You have a good base with the Paypal 2% spend and the Discover 5% category.
I believe you can PC the Chase Ulimited to the Freedom after 12 months, but as I understand it, you would not get the spend bonus through PC'ing. Would be good to pair with the Discover though regardless.
Myself, I don't have military affiliation, I'm not a miles and points rewards person, I don't own a business, and I'm simply not a huge spender. Since I have a 2% spender, I prefer cashback cards with diversity, 3% and up.
Currently have: Citi DC 2% flat spend and Discover It 5% category
Adding: Chase Freedom - additional 5% category with spend bonus
Barclay Uber Visa - 4% restaurant/fast food, 3% airfare/hotels + spend bonus & no FTF
Citi Costco Anywhere Visa - 4% gas, 3% airfare/hotels, 2% Costco spend + no FTF
US Bank Cash+ - 5% x 2 category - (Cell Phone/Utilities) + spend bonus
Possible: BoA Cash rewards - 3% Online Shopping + spend bonus (hard to justify for this one category)
AmEx BCE - 3% Grocery + spend bonus (only to get in the door with AmEx, then 3xCLI)
With this combination, I'll pretty much cover every typical spending category useful to me without having to jump through excessive hoops and apply for 20+ cards. All of these are No AF, but Costco does require membership, so the rewards offset the annual Costco membership. Just as I'm on the fence with BoA (not really a fan of BoA) just for the 3% online shopping, I've also tried to justify the Fort Knox FCU card for the 5% gas, but again, I like the more diverse cards.....with Costco Anywhere I'll lose 1% on gas to cover 2 other categories. Worth it to me. Added note: Uber Visa and Costco have no FTF, so good travel cards along with the airfare, hotel, vacation rental homes, cruises, etc that they offer.
Just my $0.02
On Deck: No Plans Currently
@Taurus22 wrote:You have a good base with the Paypal 2% spend and the Discover 5% category.
I believe you can PC the Chase Ulimited to the Freedom after 12 months, but as I understand it, you would not get the spend bonus through PC'ing. Would be good to pair with the Discover though regardless.
Myself, I don't have military affiliation, I'm not a miles and points rewards person, I don't own a business, and I'm simply not a huge spender. Since I have a 2% spender, I prefer cashback cards with diversity, 3% and up.
Currently have: Citi DC 2% flat spend and Discover It 5% category
Adding: Chase Freedom - additional 5% category with spend bonus
Barclay Uber Visa - 4% restaurant/fast food, 3% airfare/hotels + spend bonus & no FTF
Citi Costco Anywhere Visa - 4% gas, 3% airfare/hotels, 2% Costco spend + no FTF
US Bank Cash+ - 5% x 2 category - (Cell Phone/Utilities) + spend bonus
Possible: BoA Cash rewards - 3% Online Shopping + spend bonus (hard to justify for this one category)
AmEx BCE - 3% Grocery + spend bonus (only to get in the door with AmEx, then 3xCLI)
With this combination, I'll pretty much cover every typical spending category useful to me without having to jump through excessive hoops and apply for 20+ cards. All of these are No AF, but Costco does require membership, so the rewards offset the annual Costco membership. Just as I'm on the fence with BoA (not really a fan of BoA) just for the 3% online shopping, I've also tried to justify the Fort Knox FCU card for the 5% gas, but again, I like the more diverse cards.....with Costco Anywhere I'll lose 1% on gas to cover 2 other categories. Worth it to me. Added note: Uber Visa and Costco have no FTF, so good travel cards along with the airfare, hotel, vacation rental homes, cruises, etc that they offer.
Just my $0.02
I hadn't even thought about a PC... 
A quick google around comes up with a mixed bag of requirements. Some say you have to wait 1 year, yet others say you only have to wait if you are moving to a higher AF card as per the CARD act. One poster had said they waited only 2 months to PC from CF to CFU. Shot Chase's secure messages department a query about it, I'll update with their response.
Edit: They're pretty fast, they confirmed it's a year. Means I got a reminder to set! They said I could apply for the other one... Nah, I'll grab the US Bank Cash+ as my next app in the coming future.
@kdm31091 wrote:I would say if there's no Amex that really meets your needs, there is no need to app for one just for the sake of having "all the bases covered". At least in the US, network is pretty much irrelevant. There isn't much advantage to having an Amex over any other network in most cases. Amex cards that are actually issued by Amex have some good purchase protections but you can find those on other bank cards too.
If you really want an Amex and want cash back, I would suggest their Magnet card for 1.5% back on everything. It's nothing groundbreaking, but IMO it's better than a BCE unless you have huge grocery spend (that isn't at Target or Walmart, which Amex doesn't consider groceries for purposes of the 3%).
Just wanted to point out.....I think you're correct about your point regarding "having all bases covered".....not really a factor. However, as I mentioned before, AmEx is extremely generous with the 3xCLI. If you app with BCE just to have grocery spend (obviously no Walmart or Target), let's say the SL is 4k.....that could easily become 12k rather quickly which would be a boost to overall CL and UT%. If the SL were by chance 8k, that could be a 24k boost. That's why it is on my goal list as well.....simply for that purpose. But the Cash Magnet as you mentioned, would end up being a redundant card since the OP already has the 2% Paypal......at least the BCE would offer a new grocery facet to his collection without having to SD a redundant card.
