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Earn 2,000 bonus points on your biggest household expenses right now

April 03, 2020
4 min read
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Update: Some offers mentioned below are no longer available. View the current offers here.

By now, most of you are probably looking for ways to earn more miles while stuck at home. If you've already planned how you'll max out the 5x category bonus on the Chase Freedom® card (No longer open to new applicants) this quarter, there may be another option for you. The Chase Freedom Unlimited is offering up to 2,000 bonus points on $250 in combined purchases across some of the most common spending categories:

  • Utilities
  • Insurance
  • Phone service
  • Cable
  • Internet

The information for the Chase Freedom has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

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How it works

The catch with this offer is that you must be targeted (check your email) and register for this offer before using your card. You have until Sept. 30, 2020, to activate and take advantage of this bonus. Chances are most of you can easily spend $250 across these five categories over the next five months. So if you were targeted, you should go ahead and set the Freedom Unlimited as your default payment method for these monthly bills.

What's interesting is that the email specifically promotes this offer as "2,000 rewards points." That's because the Chase Freedom Unlimited is actually a cash-back card. If you have another Ultimate Rewards-earning credit card, like the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®, then you can convert your cash-back rewards to Ultimate Rewards points. So my guess is that this offer may be targeted toward Chase Freedom Unlimited cardholders who also have an Ultimate Rewards-earning credit card, though it could just be targeted wording for this specific cardholder group.

Related Reading: TPG readers' best tips for maximizing points and miles

Why this is a great offer

The Chase Freedom Unlimited normally earns 1.5% cash back (or 1.5 Ultimate Rewards points per dollar spent). That already makes it my go-to card for non-bonus spending. At 2,000 points for $250 spent, you're earning a whopping 8 points per dollar spent. Since TPG values Ultimate Rewards points at 2 cents each, that becomes a 16 cent return on every dollar. That's an incredible return on non-bonus category spending, so if you've been targeted for this offer, you should activate it and take advantage.

What you can do with 2,000 Ultimate Rewards points

While 2,000 Ultimate Rewards points are worth around $40, the real value comes down to how you end redeem your points. Some of you have been sharing that you've redeemed points for statement credits at a rate of 1 cent per point. That's perfectly understandable, considering the financial strain the novel coronavirus crisis has created.

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If you transfer these points to your Chase Sapphire Reserve card, you can redeem them for $30 worth of travel through the Ultimate Rewards travel portal. That's not exactly an option right now, but it can certainly come in handy down the road.

Hands down, the best way to get maximum value out of these points is by transferring them to airline and hotel partners once things go back to normal. And while 2,000 points may not sound like a lot, they can go a long way. I've personally booked round-trip Southwest Airlines awards that cost ~$90 for around 2,100 points. That's a value of well over 4 cents per point.

Related Reading: Best credit cards for streaming services

Bottom line

While 2,000 bonus points aren't earth-shattering, this is a nice way for Chase Freedom cardholders to earn even more points on spending on household bills that don't typically earn bonus points beyond the standard rate. Between the category bonuses offered by the Chase Freedom card this quarter and now this 2,000-point bonus from the Unlimited, you've got plenty of opportunities to maximize essential spending while in self-isolation.

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.