I think you ought to pay off the CC first. Having high util on revolving credit makes you look like you are not responsible with your money, living beyond your means, etc. etc. and therefore not a good credit risk because you are not likely to pay it back. Also that 4.99% could become much higher right before your eyes if you are late with one payment or when your introductory rate expires.
If the student loan is in repayment already, then just make your regularly scheduled payments and get that balance down on your CC.