Chase Slate is a balance transfer card offering reasonably competitive rates. It’s a straightforward credit card for people focused on paying off debt. However, it doesn’t come with cashback or rewards programs like some other cards. The introductory promotional period for balance transfer fees and APR is what makes it most appealing. Users are offered a 0% intro APR for 15 months on purchases and balance transfers. They also get $0 balance transfer fees for the first 60 days. This introductory period can help cardholders start to pay off their debts without extra costs. It also has no annual fee, saving people money even after the initial promotions are over.
Chase Slate Overview
|Sign Up Bonus||None|
|APR||16.49% to 25.24 variable (0% intro APR on purchases and balance transfers for 15 months)|
|Additional Fees||Balance Transfer Fee: $0 balance transfer for the first 60 days after account opening; then $5 or 5% of the balance transfer amount (whichever is greater)Foreign Transaction Fee: 3% of each transaction|
|Features||Free weekly credit score updates with Credit Journey0% intro APR for 15 months|
Who Should Get Chase Slate?
Best for: Users looking for a simple and straightforward way to pay down debt. The combination of a 0% intro APR and no balance transfer fees for 60 days from the date the account is opened is incredibly helpful. Cardholders won’t have to pay any extra fees or interest within the specified promotional periods.
Not for: Users hoping to earn rewards from their purchases. Chase Slate has no sign-up bonus, no cashback, and no rewards program. Since this is a straightforward balance transfer card, anyone looking for those perks may want to consider a different card with a similar introductory period, but a heavier focus on earning rewards.
$0 balance transfer fee for 60 days
If you plan to pay down debt, having a 60-day fee-free period is a huge benefit. The extra charges associated with transfer fees can be significant and can add additional stress to an already daunting task. After the introductory period, the balance transfer cost rises to $5 or 5% on each transfer, whichever is greater. If you want to move a large balance, having 60 days to do so without incurring fees can save you hundreds of dollars in the long run.
No penalty APR
Paying off debt can be a challenge. Missing a payment often hurts your credit and creates more challenges. With the Chase Slate Card, you won’t experience a rate hike in your standard APR if a payment is late. However, it’s important to remember you may lose the 0% intro APR if you miss a payment during the introductory period. Aside from that risk, a no-penalty APR can help those who may be struggling to avoid higher interest rates.
Potentially high APR after the introductory promotional period
After the 15-month 0% intro APR period ends, the Chase Slate regular variable APR can be between 16.49% and 25.24%. Depending on your creditworthiness, your APR rate could be on the higher end of the spectrum. High rates make paying off balances more difficult for users who have to pay large amounts of interest each month on their balance. For cardholders with large debts, this can add up to hundreds or thousands of dollars in the long term.
|Chase Slate||BankAmericard credit card||U.S. Bank Visa Platinum Card||Citi Double Cash Card|
|Rewards Rate||None||None||None||1% cashback on purchases and another 1% when you pay for purchases|
|APR||16.49% to 25.24 variable (0% intro APR on purchases and balance transfers for 15 months)||14.49% to 24.49% variable (0% intro APR for the first 15 months on purchases and balance transfers)||15.49% to 25.49% variable (0% intro APR for 18 billing cycles on purchases and balance transfers)||15.49% to 25.49% variable (0% intro APR for 18 months on balance transfers)|
*All information accurate as of February 26, 2020
Chase Slate Compared to BankAmericard Credit Card
Both Chase Slate and BankAmericard credit cards are popular balance transfer card options. The cards have very similar features, and the better choice for you depends on the balance transfer fees that work best for your needs.
Both cards offer a 0% intro APR on purchases and balance transfers for 15 months. It also offers $0 balance transfer fees for the first 60 days. After the introductory promotional period, BankAmericard has the lower regular variable APR of 14.49% to 24.49%. Chase Slate’s regular variable APR is 16.49% to 25.24%, so your rate may be higher with this card.
There’s also a difference in balance transfer fees after the 60-day introductory promotional period. BankAmericard charges 3% of the transfer amount, with a minimum of $10. Chase Slate charges 5% per transfer, with the minimum amount being only $5. When trying to choose between the two cards, it’s important to calculate which one incurs less fees on your balance transfer.
The Bottom Line
Chase Slate offers cardholders an opportunity to begin paying down debt without immediately running up extra costs. With $0 balance transfer fees for 60 days and 0% intro APR for 15 months, users can get a head start on reducing their debt. These features make Chase Slate an appealing balance transfer card for potential customers.