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Started By
Message
Chase Slate vs Discover It
Posted on 9/17/15 at 8:35 am
Posted on 9/17/15 at 8:35 am
Morning TD Money Gods,
I'm looking to apply for my first CC so I can establish a credit history, other than financing my truck, which I just paid my first note on (a few days early, because I'm responsible like that
Backstory:
I have student loan debt, and I'm wanting to consolidate all of the accounts into one payment through a credit union. However, since I have no real credit history, I'm unable to get approval for that as of right now. My sister's boyfriend and a few coworkers use Discover It, and they say it is a great card for someone looking to establish credit (along with receiving some pretty sweet perks).
On the flip side, I do my banking with Chase in Houston, and the Chase Slate card is recommended for "those who want to eliminate their debt", which sounds pretty sweet to me, but I have a feeling it is an entirely different type of debt they're talking about.
The Numbers:
Discover It: $0 annual fee, 0% for 12 mo, then a variable APR of 10.99%-22.99% (depending on credit worthiness at the end of the 12 mo intro period). No late fees for first late payment, and no increase APR for late payments either. 5% cash back in categories that change each quarter with 1% on all other purchases entirely. Free monthly FICO score
Chase Slate: $0 annual fee, 0% Intro APR for 15 months on purchases and balance transfers, then a variable of 12.99%-22.99% after 15 mo, no penalty APR for late payments (but there are late fees), free monthly FICO score but ZERO cashback
The Uses:
My card usage will mostly be for things I would buy anyway (gas, groceries, etc.) but would also pay for online shopping, unscheduled repairs for anything (knock on wood), and would be paid off each month, so nothing too crazy.
Any of y'all have experience with either of these cards and could steer me towards the card I need to establish a solid credit history?
Tl;DR: Need a credit card. No credit history other than student loans and financing a truck. Going to use it for things I would buy anyway (gas, groceries) and online purchases. Chase Slate or Discover It.
Thanks in advance
I'm looking to apply for my first CC so I can establish a credit history, other than financing my truck, which I just paid my first note on (a few days early, because I'm responsible like that
Backstory:
I have student loan debt, and I'm wanting to consolidate all of the accounts into one payment through a credit union. However, since I have no real credit history, I'm unable to get approval for that as of right now. My sister's boyfriend and a few coworkers use Discover It, and they say it is a great card for someone looking to establish credit (along with receiving some pretty sweet perks).
On the flip side, I do my banking with Chase in Houston, and the Chase Slate card is recommended for "those who want to eliminate their debt", which sounds pretty sweet to me, but I have a feeling it is an entirely different type of debt they're talking about.
The Numbers:
Discover It: $0 annual fee, 0% for 12 mo, then a variable APR of 10.99%-22.99% (depending on credit worthiness at the end of the 12 mo intro period). No late fees for first late payment, and no increase APR for late payments either. 5% cash back in categories that change each quarter with 1% on all other purchases entirely. Free monthly FICO score
Chase Slate: $0 annual fee, 0% Intro APR for 15 months on purchases and balance transfers, then a variable of 12.99%-22.99% after 15 mo, no penalty APR for late payments (but there are late fees), free monthly FICO score but ZERO cashback
The Uses:
My card usage will mostly be for things I would buy anyway (gas, groceries, etc.) but would also pay for online shopping, unscheduled repairs for anything (knock on wood), and would be paid off each month, so nothing too crazy.
Any of y'all have experience with either of these cards and could steer me towards the card I need to establish a solid credit history?
Tl;DR: Need a credit card. No credit history other than student loans and financing a truck. Going to use it for things I would buy anyway (gas, groceries) and online purchases. Chase Slate or Discover It.
Thanks in advance
8
Posted on 9/17/15 at 8:52 am to TexasTiger90
Interest rate on cards should never be factored into which one you go with. Reason being is that you should never get a credit card if you don't plan to pay off the balance in full every month. The only time an interest rate can be factored is when you want to make a large purchase and you will be taking advantage of the 12-18 month introductory 0% rate. With that being said, a Fico score monthly is not worth it more than cash back. The Discover card seems like the obvious choice
This post was edited on 9/17/15 at 8:54 am
Posted on 9/17/15 at 9:06 am to TexasTiger90
Discover It hands down. If you look on their Discover deals you can look at stores online that you prefer (Under Armour, Banana Republic, etc) while most are the 5% cash back some are 10%-15% cash back with online purchases. Let your money work for you.
Posted on 9/17/15 at 9:25 am to TigerTatorTots
quote:
The Discover card seems like the obvious choice
Not necessarily. If the Discover charges a transfer fee, which I believe they do, then I would likely go with the Slate depending on the amount being transferred because there is no transfer fee if made in 60 days of account opening.
If we're talking about a few grand, he'd have to be a pretty big spender to recoup that transfer fee through cash back.
Posted on 9/17/15 at 9:39 am to TexasTiger90
I'm not sure what requirements are to get it, but I'd go for the citi double cash card if you are only getting one.
