Chase Freedom Rise Review 2023 – Forbes Advisor

Chase Freedom Rise* vs. Capital One QuicksilverOne Cash Rewards Credit Card

The Capital One QuicksilverOne Cash Rewards Credit Card is the closest thing to a twin for the Chase Freedom Rise*, with no deposit required, unlimited 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel, and good approval odds for people with fair credit. But the Capital One QuicksilverOne Cash Rewards Credit Card also imposes a $39 annual fee and a 30.49% variable APR on purchases and balance transfers, meaning the Chase Freedom Rise* has a slight edge in these categories.

However, if you frequently travel abroad, the Capital One QuicksilverOne Cash Rewards Credit Card does have a big advantage: No foreign transaction fee. This can save you a lot of money and is something the Chase Freedom Rise*, with its 3% of each transaction in U.S. dollars foreign transaction fee, cannot compete with. Note: You’d have to spend $1,300 abroad for the Quicksilver One’s lack of a foreign transaction fee to break even with its $39  annual fee.

Chase Freedom Rise* vs. Bank of America® Customized Cash Rewards Secured Credit Card*

If your primary interest is stacking the odds of credit card approval in your favor, a secured credit card may be your best bet.

The Bank of America® Customized Cash Rewards Secured Credit Card* is a secured credit card, and it compares very well to the Chase Freedom Rise*. The card has no annual fee, but does require an initial deposit of at least $200 to open your credit line. It earns 3% cash back in a category of choice: gas, online shopping, dining, travel, drug stores or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; unlimited cash back on all other purchases. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.

However, there is one key difference in rewards potential between these two credit cards: Chase Freedom Rise* has no cap on its rewards earnings, whereas the Bank of America® Customized Cash Rewards Secured Credit Card* caps its bonus categories at $2,500 of spending per quarter. Once you spend more than that amount, you stop earning 2% or 3% back (depending on the category) and drop down to a blanket 1% back on all purchases.

Chase Freedom Rise* vs. OpenSky® Secured Visa® Credit Card

If you’re more concerned only with getting a credit card and don’t care what sort of rewards it offers, you might consider the OpenSky® Secured Visa® Credit Card. It’s a secured credit card, which means you need to come up with at least $200 as a deposit, and it doesn’t offer cash-back rewards at all. But, this card does not require a credit check, so this may be an appealing option for those with no credit or damaged credit and few options.

The OpenSky® Secured Visa® Credit Card requires an annual fee of $35, in addition to your initial security deposit. If you’d like to skip the annual fee you can bump your security deposit up to $300 and apply for the OpenSky Plus, which has no annual fee and still does not require a credit check.

Interestingly, the interest rates for the two OpenSky cards bracket the Chase Freedom Rise’s rate. The OpenSky Secured Visa has a 22.39% variable APR on purchases, which is fairly low in this credit category, while the OpenSky Plus is generally a few points higher.

Like the other cards mentioned here, OpenSky reports to all three major credit bureaus, which means responsible use of this credit card can help you build a stronger credit rating.