argh, type in title. Should real annual FEE.
I am getting some dental work done that will cost me a fair amount of $$ in the coming months, so I am thinking about applying for a new card from NFCU to take advantage of the bonus offer.
I am trying to decide between the CashRewards and the Flagship. The Flagship has some good perks like free Amazon prime and .25% more cash back + a larger bonus (albeit with a bigger spend). However, there is an annual fee. I know I am stuck with the annual fee for the first year but can I product change down to the Cash Rewards before the 2nd annual fee hits in year 2? I remembered reading somewhere that you have to have the card open for a full year before allowing a PC which makes me think I'd be locked into an annual fee for two years.
Tldr: Can I product change the NFCU Flagship Rewards before the 2nd annual fee hits?
Flagship is a great card and the AF is peanuts.
I would keep it as it.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
Yes. As long as you haven't done any product changes in the past 12 months and your account is in good standing. Although, the bonus on the Flagship rewards card would cover your annual fee for the next 7 years (assuming the annual fee doesn't increase during that time). You could just keep the card for 7 years and then decide.
Edit: One thing to keep in mind about the Flagship is that you can only redeem your cashback after 5,000 points ($50) and only in 5,000 point increments. You can use your points to pay of a limited number transactions each billing cycle, I believe, which the 5,000 points rule doesn't apply.