Posted on 9/17/15 at 10:31 am to TexasTiger90
I am very happy with the customer service and fraud protection I have with Discover.
Posted on 9/17/15 at 10:44 am to LSUAfro
I have zero CC debt, so balance transfers aren't really applicable to my situation as of now. Further down the road, possibly, but for right now I'm looking more towards just being able to establish a credit history.
Posted on 9/17/15 at 10:46 am to TigerTatorTots
quote:
Interest rate on cards should never be factored into which one you go with. Reason being is that you should never get a credit card if you don't plan to pay off the balance in full every month.
Yeah, that's my understanding as well from talking with my dad and friends. My goal is to pay off every single month. Using it like a reverse debit card. I have a savings account which I will move my credit limit to from my checking every month, then when the bill comes due for the CC, I will pay out of the savings what I was going to be spending on gas and food anyway.
Posted on 9/17/15 at 11:05 am to TexasTiger90
quote:
I have zero CC debt, so balance transfers aren't really applicable to my situation as of now.
So, are you just trying to establish credit or is your primary concern to pay down your student loan?
Posted on 9/17/15 at 11:10 am to LSUAfro
Trying to establish credit history. My dad is paying for around 70% of my student loans and I'm responsible for the remainder (long story short: he promised 4 years of college as his responsibility and I pay for any costs after 4 years).
The student loan debt relates to me getting a CC in the sense that I have been told by my dad's credit union that in order to be able to consolidate them into one lump sum, I'd need to establish credit history on my own.
The student loan debt relates to me getting a CC in the sense that I have been told by my dad's credit union that in order to be able to consolidate them into one lump sum, I'd need to establish credit history on my own.
Posted on 9/17/15 at 11:13 am to TexasTiger90
I think you're looking at the wrong Chase card, honestly-
The Chase Freedom Card has a $100 cash back bonus if you spend $500 in the first 3 months. 1% cash back on all purchases, 5% in revolving categories
The Chase Amazon Visa Card gets you a $30 Amazon Gift Card when approved and you get 2% cash back on gas, restaurants and drug stores and 3% at Amazon.
The Chase Freedom Card has a $100 cash back bonus if you spend $500 in the first 3 months. 1% cash back on all purchases, 5% in revolving categories
The Chase Amazon Visa Card gets you a $30 Amazon Gift Card when approved and you get 2% cash back on gas, restaurants and drug stores and 3% at Amazon.
Posted on 9/17/15 at 11:15 am to TexasTiger90
quote:
Trying to establish credit history
Got it. I'd go with Gumbo's suggestion below
quote:
The Chase Freedom Card has a $100 cash back bonus if you spend $500 in the first 3 months. 1% cash back on all purchases, 5% in revolving categories
Posted on 9/17/15 at 2:49 pm to LSUAfro
Agree with the freedom, but if you don't think you'll be approved I'd go with the slate.
Chase has probably one of the best all around cards - sapphire preferred. Establishing an account with them in good standing via a freedom or slate would be a good path to getting it when your credit improves.
Chase has probably one of the best all around cards - sapphire preferred. Establishing an account with them in good standing via a freedom or slate would be a good path to getting it when your credit improves.
Posted on 9/17/15 at 5:32 pm to TexasTiger90
Slate is shite, screw that
Get It
Actually you should get Chase Freedom if you want to play the rotating rewards game or Citi Double Cash if you only have one. Really you should get about 5 cards if you want to build credit fast
How did you come up with these two choices?
Get It
Actually you should get Chase Freedom if you want to play the rotating rewards game or Citi Double Cash if you only have one. Really you should get about 5 cards if you want to build credit fast
How did you come up with these two choices?
This post was edited on 9/17/15 at 5:36 pm
Posted on 9/17/15 at 8:35 pm to Porker Face
Discover it, IMO
Posted on 9/18/15 at 7:30 am to Porker Face
Several coworkers who recently graduated have the Discover It, and on top of that, when I log into my credit report it recommends Discover It off the bat to improve my current credit (Credit Karma).
Chase is where I do my personal banking, so I just clicked on their credit card menu to see what was available to me.
Chase is where I do my personal banking, so I just clicked on their credit card menu to see what was available to me.
Posted on 9/18/15 at 8:04 am to TexasTiger90
quote:
Several coworkers who recently graduated have the Discover It, and on top of that, when I log into my credit report it recommends Discover It off the bat to improve my current credit (Credit Karma).
That's because Discover spends a load on targeted and digital advertising.
What's your Credit Karma score?
The Freedom is one of the best reward cards out there not only for people establishing credit, but really anybody in general.
Posted on 9/18/15 at 8:25 am to LSUAfro
I'm sitting between 675 and 700 for Equifax and Transunion. Not bad for a recent grad with over six figs in student loans
Posted on 9/18/15 at 9:43 am to TexasTiger90
Discover It is a very commonly recommended card to keep on churning message boards for whatever that is worth.
Posted on 9/18/15 at 10:38 am to LSUAfro
I get at least 1 discover card offer a week in the mail. Some days I'll get 2 or 3
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