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These offers are no longer available on our site: Chase Slate®, The Amex EveryDay® Credit Card from American Express
If you’re looking for ways to pay down credit card debt, Chase Slate® may be a good option for you.
|What we like||Heads up|
- The rundown: Everything we like about Chase Slate®
- Heads up: What you should consider before applying for Chase Slate®
- Do the math: How to get the most out of Chase Slate®
- The competition: How Chase Slate® stacks up against similar cards
- Bottom line: Is Chase Slate® right for you?
- Reviews roundup: What our members say 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% 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 16.74%-25.49%.
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% or $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.
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% intro APR period ends, you’ll be charged a variable APR of 16.74%-25.49% 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% or $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.
Chase Slate® won’t hit you with a rate spike if you pay late, but you could be charged a late fee.
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% or $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 16.74%-25.49%.
“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.
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% intro APR for purchases and balance transfers for the first 15 months your account is open (then a variable APR of16.74%-25.49%)||0% APR for the first 15 months on purchases and balance transfers requested within the first 60 days (then a variable APR of 14.74% - 25.74%)||0% APR for 21 months on balance transfers completed within the first four months, and on purchases for 12 months from account opening (then a variable APR of 16.24% - 26.24%)|
|Balance transfer fee||5% or $5 minimum||$0||5% (minimum $5)|
|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 10,001 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
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From cardholders in the last year
Citi Simplicity® Card
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.
“Great card to add to wallet!”
Jan 10, 2018
Applied for balance transfer benefit. Moved over card balance to pay off old debt – terms were exactly as they said so was able to pay off 3 months earlier than planned because I was avoiding paying $55.00 to other credit company per month on $3000.00 balance. Have not seen other offers since and don’t expect to but was able to use for what I planned and with no annual fee, will keep card. I have not had to call Customer service, have only used the app – LOVE IT! Would recommend it.
–Credit Karma user fancyqueenof3
★★★★★ Nov 23, 2017
I applied with a credit score of 628 with fair odds of getting approved and was accepted in less than 30 seconds and was given a $3,200 credit limit with only 8 months of credit history. Love Chase and my new Chase credit card.
–Credit Karma user Anonymous
Oct 12, 2017
I had 725 score approved in minutes with 6800$ available balance. Easy balance transfer, took about 4 days to process. Excellent website for easy payments. Only draw back is payments usally took 3-4 days to reflect balance. As with all 0% intro Apr you need to pay them off before they switch to the large apr. Summary .. I got a large available credit, good website, easy balance transfer.
–Credit Karma user MoneyWyze
Oct 05, 2017
This card is great to have, especially if you’re trying to build your credit.
–Credit Karma user Huhnridndnbd
“I’m very pleased with my Chase Credit Card”
Jun 05, 2017
What a wonderful credit building opportunity, Credit KARMA said I had a good chance on being approved with a 675 trans union score, I applied & was instantly approved for a $2,000 credit line which is awesome…here’s to new beginnings!
–Credit Karma user Anonymous
Read more reviews for Chase Slate®.
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