The Chase Freedom Rise Credit Card is a unique new offering from Chase Bank. The card provides enhanced approval odds for Chase deposit account holders, the chance at a credit limit increase, and impressive cash back rewards on all purchases. But is this new product right for you? Here is everything you need to learn about the Chase Freedom Rise Visa credit card vs. its biggest rivals:
The Chase Freedom Rise Credit Card Vs. Other Credit Builder Cards
Before jumping into a discussion of similar credit cards for building credit, let’s take a quick look at the Freedom Rise itself.
Chase Freedom Rise
Chase Freedom Rise
Chase Freedom Rise
- 26.74% variable based on the Prime Rate Regular Purchase APR
- 26.74% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Chase Freedom Rise Visa is a credit builder card that can help you earn cash back rewards and double your credit line fast. The card works best with an eligible Chase checking account, as having one can greatly improve your approval odds.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1.5% in cash back for all of your purchases
- Earn a $25 bonus for enrolling in in the first three months
- $0 annual fee
- Increase your credit line with 6 on-time payments
- Regular Purchase APR: 26.74% variable based on the Prime Rate
- Balance Transfer APR: 26.74% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99%
- Foreign Transaction Fee: 3% of the amount of each transaction in U.S. dollars.
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You have a Chase checking account with a $250 balance
- You want to earn unlimited 1.5% cash back on all purchases
- You are new to credit cards
- You don't want to pay an annual fee
The Chase Freedom Rise is Chase’s newest credit card. It’s the entry-level option in the Chase Freedom family – replacing the old Chase Freedom Student credit card – and offers basic rewards, a simple welcome bonus, and the chance for a credit increase in as few as six months from opening an account.
Apply In-Branch
Interestingly, the Freedom Rise is only available to apply for in branch at Chase. Fortunately, Chase currently operates over 4,700+ branches across 48 U.S. states. But why does the card require in-person applications? The reason is that it is a credit-builder product, and as such, it’s marketed towards those newer to credit. The Freedom Rise Visa is designed to help Chase customers who are new to credit and provides opportunities to help guide them on a strong path to financial health and building credit.
Double Your Credit Line
One of the most popular features of credit builder credit cards is the chance to double your credit line with on-time payments. Make at least the first six monthly payments on time, and you may earn a limit increase.
Solid Rewards & More
Chase Freedom Rise Credit Card account holders also earn solid rewards on all eligible purchases, namely an unlimited 1.5% cash back rate on all eligible purchases. Rewards never expire and are applicable to award options through the Chase Ultimate Rewards® portal. Redemption options include gift cards, Amazon or Apple purchases, or products bought through the Ultimate Rewards shopping portal. There’s even a simple welcome bonus, no annual fee, and Visa Platinum features and protections.
How Does the Chase Freedom Rise Credit Card Compare to Its Competitors?
Are you thinking about applying for the Chase Freedom Rise Visa? While the card could give great value, here is how it compares to some of its main competitors in the sub-prime and credit building market:
Capital One Platinum Credit Card
Capital One Platinum Credit Card
Capital One Platinum Credit Card
- 30.49% variable based on the Prime Rate Regular Purchase APR
- 30.49% variable based on the Prime Rate Balance Transfer APR
- 30.49% variable based on the Prime Rate Cash Advance APR
At a Glance
Anyone looking to build up their credit should consider the Capital One Platinum Credit Card, which grants cardholders with average credit access to a higher credit line after showing they’re responsible by making their first 5 monthly payments on time. The card’s interest rate encourages paying down one’s balance every month, creating the habits that will help users attain that better credit score they’re striving for.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual or hidden fees. See if you're approved in seconds
- Be automatically considered for a higher credit line in as little as 6 months
- Help build your credit through responsible use of a card like this
- Enjoy peace of mind with $0 Fraud Liability so that you wo't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
- Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
- Regular Purchase APR: 30.49% variable based on the Prime Rate
- Balance Transfer APR: 30.49% variable based on the Prime Rate
- Balance Transfer Transaction Fee: 3% of the amount of each transferred balance that posts to your account at a promotional APR that we may offer you. None for balances transferred at the Transfer APR.
- Cash Advance APR: 30.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: 3% of the amount of the cash advance, but not less than $3
- Late Payment Penalty Fee: Up to $40
- Over Limit Penalty Fee: None
- You do not want to pay an annual fee
- You want to build up your credit quickly
- You enjoy the freedom and convenience of mobile banking
In the credit builder space, few cards are as visible as the Capital One Platinum Credit Card. The Platinum Card’s purpose – helping to build and improve credit scores – is also its greatest strength, offering a well-trodden route towards credit health improvement and progression to more exciting rewards credit cards.
