Chase Slate vs. Chase Freedom Unlimited

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macuserman
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Chase Slate vs. Chase Freedom Unlimited

Postby macuserman » Mon May 16, 2016 1:08 pm

My plan to pay off my remaining CC debt is still happening just a little slower than I would have liked. I was considering a balance transfer to boost the speed of my plan possibly by reducing the wasted interest. The Freedom Unlimited is already on my list of cards I want, and it appears to have 0% APR for 15 months just like the Slate. Is there any reason why I should choose the Slate over the Freedom? The wording is so similar and a little confusing, 0% Introductory APR, vs 0% APR.



Thoughts?


Kevin86475391
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Re: Chase Slate vs. Chase Freedom Unlimited

Postby Kevin86475391 » Mon May 16, 2016 1:37 pm

macuserman wrote:My plan to pay off my remaining CC debt is still happening just a little slower than I would have liked. I was considering a balance transfer to boost the speed of my plan possibly by reducing the wasted interest. The Freedom Unlimited is already on my list of cards I want, and it appears to have 0% APR for 15 months just like the Slate. Is there any reason why I should choose the Slate over the Freedom? The wording is so similar and a little confusing, 0% Introductory APR, vs 0% APR.



Thoughts?


It's important to note the difference between 0% purchase APR and 0% balance transfer APR.

Purchase APR is of course for newly purchased items on the card. Whereas balance transfer APR refers to the APR charged on a balance transfer. Just because your card has 0% purchase APR doesn't mean it also has 0% balance transfer APR.

Another thing to consider is balance transfer fee. This is the fee charged to transfer a balance. 2-4%, usually about 3%, is common. This means if you transfer $1,000 with a 3% fee, your new balance would be $1,030.00, THEN the balance transfer APR would take effect.

Edited to add: Specifically it looks like the Chase Freedom Unlimited does have a 0% balance transfer APR (as well as the 0% intro purchase APR). However, it has a 5% BT fee. That means 5% will automatically be added to whatever sum you transfer. By contrast the Slate does not have a balance transfer fee and also has 0% balance transfer and purchase APR. So the difference is the 5% fee.

I guess it really comes down to whether or not you're willing to pay the 5% fee on your BT to also benefit from the rewards on the Freedom Unlimited. How much is 5% of the amount you're hoping to transfer? Is that worth it to you?

A possible solution if you don't need the Freedom Unlimited right away: Apply for and get the Slate, do you balance transfer, then ask about doing a product change to the Freedom Unlimited later on. I believe the terms on your balance transfer will remain the same as well as your 0% intro purchase APR, but you'll definitely want to check with Chase first to confirm this before doing the product change. I'm also not sure how soon you'd be eligible to do a product change, I assume you'd have to wait at least 6 months though, and potentially longer.

macuserman
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Re: Chase Slate vs. Chase Freedom Unlimited

Postby macuserman » Mon May 16, 2016 2:20 pm

Ah ok, that makes sense. I knew the difference between purchase APR vs Balance Transfer APR. I just wasn't sure if there was a difference between the Freedom vs Slate since both offer 0% Balance Transfer APR. Sounds like that 5% fee though is the main thing I need to consider.

Tubpbs
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Re: Chase Slate vs. Chase Freedom Unlimited

Postby Tubpbs » Mon May 16, 2016 4:08 pm

Keep in mind the sign up bonus on the Freedom Unlimited. If that outweighs or comes close enough to outweighing the balance transfer fee it might be worth paying the fee anyway...

Or you could use the Slate for its intended purpose, wait a little and apply for the other card when you're ready or anything in between that you think works for you.
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macuserman
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Re: Chase Slate vs. Chase Freedom Unlimited

Postby macuserman » Thu May 19, 2016 2:17 pm

I decided to just wait and keep crunching away at it. I'm down to only $900 left on one card! I think it's doable for me to just suck it up and pay it off as opposed to transferring it to a new card. Hopefully, I'll be at 0 soon. :cool:

Kevin86475391
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Re: Chase Slate vs. Chase Freedom Unlimited

Postby Kevin86475391 » Thu May 19, 2016 2:52 pm

macuserman wrote:I decided to just wait and keep crunching away at it. I'm down to only $900 left on one card! I think it's doable for me to just suck it up and pay it off as opposed to transferring it to a new card. Hopefully, I'll be at 0 soon. :cool:

Nice, way to go! Sounds like you're making great progress! I agree, I wouldn't personally open a new card for only a $900 BT either. Sounds like you'll be debt free in no time just doing what you're doing.



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