Chase Student Flexible Rewards Card

• 0% Introductory APR on all purchases and balance transfers for up to 6 months
• No Annual Fee
• 1 point per eligible dollar
• Redeem points for merchandise

Issuer : Chase Manhattan Bank

APR : 0% fixed APR for purchases and balance transfers

Introductory Period : 6 months

APR After Introductory Period : 18.24% variable

Cash Advance Rate : 24.24% variable rate on cash advances

Annual Fee : $0

Credit Line Possible : The credit limit is configured according to your credit rating, whether or not you have a co-signer and your personal resources.

Insurance included : The Chase Student Flexible Rewards Card includes extended car rental and warranty coverage on services and purchases for up to a year.

Financing Configuration - The finance charges applied employ the "Two Cycles Average Daily Balance" method, which is a more costly method in applying finance charges for those who occasionally carry a balance as compared to the "Average Daily Balance" method used by most card issuers.

Grace Period - You have twenty days after making a purchase with the Chase Student Flexible Rewards Card during which you do not have to pay interest on account.

The Best Thing About It - You earn 3% back on fuel purchases, restaurants and office supply stores. There is also a 0% APR for six months and no fees for employee cards

The Worst Thing About It-The way the interest is calculated on the Chase Student Flexible Rewards Card is calculated in is more expensive than other cards and the interest rate is high once the introductory rate expires.

Credit Rating Needed For Acceptance : Good.

Who Is It For?

The Chase Student Flexible Rewards Card is for students who are trying to build their credit and who want a card with a decent and flexible rewards program. It is not a card that is recommended for carrying a month-to-month balance or for taking out cash advances.

The Benefits

The Chase Student Flexible Rewards Card has a straightforward and versatile rewards program. Through the reward program, cardholders earn one point for every dollar spent on the card. Earned points can be redeemed for free merchandise or gift certificates at popular merchants.

The Chase Student Flexible Rewards Card also earns points at any retailer. You earn one point for every dollar charged.

Rebates do not expire. You do not have to worry about using the points up within a time limit.

You can request expense reports. Expense reports are available on a quarterly basis if you don't want to keep track of things online.

Keep track of all of your business expenses online. You are also able to monitor what goes on in your account with full access to an online account report.  A full expense report can be requested at the end of the year.

You have theft or card loss protection.  Emergency card and cash replacement is part of your credit card agreement.

You have plenty of travel insurance. The card comes with auto rental insurance, roadside assistance and a car rental damage waiver.

You can benefit from extended warranty protection. If a product fails you have warranty protection up to $300 as long as you apply for this within a year of purchase.

The Chase Student Flexible Rewards Card has zero liability for fraud.  If you claim someone has stolen your card then you do not have to be liable for the usual $50 that is usually deducted.

The Drawbacks

The points have an annual cap. You cannot redeem more than 600,000 worth of points per year.

You may not qualify for the interest rates advertised. The APR for purchases and balance transfers varies according to the applicant's credit history and will be 5.99%, 9.99% or 14.99% + Prime Rate.

The Chase Student Flexible Rewards Card has a short grace period. Many credit cards don't begin to garner interest on purchases until thirty days after purchase. This card only gives you twenty days.

The introductory rate is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the costly prime rate. The bank also reserves the right to shorten the term of you introductory period if you do not make a timely or full payment.

No APR is guaranteed. APRs may change to higher APRs, fixed APRs may change to variable APRs, or variable APRs may change to fixed APRs with a month's notice.

All payments you make to your account will be applied to lower rate balances first. This makes it easy to get into debt.

The introductory rate can be cancelled at the discretion of the Chase Manhattan Bank. You will lose your introductory rate if you exceed your credit limit or are late with a payment or if there is a negative comment on your credit report.

It could be expensive to carry a balance on this card. The way the interest is calculated it could be a very expensive card if you did not pay it off in total each month.

Fees To Watch Out For

Late payment fee : $15 if balance is less than $250; $39 if balance is $250 or more

Additional cardholder fee :  $0

Over The Limit fee : $39

Cash advance Fee : 3%, $10 minimum

Balance Transfers : 3%. $5 minimum, $75 maximum

To Summarize

The Chase Student Flexible Rewards card has an above average interest rate for purchases and balance transfers (for a student card), no annual fee, and a 0% introductory rate for purchases and balance transfers through the first six months of membership. The card also offers cardholder benefits provided by Chase that include travel accident insurance, auto rental insurance, and various travel and emergency assistance services.