The Platinum Card from Capital One offers no annual fee, a variable APR, and the credit monitoring tools you need to get your score and credit health on track. And, like Chase, Capital One provides an opportunity for a credit limit increases.
Capital One guarantees that after five months of on-time payments, you would automatically become eligible for a credit limit increase. As long as your spending stays the same, this boost can positively impact your credit utilization, which plays a critical role in calculating (and maintaining) your credit score.
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The Merrick Bank Double Your Line® Secured Mastercard instantly compares to the Chase Freedom Rise Credit Card thanks to its “double your line” feature. The card requires an initial security deposit of $200, which acts as the credit limit with the new account. Make on-time payments for each of the first seven months, and Merrick Bank will double the credit line – in this case to $400 if you put down a $200 deposit – without the need to add more funds through additional deposits.
The biggest difference between Merrick and Chase here are the types of credit cards involved. The Freedom Rise is an unsecured credit card, while the Merrick Bank Double Your Line Card is secured. This means the Merrick Bank credit card offers better approval odds if you aren’t an existing Chase Bank customer.
Another difference is the annual fee. The Freedom Rise Credit Card charges no annual fee, while the Merrick Secured Card has a $26 annual fee for the first year, billed at $3 per month after that. That annual fee is low for a secured credit card but still less appealing than the $0 fee with Chase.
Self Visa® Credit Card
Self Visa® Credit Card
Self Visa® Credit Card
- 29.24% (Variable) Regular Purchase APR
At a Glance
The Self Visa® Credit Card is a secured credit card that pairs with an existing Self Credit Builder Account. The card has no formal approval process. Instead, hopeful consumers simply need to open a Self account and save over $100 to fund the secured Visa account.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Make at least 3 monthly payments on time, have $100 or more in savings progress in your Credit Builder Account, and be in good standing. Then, you’ll be eligible for the Self Visa Credit Card*, without a hard credit check
- Build credit and savings at the same time
- Start with a Credit Builder Account* that reports monthly payments to all 3 major credit bureaus
- At the end of your plan, unlock the savings you built — minus interest and fees
- The Self Visa® Credit Card* is accepted at millions of locations in the U.S.
- *All Credit Builder Accounts made by Lead Bank, Member FDIC, Equal Housing Lender, Sunrise Banks, N.A. Member FDIC, Equal Housing Lender or SouthState Bank, N.A. Member FDIC, Equal Housing Lender. Subject to ID Verification. Individual borrowers must be a U.S. citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number are required. All loans are subject to consumer report review and approval. All Certificates of Deposit (CD) are deposited in Lead Bank, Member FDIC, Sunrise Banks, N.A., Member FDIC or SouthState Bank, N.A., Member FDIC. The Self Visa® Credit Card is issued by Lead Bank, Member FDIC, Equal Housing Lender or SouthState Bank, N.A., Member FDIC, Equal Housing Lender. Individual results will vary. Visit self.inc for more details.
- Regular Purchase APR: 29.24% (Variable)
- Annual Fee: $25
- Late Payment Penalty Fee: Up to $15
- Return Payment Penalty Fee: Up to $15
- You're serious about raising your credit score
- You already have a Self Credit Builder Account
- You don’t mind the card's $25 annual fee
- You plan to pay your card balance in full every month
The Self Visa® is another great option if you want to build credit, don’t have a Chase deposit account, and are looking to quickly boost your score. The Self Visa requires a Credit Builder Account to open. This account is a type of credit builder loan where you open a loan account to “pay off” the loan into a certificate of deposit (CD) account.
Once you open your account and make at least three-monthly payments on time, have $100 or more in savings progress in your Credit Builder Account, and are in good standing (which you will be), then you can get the Self Visa Credit Card* – without a hard credit check. And, because the card is linked to a Self Credit Builder Account, cardholders can increase their secured card credit limit as they continue to improve their score with on-time payments. As their Credit Builder Account grows, that money can be moved towards the credit line with the Self Visa® Credit Card.
