Chase Slate®, is one of the best credit cards to consider getting if you are looking for a card that lets you do a $0 balance transfer and has a relatively low interest rate. Chase Slate® was named 'Best Credit Card for Balance Transfers' two years in a row on MONEY® Magazine, October 2013 and 2014. It has an introductory offer of a $0 balance transfer fee for the first 60 days (then 3% of the amount transferred with a minimum of $5) and a 0% intro APR on purchases and balance transfers for 15 months, after that 12.99%, 17.99%, or 22.99% variable APR. Balance transfer credit cards such as this one are useful for those of you who owe a balance on your present credit card, as it means you get to pay zero interest every month for a certain period of time on what you owe and hence it will make you debt-free faster! This offer is for those who have good to excellent credit history.
Below, I'll do a review of Chase Slate® so that you have a better idea of what it offers and if this is the right card for you.
Things We Like About This Card
$0 balance transfer fee for the first 60 days and cash advance fee of 5%. Transfer a balance during the first 60 days your account is open, and as an introductory offer you will pay $0 balance transfer fee. For balance transfers made after 60 days of account opening, you pay just 3% of the amount you transfer or $5, whichever is more. Whenever you withdraw money from the ATM, you pay 5% of amount you withdraw or $10 minimum, whichever is greater.
$0 annual fee. You don't have to pay any annual fee to enjoy all the benefits of this card.
0% introductory APR on balance transfers. You will enjoy a 0% intro APR on purchases and balance transfers for 15 months. After the intro period, you will have to pay a 12.99%, 17.99%, or 22.99% variable APR on balance transfers, depending on your credit score.
0% introductory APR on all your purchases. You will enjoy a 0% intro APR on purchases and balance transfers for 15 months. After that, you will have to pay 12.99%, 17.99%, or 22.99% variable APR on purchases.
No Penalty APR. When you are late on a payment you won't have to worry about your interest rate (APR) being raised.
Blueprint Feature: This is a unique feature that is available at no charge for all Chase credit cards, including this one. With it, you will be able to avoid unnecessary interest and it gives you a plan for you to pay your balances down faster. The Blueprint program offers 4 options and you can pick as many as you want:
- Full Pay: With this option, you will pay no interest on selected "everyday" purchases like groceries, gas or drug prescriptions, if you pay them in full each month, even if you already have a balance.
- Split: This option lets you pay off big purchases (like TV, home improvement projects etc) on terms that best suit you and they will incur interest. You have the ability to set the number of payments or set monthly payment amounts to pay it off. Chase will calculate all these and indicate it on each statement so you can stay on track to meet your goals.
- Finish It: This option lets you set a date by which you want to pay off your current balance. After that Chase will calculate how much you have to pay monthly, set up the plan and inform you of your progress on each monthly statement. By doing so, it helps you to pay off your balance as soon as possible.
- Track It: This option lets you track your progress, so you can see how close you are in reaching your goal. You can view your spending online by category whenever you like, so that you can track your progress without having to wait for your monthly statement.
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 anything.
Free monthly FICO® score and Credit Dashboard. This new feature allows you to see your FICO credit score every month at no extra cost
Security services. To make you feel more secure and protected, Chase will monitor your account activity 24/7 for fraudulent card activity with its Patented Fraud Protection service.
Our Least Favorite Things About This Card
You can't get rewards or cash back with this card. Chase Slate® is a no-nonsense card, without many bells and whistles. You don't get to earn reward points or cash rebates when you make purchases with this card. If you prefer rewards cards or cash back cards, browse through the large selection of credit card offers at GET.com.
Chase Slate® will benefit you the most if you want to pay off any existing card debt and. If you transfer a balance over to this card 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 will also benefit those who plan on buying a big-ticket item and then repay it within 15 months as 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. Chase Slate® also has some of the lowest interest rates on purchases in the US. Even though Slate doesn't have any rewards program, it offers other features that you might appreciate, such as giving you control over your credit card payments and letting you track your progress via the Blueprint feature.
Would you prefer a cash back credit card that gives you cash rewards on your spending? Then apply for Chase Freedom® credit card (read our review of Chase Freedom®) as it not only offers 0% intro APR for 15 months on purchases and balance transfers (after this introductory period it's a 13.99% - 22.99% variable APR, depending on your credit score), it also lets you earn cash rebates on virtually all your purchases and also has the Blueprint feature, among other perks. If you sign up you'll earn a $100 Bonus after you spend $500 on purchases within the first 3 months as well as an additional $25 Bonus after you add your first authorized user to your account and make a purchase within this same 3-month period.