Will Chase reallocate to a new credit card?

[FICOEmpire]

I have a 5 year old Freedom with $23,500 cl and no balance. I need to do a large balance transfer and need to know if I open a Slate, regardless of sl, will Chase allow me to immediately reallocate nearly all of my Freedom's limit to it and then complete the bt. I need $10-14k of it. I'm 4/24 with FICO 8's in the 770's.

[SouthJamaica]

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@FICOEmpire wrote:

I have a 5 year old Freedom with $23,500 cl and no balance. I need to do a large balance transfer and need to know if I open a Slate, regardless of sl, will Chase allow me to immediately reallocate nearly all of my Freedom's limit to it and then complete the bt. I need $10-14k of it. I'm 4/24 with FICO 8's in the 770's.

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I don't know about this particular combination of cards, the newness of the card, or the immediate timing, but when I asked Chase to reallocate credit limit from one card to another, they did it 1-2-3, no questions asked.

[FinStar]

You should be able to reallocate the CL once approved.  Do you currently not have any BT offers on your Freedom?

[FICOEmpire]

I hope so. I do have an offer but at 4% fee. Don't really want to owe $400 more in fees to move at least 10k. The Slate would be $0 and for 15 months. I need time right now. I think the util. would be 60% or less and I should be ok for no AA. Still debating it though. Also don't want to lose 15-20 points for AoYA but money is more important right now than score.

[Anonymous]

The BT is one thing.  Being stuck with a Slate card forever after the initial BT is another (regardless of the credit line it would still be a no perks card afterwards).  Not to mention I doubt you would get much of a line of credit on a Slate card anyway.

There has got to be a better option.

[Remedios]

They dont have to be stuck with Slate. Slate can be PCed to other core cards after BT is paid off. 

[FinStar]

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@FICOEmpire wrote:

I hope so. I do have an offer but at 4% fee. Don't really want to owe $400 more in fees to move at least 10k. The Slate would be $0 and for 15 months. I need time right now. I think the util. would be 60% or less and I should be ok for no AA. Still debating it though. Also don't want to lose 15-20 points for AoYA but money is more important right now than score.

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Ok, that's what I thought.  I wasn't sure what BT fee would be associated with Freedom.  I've seen 2% and 3% before hence why I mentioned it.  So, if the realized or potential savings based on the long term BT works for you, then sure.  Just keep in mind FICO has no memory and as your balances normalize so should your scores in the event a minor dip occurs.

Once the Slate has done it's job, you can decide on whether a PC would be in order or merge the CL back to Freedom, or another Chase CC.

[FICOEmpire]

Thanks @FinStar for your input. I will think about it but just wanted to see if I could immediately reallocate to a new card.

[Anonymous]

Haven't done it myself but I've seen others balance transfer Chase cards easily. I'm sure if you give them a call they wouldn't mind doing it as essentially it's adding no extra risk for them to do so.

[SouthJamaica]

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@FICOEmpire wrote:

I hope so. I do have an offer but at 4% fee. Don't really want to owe $400 more in fees to move at least 10k. The Slate would be $0 and for 15 months. I need time right now. I think the util. would be 60% or less and I should be ok for no AA. Still debating it though. Also don't want to lose 15-20 points for AoYA but money is more important right now than score.

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You might want to consider credit union platinum cards. Many offer permanent no-balance-transfer-fee cards. E.g. PenFed Promise, Unify Variable Rate Platinum, NFCU Platinum, DCU Platinum. Those are cards you can use in the future, too, unlike Slate which is worthless after the promo period.