Discover it® Chrome for Students
Discover it® Chrome for Students
Discover it® Chrome for Students
- 18.24% to 27.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.24% to 27.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 6 months from date of account opening date Intro Purchase APR
At a Glance
The Discover it Chrome for Students is a student credit card and cash back rewards card that allows college students to earn 2% cash back on gas and restaurants, plus 1% cash back on everything else. In addition to not having to worry about an annual fee, students who maintain a GPA of 3.0 or higher will receive a $20 statement credit each school year.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Get $20 statement credit each school year your GPA is 3.0 or higher for up to next five years
- Earn 2% cash back at gas and restaurants on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other purchases
- Discover matches all the cash back you've earned at the end of your first year, automatically
- Cash back rewards do not expired and can be redeemed at any time
- 0% intro APR on purchases for 6 months
- No annual fee, no late fee on first late payment. No APR change for paying late
- Intro Purchase APR: 0% for 6 months from date of account opening date
- Regular Purchase APR: 18.24% to 27.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 10.99% for 6 months from date of first transfer
- Balance Transfer APR: 18.24% to 27.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: 3% of the amount of each transfer posted at the promotional rate. After that, 5% of the amount of each transfer
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: None the first time you pay late. After that, up to $41
- Return Payment Penalty Fee: Up to $41
- You're planning on commuting to college
- You plan to eat out rather than in the cafeteria
- You want a card that rewards a good school year, as your GPA can get you extra savings
- You want to take advantage of Cashback Match – only from Discover
- You don’t want to pay an annual fee
For students looking for an enticing rewards credit card that can grow with them, the Discover it® Chrome for Students is a safe bet. The card is similar to the regular Chrome Card, meaning students earn 5% back on the first $1,000 spent each quarter on both gas station or restaurant purchases, while earning unlimited 1% cash back on every other purchase.
The card also features the usual stuff from Discover: no foreign transaction fees, $0 annual fee, and Discover’s impressive Cashback Match. With the latter perk, Discover automatically matches the cash back earned for the first year of membership. That means if you use your Discover It Chrome Card and earn $500 in cash back, Discover will give you a dollar-for-dollar match. That would translate to $1,000 in cash back on your purchases, automatically. Cash back rewards with Discover are simple and straightforward.
The student-centric perks with the card include Discover’s Good Grade Reward. This rewards you each school year with a $20 statement credit if you keep your GPA above 3.0. Since this bonus is good for up to five academic years, the total reward has a value of up to $100 – just for doing well in classes. Students also receive access to their FICO credit score each month free of charge.
Once you graduate from school, you can graduate to the regular Chrome Card – or even switch to the impressive 5% cash back Discover It Cash Back Card.
U.S. Bank Cash+® Visa® Secured Card
U.S. Bank Cash+® Visa® Secured Card
U.S. Bank Cash+® Visa® Secured Card
- 29.99% variable based on the Prime Rate Regular Purchase APR
- 29.99% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The U.S. Bank Cash+® Visa® Secured Card is a secured credit card that offers up to 5% cash back on purchases, reasonable minimum deposit requirements, and more – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn 5% back on the first $2,000 in combined eligible purchases each quarter in two categories you choose
- Earn 2% back on the first $2,000 in combined eligible purchases each quarter in one everyday category
- Earn 1% Back on all other purchases
- Earn 5% back on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center
- Regular Purchase APR: 29.99% variable based on the Prime Rate
- Balance Transfer APR: 29.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either 5% of the amount of each advance or $10 minimum, whichever is greater
- Foreign Transaction Fee: 3% of each foreign transaction in US dollars
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
- Minimum Deposit Required: $300
- You have bad credit or no credit history
- You want the chance to graduate to a lucrative no annual fee, unsecured rewards card
- You want to earn up to 5% cash back
- You do't want to pay an annual fee
The U.S. Bank Cash+ Visa Secured Card is a less direct competitor to the Chase Freedom Rise Credit Card, but it nevertheless offers appealing rewards. The selling point of the Cash+ is the ability to select your categories to maximize your cash back earnings. Cardholders can earn 5% back on the first $2,000 in combined eligible purchases in the following categories:
| TV, internet, and streaming services | Cell phone providers | Electronics stores |
| Fast food | Home utilities | Furniture stores |
| Department stores | Clothing stores | Movie theaters |
| Ground transportation | Fitness centers | Sporting goods stores |
The great thing about the Cash+ secured card is that you can select two categories to earn up to 5% back. The drawback, however, is that the categories must be activated and are set for the full quarter. That caveat extends to the secondary rewards, with cardholders earning 2% back on eligible purchases in your choice of one everyday category (like gas stations and EV charging stations, grocery stores, and restaurants).
Fortunately, U.S. Bank actively monitors your activity and may offer you the chance to automatically move up to the U.S. Bank Cash+® Visa Signature® Card. Once there, your original security deposit will be returned.
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