Chase Slate or PenFed Promise?

[TheExecutive]

Apologies if this has been posted in the wrong place. 

I have about $8k of debt on a Fidelity Investment Rewards Visa (13.99%) that I'd like to transfer to pay down at a lower interest rate.

The Chase Slate and the PenFed Promise both seem like the way to go, for different reasons.

Chase Slate Pros:
> 0% for 15 months
> No need to worry about getting approved for enough to cover the debt (755 EQ FICO)

Chase Slate Cons:
> 3% balance transfer fee
> Like most balance transfer cards, it's pretty much useless after the promotional transfer period ends and your debt has been paid

PenFed Promise Pros:
> No balance transfer fee
> Retains some usefulness after the initial 4.99% transfer by having a low non-promotional period APR (as low as 7.99%)

PenFed Promise Cons:
> It's PenFed - will a 755 EQ FICO be enough to get a high enough CL to cover $8k, or even get approved at all?
> Intro rate is 4.99%, not 0%

What do you guys think I should do? Should I even bother with a balance transfer, avoid another inquiry and just pay down the $8k at 13.99%? If I do get one of the two cards, I will pay off the debt before the promotional period expires, no matter which card I go with.

[Anonymous]

With PenFed it is not only about score. They will also probably weigh heavily how much credit you have and your current balances. They may also ask for proof of income. When i applied my Fico nextgen EQ was 672 and i got a 5k CL that i reconned to 6k. So it is definitely possible for you to get more than 8k. 

With the slate there is no fee for BT in the first 2 months. And i think you should be able to convert to a Freedom later? Others should chime in on this. 

So my vote would be Slate. 

Also look into barclay ring

[TheExecutive]

Thanks for the reply! 

My overall util is 18% and my highest current limit is $25k on an AMEX BCE. I already have a Freedom, this would be my second Chase card if I go with Slate.

[Anonymous]

What's your CL on the Freedom?  If it's above what your need for BT, they're very likely to beat it with a Slate. 

[TheExecutive]

My CL on the Freedom is $2100. Chase hard pulls CLI requests (unless I'm mistaken) so I never asked for more.

[Anonymous]

---

@TheExecutive wrote:

My CL on the Freedom is $2100. Chase hard pulls CLI requests (unless I'm mistaken) so I never asked for more.

---

I'd go with Penfed. Your score is solid enough for that.  I applied with a score lower than yours and was approved for 15k. 

[Tszone]

Slate waives the balance transfer fee if balance transfer is done within the 1st 60 days of account opening.

[TheExecutive]

---

@Tszone wrote:

Slate waives the balance transfer fee if balance transfer is done within the 1st 60 days of account opening.

---

That makes the Slate a bit more attractive, yes. However it still seems like the card is a bit useless after the transfer is done and paid off. I do feel a bit more confident about the PenFed now.

[TheExecutive]

Update: I went with the PenFed Promise, applied over the phone, had application flipped to a loan officer, then approved for $4.5k. Ugh. No derogs, so maybe they didn't like the 18% util. I wonder if it's even worth trying to recon. Eh, if not, I'll work with it.

[Anonymous]

---

@TheExecutive wrote:

Update: I went with the PenFed Promise, applied over the phone, had application flipped to a loan officer, then approved for $4.5k. Ugh. No derogs, so maybe they didn't like the 18% util. I wonder if it's even worth trying to recon. Eh, if not, I'll work with it.

---

@TheExecutive,

Sorry to hear that.. I think you should call and recon.  They use the Nextgen score..