I have mentioned in our introduction that I actually have and use this card. I do also have a few other cards in my wallet so I think I am particular well qualified to review and comment about this.
Despite having many cards, I find that I frequently end up using this card (along with my Amex Blue Cash and Platinum). There are several reasons for this.
Firstly, I do register and make use of the 5% cash back categories and bonus categories when it makes sense for me. For example, if gasoline was in the 5% category for the quarter, you bet I'll be using it all the time at gas stations. Or when "restaurant" expenses are in it, I'll be using it whenever I go out to eat.
The reason why I have been successful at this is because I am aware of what categories will earn me 5% cash back during any quarter. In that sense, you have to be on top of this. Some folks are not really diligent about this and miss out opportunities.
Another reason why I really like this card is because I can use points and not just exchange them for cash back, but also other rewards from the Ultimate Rewards program. For the most parts, it always pays to redeem points for cash for most cards (or rather earning cash back is better than regular rewards). But the Ultimate Rewards Points has got great value and I do not mind redeeming points for gift cards and merchandise. In fact, I have done both. Once I redeemed a gift card for a present and another time, I used points for my son's XBox 360 for his Christmas present. And I was pleased with the process and how easy it was.
Another reason this card is great is because Chase allows you to combine different Ultimate Rewards accounts that you have. You can also combine UR accounts with your family members. My wife (Mrs Credit Card) has a Chase Sapphire Preferred (SM) Card. Hence by combining UR accounts, we can earn more UR points. Best of all, the points earned with this card (because it is combined with the Sapphire Preferred account) can be transferred to airline and hotel partners. Their airline partners include British Airways, SouthWest, United and Korean Airlines and their hotel partners include Ritz Carlton, Hyatt and Marriott. Chase has most of these affinity cards. Hence, for those of you with any of these cards, having a Chase Sapphire Preferred(SM) account and a Chase Freedom® Visa is a great way to maximize the points you earn for your frequent flier or guest program.
Whether you are a cash back person or a rewards person, this card should be in your wallet. If all you have is this card, it is a great all round rewards card and will make you happy. If you are the sort of person that likes to maximize your cash back, then this card, along a card like the Blue Cash Everyday will make a great combination. If you are a frequent flier or frequent guest with any of Chase partners, then combining this card with their Sapphire Preferred version is a great way to go about it.
Overall, we highly recommend this card.