Updated (MP) One of the hottest properties on the market may not be real estate. Right now, it maybe the Chase Slate credit card. With the Slate, you can take charge of your finances by knocking down your credit card debt? If used properly, this balance-transfer credit card will help you make a big dent in debt-reduction. Now if that’s not hot, what is? Other factors we considered include their introductory APR and how long that introductory period lasts; the interest rate for new purchases and the remaining balance after the introductory period ends; and the fee to make the transfer if one applies. So, will you soar with this card? Let’s find out…
Chase Slate Card Requirements
Most Chase credit cards have demanding credit score requirements. Their reward cards like the Freedom and Sapphire require excellent credit and a high FICO credit score to qualify. Fortunately, the Slate card from Chase has somewhat relaxed requirements –instead of “excellent” credit, they advertise this one for those with “good” credit. So this is probably the easiest Chase card to qualify for compared to their other rewards based products like Sapphire.
Chase Slate Card Interest Rates
This card features one of few zero-percent introductory APR balance transfer offers with an introductory $0 balance transfer fee for transfers made during the first 60 days now available.
- $0 Introductory balance transfer fee for transfers made during the first 60 days. After that, the fee for future balance transfers is 3% of the amount transferred with a minimum of $5.
- $0% Introductory APR for 15 months on purchases and balance transfers. After the introductory period ends, a variable APR of 12.99%, 17.99%, or 22.99%.
- $0 Annual Fee
- 0% introductory APR on all your purchases. You will enjoy a 0% introductory APR for 15 months on purchases and balance transfers. After that, you will have to reckon with a 13.24%-23.24% variable APR on purchases.No Penalty APR. If you are late on a payment you don’t have to worry about your interest rate (APR) being raised. However, missing a payment may just make you lose your introductory APR period and will negatively impact your credit score. Not paying on time is always a terrible idea with any card.
- Zero liability for unauthorized purchases. If any unauthorized charges are made on your credit card, you won’t be held responsible and you won’t have to pay a dime. Call the number on your card immediately if you suspect that someone used your card to make an unauthorized transaction. If you add your partner, spouse or child as an authorized user, and they perform transactions without your permission, you will be liable to pay for these transactions. Only add authorized users if you completely trust them.
- Free monthly FICO® Score and Credit Dashboard. Allows you to see your FICO credit score every month at no extra cost. You can also see what financial actions affected your score and access a summary of your credit report. The FICO Score you get with this card is only based on your credit history at Experian (one of the 3 main credit bureaus in the U.S.). So take this score as a reference, but note that decision makers may view scores based on your credit history at other credit bureaus.
- Security services. It makes you feel more secure and protected. Chase’s Patented Fraud Protection service monitors your account activity 24/7 for fraudulent card activity.
The Slate card was named ‘Best Credit Card for Balance Transfers’ two years in a row, MONEY® Magazine, October 2013, 2014. This plastic is my long-standing pick because of the consistent above-average introductory offer.
Chase Slate Card Other Info
MAX LATE FEE $35
MAX OVER LIMIT FEE None
MAX PENALTY APR None
GRACE PERIOD 21 days
ONLINE RESPONSE No
CASH ADVANCE RATE 24.99% (V)
CASH ADVANCE FEE 5% (min $10)
FOREIGN TRANSACTION FEE 3%
SMART CHIP Yes, chip-and-signature
My Verdict: Chase Slate® benefits those looking to pay off existing credit card debt. If you transfer your credit balance over to the Slate within the first 60 days of account opening –you won’t have to pay any balance transfer fee (3% fee after that period or $5, whichever is greater). Plus, you pay 0% intro APR on purchases and balance transfers for 15 months (12.99%, 17.99%, or 22.99% variable APR on balance transfers thereafter). It also benefits those planning to buy big-ticket items and then repay it within 15 months. It has a 0% intro APR on purchases and balance transfers for 15 months, and 12.99%, 17.99%, or 22.99% variable APR after. In conclusion, I think you can fly far with the Chase Slate Credit Card.