Chase has launched the new Freedom Rise card for building credit — and you could be approved without a credit history

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• Chase has unveiled the newest addition to its popular lineup of Chase Freedom cards.
• The Chase Freedom Rise℠ - Product Name Only is a beginner credit card that earns 1.5% cash back on all purchases with no annual fee.
• To increase your chances of approval, you'll need to have or open a Chase checking account with a minimum balance of $250.
• Read Insider's guide to the best Chase cards.

If you don't have a credit history, getting approved for a credit card can be challenging. For those just starting out on their financial journey, secured credit cards are a good stepping stone — but not everyone wants to tie up funds in the security deposit these cards require.

Now there's another option. Monday's launch of the Chase Freedom Rise℠ - Product Name Only card offers a new opportunity to build credit with a credit card, and it's specifically designed for new-to-credit consumers like young adults and college students.

This no-annual-fee credit card earns 1.5% cash back on all purchases, and if you enroll in autopay within the first three months of account opening, you'll earn a $25 statement credit. However, getting the Chase Freedom Rise℠ - Editorial Name Only requires a bit of legwork; for now, you'll have to visit a Chase branch if you want to apply for the card.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Chase Freedom Rise Credit Card Details

Here's what to know about the new Chase Freedom Rise℠ - Editorial Name Only to help you decide if it's the right starter credit card for you.

How to Apply for the Chase Freedom Rise

To apply for the Chase Freedom Rise℠ - Product Name Only, you must fill out an application at a physical Chase bank branch. There's no way to apply online right now, but Chase says digital applications will be available in early 2024. That's a major drawback for folks who don't have a Chase branch nearby.

Chase frames this requirement as a way to give credit beginners access to in-person guidance and education from Chase bankers, but there's another hoop to jump through to get the card. Chase says to increase your likelihood of approval, you should have or open a Chase checking account with a $250 balance within two days of applying for the card. Once approved, however, you won't need to maintain a minimum checking account balance.

If you already bank with Chase or have easy access to a branch and don't mind opening a new checking account, these requirements aren't terribly inconvenient — but for some, they could be a dealbreaker.

It's important to note that the Freedom Rise is specifically designed as a first credit card for those with no credit history. If you're looking to fix your credit score, this is not the card for you. Instead, check out our guide to the best credit cards to rebuild credit for all the top options.

Chase Freedom Rise Benefits and Rewards

The Chase Freedom Rise℠ - Product Name Only is similar to the Chase Freedom Flex℠ - Product Name Only and Chase Freedom Unlimited® - Product Name Only in that it earns rewards in the form of Chase Ultimate Rewards® points, which you can redeem at a rate of 1 cent each for cash back, gift cards, or travel through the Chase Ultimate Rewards Travel Portal.

Unlike the other Freedom cards, the Chase Freedom Rise℠ - Product Name Only doesn't offer a traditional welcome bonus tied to a spending requirement. Instead, new cardholders can earn a $25 statement credit for setting up autopay within the first three months of account opening. That's not a bad deal considering many starter credit cards don't offer a bonus at all, but it's significantly less than what the best cash-back credit cards offer. 

The card's earning rate on spending is a lot more competitive — a respectable 1.5% cash back (1.5 Chase points per dollar) on everything you buy. While some cards offer a higher rate of return on certain purchases, the lack of bonus categories on the Chase Freedom Rise℠ - Product Name Only keeps things simple for the new credit card user.

The card offers benefits geared toward financial wellness and building credit, including educational and credit development resources. Cardholders also get access to Chase Credit Journey, which allows you to check your credit score for free and comes with identity theft protection and credit monitoring alerts. 

There's another incentive to use the card responsibly. After as little as six months, Chase will evaluate you for a credit line increase, which can potentially boost your credit score by improving your credit utilization ratio. 

Is the Chase Freedom Rise Worth It?

For the right type of person, the Chase Freedom Rise℠ - Product Name Only could be worth it. If you've never had credit before, opening the card — and taking advantage of the educational resources it offers — is a great first step in learning how to manage your finances responsibly. And you'll earn rewards for your spending, to boot.

Then, once you've established a positive credit history, you could be eligible to apply for more lucrative rewards credit cards, like the aChase Sapphire Preferred® Card - Product Name Only.

That said, having to apply in person and fund a Chase checking account is inconvenient and might be a turnoff for a lot of folks. There are plenty of easier options for credit newcomers that don't require a visit to a branch; for example, the best credit cards for students with no credit all offer online applications, and even secured credit cards let you apply and submit your security deposit digitally.

If you've already some credit history under your belt, the Chase Freedom Rise℠ - Product Name Only is not a good choice. Be sure check out these guides to find the card that best fits your credit profile:

• Best credit cards for students
• Best credit cards for college graduates
• Best credit cards for bad credit
• Best credit cards for average credit
• Best credit cards for good credit
• Best credit cards for excellent credit