Balance Transfer Card?

[seanerin]

Hey folks,

I am now considering a balance transfer card.  Below, you will see my cards (with balances and limits):

Amex PRG

Amex BCP 0 of 24,300

Chase SP 90 of 15,000

Citibank Platinum (8,800 of 25,000)

Banana Republic Visa (560 of 10,000)

One of my financial goals is to bring that Citi balance down to 0 over 12 to 18 months.  Right now at an apr of 6.7%, I am accruing ~50 dollars interest per month (which naturally will decrease bit by bit month to month).  Would it make sense to apply for a balance transfer card considering it seems they all charge a 3% fee?  If it would make sense, which card would you recommend?  I was recently approved for the sapphire preferred so I am not sure it is a good thing to apply for another card (i.e. another hard pull).  Also, my fico scores are 775-795.  Thank you...

[webhopper]

Chase Slate:

https://creditcards.chase.com/credit-cards/slate.aspx?CELL=6RRW&MSC=IQ49430441&jp_cmp=cc/N03BrandedS...

• 0% INTRO APR FOR 15 MONTHS ON PURCHASES†
• 0% INTRO APR FOR 15 MONTHS ON BALANCE TRANSFERS†
• AFTER THE INTRODUCTORY PERIOD ENDS, A VARIABLE APR OF 11.99%, 16.99%, OR 21.99%†
• $0 INTRO BALANCE TRANSFER FEE FOR TRANSFERS MADE DURING THE FIRST 60 DAYS THE ACCOUNT IS OPEN†
• AFTER THAT, THE FEE FOR FUTURE TRANSACTIONS IS 3% OF THE AMOUNT TRANSFERRED, WITH A MINIMUM OF $5†

If you did anything, this is what I would do.. Open Slate and transfer balance from Citibank to Slate. 

If they approve you for less than you need, ask to move CL from CSP to Slate

I don't see them giving you a low limit on slate 

[seanerin]

Thanks for the response.   I suppose that is one of my concerns: not being approved for a limit high enough to absorb the 8800 transfer.  Also, does my recent application and approval for the sapphire preferred hurt my chances of approval for the slate?  

[thom02099]

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@seanerin wrote:

Thanks for the response.   I suppose that is one of my concerns: not being approved for a limit high enough to absorb the 8800 transfer.  Also, does my recent application and approval for the sapphire preferred hurt my chances of approval for the slate?  

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I think it would depend on your "big picture"...you've got the score and looks like your overall util would be acceptable...what about inquiries, and is that score EX?.  Chase almost always pulls EX (depending on geography YMMV), did they pull EX for your CSP?  Was that $15K limit what they gave you from the beginning or did you CLI it? 

Slate underwriting can be a bit daunting...and all over the place.  I've read where they don't like to see high balances from other cards (even though that would be a potential source of a BT -- go figure), as well as being more forgiving if you do a BT immediately. 

You could also search for other lower interest BT cards.  I got my IberiaBank Select Visa because they have a low ongoing interest rate, and low BT fee.  But they can be difficult to get.  However, I was very pleased with their initial $8K limit, with no other history with them and scores (at that time in the upper 700s).  There are others as well.

[seanerin]

Thanks for the feedback. I think I will stick with what I have and accelerate the payoff of the citi card. 

[thom02099]

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@seanerin wrote:

Thanks for the feedback. I think I will stick with what I have and accelerate the payoff of the citi card. 

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Also a good plan!