cardholders can get additional cash again at choose retailers with the Store by way of Chase market. You’ll discover offers that come and go over time, which allow you to earn an excellent reward price exterior the bonus classes.
  • Chase Presents: Browse and activate particular provides from a collection of retailers on the Chase app.
  • ShopRunner membership: Get free two-day transport at a big selection of outlets.
  • Lyft credit: As soon as monthly you possibly can earn a $10 Lyft credit score for each 5 rides you’re taking.
  • Boxed rewards: You’ll earn 5% money again rewards on Boxed Wholesale orders for use for future purchases.
  • Fandango low cost: You’ll get $5 off each two tickets you purchase.
  • Chase Credit score Journey: You’ll be able to test your VantageScore 3.0 credit score rating, based mostly in your TransUnion credit score report.
  • Cell Telephone Safety: Your telephone is roofed in opposition to harm and theft whenever you pay the invoice along with your card, as much as $800 per declare and $1,000 per yr.
  • Prolonged Guarantee: Purchase a product along with your card, and an eligible producer’s guarantee can be prolonged for a further yr.
  • Buy Safety: Your new purchases are coated for 120 days in opposition to harm and theft, as much as $500 per declare and $50,000 per account.
  • Auto Rental Collision Harm Waiver: Decline the rental automotive supplier’s insurance coverage provide and cost the entire quantity to your card, and your rental automotive can be coated in opposition to harm and theft. That is secondary to your private insurance coverage.
  • Journey Cancellation/Interruption Insurance coverage: In case your journey is delayed or interrupted by eligible circumstances, resembling illness or climate, you possibly can be reimbursed by as much as $1,500 per particular person and $6,000 per journey.
  • Journey and Emergency Help Companies: Should you’re in want of authorized or well being help, or are having different journey emergencies, name your Profit Administrator.

Financial institution of America Money Rewards

  • Most popular Rewards program: Earn a 25%–75% money again bonus, decided by the balances of your Financial institution of America and Merrill financial institution accounts. There are three tiers: Gold ($20,000 minimal steadiness, 25% bonus), Platinum ($50,000 minimal steadiness, 50% bonus), and Platinum Honors ($100,000 minimal steadiness, 75% bonus).
  • FICO Credit score Rating Monitoring: Use this card to observe your FICO Rating 8 over time, based mostly in your TransUnion credit score report.
  • $0 Fraud Legal responsibility: To guard in opposition to unauthorized expenses
  • Id Theft Decision: Companies to assist should you turn out to be a sufferer of identification theft

What if I Need Each?

You might use each playing cards to maximise your rewards, significantly as a result of neither card requires an annual price. (See extra nice playing cards with out annual charges.)

With each playing cards, the number of purchases you’d earn rewards for could be fairly spectacular. Every month you possibly can select one of many 3% classes for the Money Rewards card that isn’t coated by the Freedom Flex to maximise your incomes potential.

Having each playing cards would additionally allow you to use the Money Rewards card for a steadiness switch, and whilst you work to pay that steadiness down, you possibly can use the Freedom Flex for its intro 0% APR for purchases. It’s lots simpler to pay down a steadiness that isn’t rising from contemporary purchases.

The Verdict

The Chase Freedom Flex℠ (Evaluate) and Financial institution of America® Money Rewards Credit score Card (Evaluate) are each very rewarding decisions. They every earn rewards on all kinds of purchases and provide extra flexibility and flexibility than most reward bank cards.

Which card earns probably the most will rely in your spending habits. Should you may spend lots on journey booked by way of Chase Final Rewards, the Freedom Flex would doubtless be the extra profitable possibility. Should you don’t spend lots on journey, the Money Rewards card could possibly be higher.

From the examples above, based mostly on $14,000 in annual spending, the Freedom Flex earns $230–$440 in rewards in comparison with the Money Rewards card incomes $305. That vital distinction is from journey by way of Chase Final Rewards. Nonetheless, your rewards from the Money Rewards card may attain that top too, relying in your Financial institution of America and Merrill account balances. So there are a number of components to think about.

From a advantages standpoint, the Freedom Flex has the Money Rewards card beat. The Money Reward’s advantages, except for the Most popular Rewards program, don’t actually provide a lot.

With all that mentioned, consider you possibly can get each of those playing cards to really maximize your rewards. Between the 2 of them, they cowl a ton of floor, and supply loads of worth due to their APR provides. To not point out neither options an annual price, that means with a bit work to keep away from curiosity and charges, you possibly can use each of them freed from cost.

Listed below are a couple of extra money again playing cards you may like:

For charges and costs of the Blue Money Most popular® Card from American Specific, please click on right here.

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