Seems reasonable if you will use the southwest points. If you will also use the $100 annual southwest credit, the priority card even has a negative net annual fee – meaning you can plan to keep it indefinitely until they change the benefits and/or fee. And the 90k SW points (10k to referrer, 75k + 5k from spend) is a very good welcome offer (worth ~$1350 + $100 travel credit - $150 fee = $1300 for $5k spend for first year).
Personally the cards I have with Chase are:
Chase Ink, Chase Southwest Premier (business)
Chase Freedom X 2
Southwest – canceled last Monday
Im hoping a couple weeks after canceling is enough time and I can apply for the Priority with the current offer next week. There doesn’t seem to be much info/ datapoints for any required time between canceling to satisfy the requirement to be “not a current holder of any _____ cards”.
Chase Freedom(s), Chase Ink, and either a sapphire Preferred or Reserve are the best cards that all work together for Ultimate Rewards points. And the Southwest Priority is the only Chase card I’m aware of with a negative effective annual fee.