If you already have Chase Freedom and Unlimited, you can still have another Chase Freedom when you downgrade. If you don’t have a Chase Freedom, you can get one with the $200 sign-up bonus after $500 purchase and 0% Intro APR card.
Now, if you already have a Chase Sapphire Preferred or Chase Sapphire Reserve and looking to downgrade it, downgrade to Chase Freedom. This way if you are reaching the quarterly $1500 category limit on first Chase Freedom, you will have another $1500 to earn the Quarterly 5% bonus.
The Chase Sapphire Preferred is the next best premium travel rewards credit card currently available. The Ultimate Reward points go further than other credit card programs and the travel benefits are easier to redeem. The next best premium travel credit card is the Citi Thanks You Premier, but recent negative changes will probably cause them to switch to the Sapphire Reserve. Currently, earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 toward travel when you redeem through Chase Ultimate Rewards. Chase Sapphire Reserve is the best Travelcard if you travel a lot.
Second option, if you are a family, the second person in the family can apply for Chase Freedom and add Authorized users mutually. I would add the authorized user if no plans to apply any new Chase card to be safe on the 5/24 rule.
Don’t downgrade to Chase Freedom Unlimited, you can always get one with the $150 sign-up bonus and it earns unlimited 1.5X UR points. So, no point having multiple Freedom Unlimited.
If you apply Chase Sapphire or Preferred within last 12 months, you wont be able to downgrade your card yet.
Please note, while applying for Chase Freedom all Chase new card rules apply, like 5/24 rule and 2/3o rule.