re: Cancelling a credit card and its impacts

It would probably ding your score a little bit temporarily.. If this is only your second credit card, I would suggest seeing if they will let you downgrade it to a Chase Freedom Unlimited. This will help your score in the long run (more accounts and higher average age of accounts). It's also probably a better all around rewards card than the Chase Freedom if you're using it for everything and not focusing on category bonuses.