1.5% cash back does not mean it is UR earning. Cash back is cash back.
If it is 1.5 UR per dollar then this immediately becomes the best credit card for all unbonused spend - amazing for anyone with high business/personal spend.
If it's just 1.5% cash back then it's useless.
Agree with all the above. However, this seems very worrisome.
Why would Chase do this?
If it's just 1.5X which generates UR, then yeah, that would be awesome - for us - but it would be extremely costly for Chase. Do you think Chase would be foolish enough to do that? Look at their track record with other cards. Look at their recent (and increasing) restrictions on CC signup bonuses. They know all about this "hobby." Does it seem likely they would expose themselves to that? Why would they provide such a big potential benefit for a no-fee card?
Ideally, this would be considered a new product (so one could get a bonus for signing up), and the "Classic" Freedom would retained/grandfathered forever, with it's current benefits. That's what I'd love to see. But I highly doubt that's what'll happen - that seems like it would run completely counter to Chase's track record as well as its recent behavior.
I'll remain hopeful until we know more. But I got a bad feeling about this...