Chase Freedom Flex 25,000-Point Bonus Ends November 5

If you have been waiting for an easy way to earn $250 without paying a yearly fee, this is your window. The Chase Freedom Flex card is offering a big sign-up bonus, but only for a few more days. DansDeals reports that the offer ends November 5 at 7am ET.

Let's walk through what you get, how it works, and how to decide if it fits your family.

The offer, in plain English

When you open a new Chase Freedom Flex, you earn 25,000 Chase Ultimate Rewards points. That is Chase's name for the reward points you collect. Those points are worth at least $250 in cash back.

Here is the catch, and it is a small one. You need to spend $500 on the card within 3 months of opening it. That is not extra spending if you use the card for things you were already going to buy, like groceries, gas, or a new set of tires.

The card has no annual fee, so you are not paying anything to keep it. It also comes with a 0% introductory rate on purchases and balance transfers for 15 months from the day you open the account, and then the regular rate applies. If you ever carry a balance, remember that rewards are never worth paying interest for. Pay the bill in full whenever you can.

Chase also recently removed the foreign transaction fee, which used to be 3%. That is handy if you travel abroad. One reader of the DansDeals post said an older card that was switched over still had the fee, so the zero fee may apply only to brand new accounts. Check before you rely on it.

How a welcome bonus actually works

A welcome bonus is a thank-you gift from the card company for becoming a new customer. You do not get it for just opening the card. You get it after you spend a set amount in a set time.

Here is a simple example with this card. Say you open it and your family spends $500 over the next 3 months on everyday things. You put $200 on groceries, $150 on gas, and $150 on a prescription and a dinner out. Once you pass $500, you earn 25,000 points. Those points are worth $250 as cash back. So you spent $500 you would have spent anyway, and you got $250 back on top of that.

There are a few rules to know before you apply:

• You will not get the bonus if you received a Freedom Flex sign-up bonus in the past 24 months.
• You cannot be approved for the card if you already have an active Freedom Flex.
• Chase may deny you if you have been approved for 5 or more credit cards in the past 24 months, though the post says this is not enforced the same way every time.

If you are not sure about your history, your old statements or a secure message to Chase can tell you when you last got a bonus.

What the 5x categories mean

The name "Flex" comes from the rotating bonus categories. Each quarter (every 3 months), Chase picks places where you earn 5 points for every $1 you spend. That is often marketed as 5% back. Examples the post lists include gas stations and EV charging, grocery stores, restaurants, home improvement stores, wholesale clubs, internet and streaming, Amazon, Walmart, PayPal, live entertainment, and public transit.

There are two things to remember. First, you have to sign up for each quarter's categories, which only takes a minute. Second, the 5x rate applies to up to $1,500 in spending each quarter. Chase has promised to reveal the upcoming quarter's categories soon, and it usually announces them about a quarter ahead.

Here is what that looks like with real numbers. Suppose one quarter's category is grocery stores and you spend the full $1,500. At 5 points per dollar, you earn 7,500 points. Cashed out at 1 cent per point, that is $75 for one quarter of buying food you already needed.

The card also earns 5 points per dollar on travel booked through Chase Travel, 3 points per dollar on drugstores and dining (including takeout and delivery apps), and 1 point per dollar on everything else.

What your points can do

The easiest choice is cash back, where each point is worth 1 cent. The post's author says you can often do better by using points for travel. Through Chase Travel, the Points Boost feature can lift each point to 1.1 cents on select airlines and hotels. You can also transfer points to travel partners like United, Hyatt, and Southwest, but only if someone in your household also has a certain Chase travel card, such as the Sapphire Preferred.

If that sounds like too much, skip it. Cash back is simple and still a great deal for a card with no yearly fee.

If you want to compare this card with other ways to earn cash back, our guide to cash back credit cards is a good place to start. And if you are thinking about cards that do charge a yearly fee, read when to keep, downgrade, or cancel first.

What to do this week

• Decide by November 5 at 7am ET whether you want this card, since the offer ends then.
• Check your records to make sure you have not earned a Freedom Flex bonus in the past 24 months.
• Think about the $500 you will spend in the first 3 months, and plan to put your regular bills on the card.
• Set a reminder to pay the full balance each month.
• When the next quarter's 5x categories are announced, sign up for them right away.