The card has no annual fee (which is amazing!) and currently has a sign-up offer of 20,000 Chase Ultimate Rewards points (after spending $500 in your first three months). And the card earns up to 5 points per dollar spent in select categories (capped at $1,500 per quarter).
Chase Freedom just announced its categories for 2015:
If you only have the Chase Freedom card, you can redeem the points for cash (100 points = $1).
But if you have the Chase Sapphire Preferred card as well (2 points per dollar on travel and restaurants; 1 point for everything else), you can transfer your points 1-for-1 to lots of other programs.
The Chase Sapphire Preferred offers a 40,000 point sign-up bonus after you spend $4,000 within your first three months with the card. There's no annual fee for the first year (Here's a link to a referral code that gets me some points if you sign up. I don't get any of your info, just points.)
If you sign up for both cards, you get 60,000 points after spending $4,500 within your first three months. That's enough for a one-way Suites Class redemption on Singapore Airlines from New York-JFK to Frankfurt (57,375 miles), or two nights at the Park Hyatt Paris-Vendôme (30,000 points per night).
I recently redeemed my Chase points for Singapore Airlines Suites Class from Los Angeles to Shanghai via Tokyo-Narita and Singapore for 106,250 points.
Suites Class double bed
If you're just getting started in the points world, I'd start with the Freedom and/or the Sapphire. Almost all of my everyday spending goes on one of those two cards.