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Chase announced two of his most popular cash back credit cards receive temporary rewards and a welcome offer bonus starting July 24, 2020.

For one year, new cardholders approved either for the Chase Freedom Flex℠ Where Chase Freedom Unlimited® will receive:

• A $ 200 bonus after spending $ 500 on purchases in the first three months after opening the account

New cardholders will always receive typical product offers for either card. For Freedom Unlimited, this means at least 1.5% cash back on purchases, no annual fees, and an introductory APR on purchases for 15 months (14.99% to 23.74% variable APR thereafter ), and for the Freedom Flex 5% cash back on activated bonus category purchases each quarter (up to $ 1,500, then 1 percent). Both cards also offer 5% on Chase Ultimate Rewards travel purchases, 3% cash back on meals (including restaurants, take out, and qualifying delivery services), and drugstore purchases.

“This year, we’ve seen significant changes in our customers’ spending preferences, and Chase Freedom Unlimited is committed to delivering money-making opportunities in the places our cardholders buy the most,” according to the press release.

Information about Chase Freedom was collected independently by Bankrate.com. Card details have not been reviewed or approved by the card issuer.

Credit cards evolve into daily rewards

More product changes during COVID-19 focused on travel credit cards, with the exception of the additions related to the rewards to the Capital One Savor Cash Rewards credit card and the Capital One SavorOne Cash Rewards credit card earlier this year.

For example, Chase first announced updates to the Chase Sapphire Preferred® Card and Chase Sapphire Reserve® end of May of this year. Cardholders received additional rewards on grocery store purchases, bonus points when redeeming statement credit for qualifying grocery, restaurant and home improvement purchases and more. Now cardholders can receive additional rewards on streaming services and Instacart orders.

Freedom Cards were the first Chase cash back cards to receive updated benefits due to changing spending habits of cardholders in the midst of the pandemic.

Learn more: Chase Freedom Unlimited vs. Capital One Quicksilver

Are the changes to Freedom Unlimited worth it for new cardholders?

Rossman notes that changes to Freedom Unlimited could be a bit late, as the initial spike in grocery-related spending occurred in the spring of this year. Still, with the current increase in cases across the country, the timing may end up playing in the favor of cardholders.

Regarding the long-term value of updated product offerings, Rossman urges cardholders to consider whether they plan to pair Freedom Unlimited with another Chase the credit card.

“I urge cardholders to look beyond the present… CFU is more appealing if you pair it with one of Chase’s transferable point cards (like CSP or CSR),” says Rossman.

If the updates complement your current spending style and fit into your overall credit card strategy, Rossman encourages potential cardholders to apply.

Keep the approval process in mind

“Chase will probably be pretty selective with the approvals,” Rossman said. “I would expect a lot more than six months ago, given the lingering uncertainty about the economy and jobs.”

With this in mind, it is important to ensure that your overall financial health matches the qualifications needed to be approved for Freedom Unlimited – namely, a good to excellent credit score.

Editorial Disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed herein are solely those of the reviewer and have not been reviewed or endorsed by any advertiser. The information, including fares and card fees, presented in the exam is correct as of the date of the exam. Check the data at the top of this page and the bank’s website for the most recent information.