Chase Slate® review: Great for paying down credit card debt

Woman enjoy financial freedom after using Chase Slate for a balance transfer Woman enjoy financial freedom after using Chase Slate for a balance transfer Image:

In a Nutshell

It may not come with a sign-up bonus or other bells and whistles, but if you’re looking for a balance transfer card to help you pay down credit card debt, Chase Slate® should be on your shortlist.

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Right off the bat, it may not seem as if applying for another card isn’t the best move if you’re carrying a lot of credit card debt. But if you’re looking for ways to pay down credit card debt, Chase Slate® may be a good option for you.

From our partner

Chase Slate®

From cardholders in the last year

See Details, Rates & Fees
What we like Heads up
  • 0 percent intro APR for balance transfers and purchases for the first 15 months
  • $0 introductory balance transfer fee for transfers made during the first 60 days your account is open
  • $0 annual fee
  • Free monthly FICO® credit score
  • After the first 15 months, the variable APR for purchases and balance transfers goes up to 15.99 to 24.74 percent
  • After the first 60 days your account is open, there’s a 5 percent ($5 minimum) balance transfer fee
  • The balance transfer offer is capped at your available credit limit or $15,000, whichever is lower
  • No transferring balances from other Chase® accounts
  • No sign-up bonus, rewards or cash back program

  1. The rundown: Everything we like about Chase Slate®
  2. Heads up: What you should consider before applying for Chase Slate®
  3. Do the math: How to get the most out of Chase Slate®
  4. The competition: How Chase Slate® stacks up against similar cards
  5. Bottom line: Is Chase Slate® right for you?

The rundown: Everything we like about Chase Slate®

At a glance, Chase Slate® offers a nice package of benefits. The card comes with:

Intro APR offer

Chase Slate® is a type of credit card known as a balance transfer card. This type of card offers you a low or 0 percent introductory rate for a set period of time so you can transfer and more easily pay off a balance you owe on another card. After that, your interest rate will rise substantially.

With Chase Slate®, there’s a 0 percent intro APR offer for the first 15 months for both purchases and balance transfers. After the intro period, this rises to a variable APR of 15.99 to 24.74 percent.

Transferring your balance to a card with 0 percent intro APR or even just a lower rate than you’re currently paying could be helpful if you’re carrying credit card debt and have a lot of accounts that have payments with high interest rates, says Freddie Huynh, vice president of credit risk analytics at Freedom Financial Network.

The key to making a balance transfer card like Chase Slate® work is to “be committed to eliminating the debt, not just getting a new card and racking up more purchases,” Huynh says.

If you don’t make new purchases with Chase Slate®, zero interest means every dollar you put toward the card will go toward paying down your balance.

How to do a balance transfer, step by step

No balance transfer fee for 60 days

On top of the introductory APR offer, there is no balance transfer fee for any transfers made during the first 60 days your account is open. After the 60 days, there’s a fee of 5 percent ($5 minimum).

No annual fee

Chase Slate® has a $0 annual fee. Cards with no annual fee save you money because you don’t have to pay just to keep them in your wallet.

Monthly updates to your FICO® credit score

Lenders use your credit scores to help decide whether to offer you credit. If you want to work on your FICO® score, being able to monitor it once a month at no additional cost could be a valuable benefit.

Heads up: What you should consider before applying for Chase Slate®

There are a few factors to keep in mind while deciding if Chase Slate® is right for you:

APR rises after 15 months

After the 0 percent intro APR period ends, you’ll be charged a variable APR of 15.99 to 24.74 percent on your remaining transferred balance as well as on any new or future purchases or balances transferred to this card.

Balance transfer fee after 60 days

If you transfer a balance within 60 days after you obtain Chase Slate®, you won’t have to pay a fee. Miss the cutoff, however, and the balance transfer fee rises to 5 percent ($5 minimum).

Balance transfer offer capped

The promotional balance transfer offer is an important benefit of Chase Slate®. But the benefit isn’t unlimited. You can’t transfer more to the card than your available credit limit or $15,000, whichever is lower. And you can’t transfer balances from other Chase® accounts to this card.

Will a balance transfer hurt your credit score?

No rewards program

Since balance transfers are the main focus of Chase Slate®, it doesn’t come with perks like a sign-up bonus, rewards program or cash back that other types of cards might offer.

Late fees

Chase Slate® won’t hit you with a rate spike if you pay late, but you could be charged a late fee.

Do the math: How to get the most out of Chase Slate®

To get the most benefit out of Chase Slate®, you should be aware of the promotional balance transfer opportunity so you don’t miss out on waived fees or introductory offers.

First, make sure you transfer your balance within the first 60 days that your account is open to take advantage of the 60-day no-balance-transfer fee window. If you miss the 60-day window, the balance transfer fee jumps to 5 percent ($5 minimum) of the transferred amount.

Then, make sure you can pay off your balance within the intro APR period. You won’t be charged interest for the first 15 months for purchases and balance transfers. After those 15 months are up, the rate rises to a variable APR of 15.99 to 24.74 percent.

“If you haven’t paid the balance within the intro period, the interest rate will increase substantially and you will lose the benefit of the balance transfer on the remaining balance,” Huynh says.

The competition: How Chase Slate® stacks up against similar cards

There are other balance transfer cards out there that you might want to consider as well. Among them are The Amex EveryDay® Credit Card from American Express and the Citi Simplicity® Card.

Here’s how Chase Slate® stacks up:

Chase Slate® The Amex EveryDay® Credit Card from American Express Citi Simplicity® Card 
Intro APR offer 0 percent intro APR for purchases and balance transfers for the first 15 months your account is open (then a variable APR of 15.99 to 24.74 percent) 0 percent APR for the first 12 months on purchases and balance transfers requested within the first 60 days (then a variable APR of 13.99 to 23.99 percent) 0 percent APR for the first 21 months on purchases and balance transfers completed within the first four months (then a variable APR of 14.99 to 24.99 percent)
Balance transfer fee 5 percent ($5 minimum) 3 percent (minimum $5) 3 percent (minimum $5)
Annual fee $0 $0 $0
Rewards None 2x points at U.S. supermarkets on up to $6,000 per year in purchases (then 1 point); 1 point on all other purchases  None
Other benefits Monthly FICO® score Earn 10,000 Membership Rewards® points after you make 1,000 in purchases in your first 3 months No late payment fee

The Amex EveryDay® Credit Card from American Express

From our partner
See Details, Rates & Fees

Citi Simplicity® Card

From our partner

Citi Simplicity® Card

From cardholders in the last year

See Details, Rates & Fees

Bottom line: Is Chase Slate® right for you?

It’s important to consider why a balance transfer can help you before you apply.

“Balance transfers can give you a false sense of progress on paying off debt,” Huynh says. “If you cannot control your spending, you might run up bills on both the old and the new card.”

But if a balance transfer card is right for your situation, Chase Slate® could be one of your best options.


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