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.
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.