Dear Annabelle,
Once we are, hopefully, approved for the Chase Sapphire Preferred we are planning to also apply for the Chase Freedom card. It doesn't have an annual fee so we could keep it long term. This seems like a good idea as far as keeping a relationship with the bank; although our mortgage is currently with them so I am not sure if that matters.
The advantage of this card is that it gives you 5% cash back on specific categories, which change every 3 months. Note to self: you have to activate the category every 3 months. If you only have this card then it gives you cash back but if you have the Chase Preferred you can transfer your points from this card to the Chase Ultimate Rewards account that you have with the Preferred card. I guess that would be something to consider if we were going to cancel the Preferred after a year.
The Chase Freedom also has a 0% Intro APR for 15 months on purchases. We would like to find cards with 0% since our cash flow is having some issues at the moment. We decided to put 20% down on the mortgage but it left us with little savings otherwise. What we did instead for cash flow was got a home equity line of credit (for 45K) but we would like to not have to use it. It would be nice to have 0% for a while, until Andrew's stocks come due in the summer.
Hugs,
Jen
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