The Chase Freedom is a good rewards card, especially if you are thinking about applying for more cards in the future, and do not necessarily need cash back.
I got my Chase Freedom in January 2013, and a Chase Sapphire Preferred in May 2014. Fortunately, I did not use any of my Ultimate Rewards points for cash (you can redeem one point for one cent). Instead, I saved them, and now that I have the Sapphire Preferred, I can turn them in for more than just cash.
The Sapphire Preferred allows you to redeem points for airline miles, for example. These are typically "worth" more than just a penny per point. The 140,000 points I have amassed will be enough for two round-trip tickets to Japan, which is how we plan to use them.
My recommended long play:
- Get a Chase Freedom
- Use it for everything (that you can pay back in full) to start building up points
- Get a Chase Sapphire Preferred
- Combine your Ultimate Rewards points from both cards
- Convert your points to miles and take a free flight to someplace exotic
The sign up bonuses will help jump start your points coffers as well. Don't change them into cash!