Ben Todd | Jun 2, 2017 | 0
Chase Slate Credit Card Review (Updated 2016)
The Chase Slate credit card is primarily a balance transfer credit card. A balance transfer credit card allows you to transfer a balance from a credit card with a high interest rate, to a credit card with a low interest rate, allowing you to saving on interest. The attractive feature that these cards offer is the 0% introductory A.P.R. period on all balance transfers. The Chase Slate card will allow you to save on interest during the long intro period it offers. This card was named the best balance transfer credit card by Money Magazine three years in a row. This review will tell you everything you need to know about the Chase Slate card.
Our Favourite Things About The Chase Slate Card
- 0% introductory offer on balance transfers: Our favourite feature on this card is the long 0 % intro offer, as you will pay 0% A.P.R. on all purchases and balance transfer for the first 15 months. This is one of the longest intro offers you will see, giving you a lot of time to pay down your balance while not having to pay a cent of interest. After the intro period, the variable A.P.R. ranges from 13% to 23%.
- 0 % balance transfer fee: The Chase Slate card offers a 0% balance transfer fee for the first 60 days. What this means is every time you transfer a balance from another credit card, you will not have to pay any fee. After the 60 days expires you pay 3% of the amount transferred or $5, whichever is greater. So make sure you transfer all your balances in the first 60 days to ensure you avoid the balance transfer fee.
- No annual fee: Anytime a credit card has no annual fee to worry about its a win win. This card allows you to pay down your debt efficiently and no annual fee is the icing on the cake.
- No late penalty: If you are late on a payment, you do not have to worry about an increase on your interest rate, this is a feature that many other cards do not have.
- Free FICO score : You can monitor your credit score for free when logging into your Chase account online. Your credit score will be updated every month, and will also show a summary of your report allowing you to see the areas you can improve on to raise your credit score.
- Qualify with good credit: You do not need excellent credit to qualify for this card, making it easier to qualify for this card then many other cards.
- Chase Blueprint Program: This useful program is available for free on all Chase credit cards. It allows you to avoid some interest charges, as well the helping you pay down your balances more efficiently. More on the Chase Blueprint program is show below:
- Full Pay: This option allows you to pay no interest on your usual purchases such as gas and groceries, if you pay them in full each month. This applies even if you are already carrying a balance.
- Split Pay: This feature allows you to pay off any large purchases with your own customization plan. Chase will then calculate the amount you need to pay off each month, as well as how much interest will be incurred during the time period you select. This allows you to pay off items efficiently.
- Finish It Option: This option allows you to set a specific date that you want to pay off your balance. Chase will calculate how much you need to pay off each month based on the date you have selected. This helps you pay off your balance quickly.
- Track It Feature: This feature allows you to set up your own personal budget. Chase then shows you your purchases by category, as well as informing you how your spending compares to the budget you have created.
Things We Don’t Like About The Chase Slate Card
- No rewards or cash back features: This is more of a basic credit card meant for balance transfers, so there are no cash back or rewards available with this card. It still would have been nice to see Chase add some sort of rewards feature to this card.
- You need excellent credit: In order to qualify for this card, you generally need to have an excellent credit score. Many people who are looking for a balance transfer card have a lot of debt that they need to pay down, and don’t usually have an excellent credit score.
- Cannot transfer more then $15000 or assigned credit limit: The amount you transfer to this card cannot exceed $15 000 or your given credit limit, whichever is lower. This includes fees and interest as well. This won’t be an issue for most people, however it will turn people with higher debt loads away from this card.
Who This Card Best Suits
- Those looking to pay down larger balances with the benefit of no interest. This card will give you a lot of time to pay down your debt with no interest to worry about for a long time.
- Someone looking to purchase a large product, and be able to slowly pay it off over time with the benefit of no interest.
How The Chase Slate Card Compares To Similar Cards
Citi Simplicity Card
The Chase Slate card is very similar to the Citi Simplicity card as they are both balance transfer credit cards. The Citi Simplicity Card offers 0% A.P.R. on all purchases and balance transfers for the first 21 months of card opening, which is longer then the 15 months you get with the Chase Slate Card. Also, both cards have no annual fee, and no penalty A.P.R. if you miss, or are late on a payment. However where these cards differ is with the balance transfer fee. The Citi Simplicity Card has a balance transfer fee of either $5 or 3%, whichever is higher. Depending on the size of the balance you are transferring over, the longer A.P.R. period with the Citi might be the better choice. However, if you do not think you would be able to pay off the balance during the 0% period then you would be better off with the Chase Slate card to avoid the balance transfer fees.
Bank Americard Credit Card
This is another balance transfer credit card that offers a 0% variable A.P.R. introductory offer for 18 billing cycles (18 months) on balance transfers made in the first 60 days. This card has a slightly longer 0% offer on balance transfers, however it does charge a balance transfer fee while the Chase Slate Card does not. If you have a very high balance you would be better off using the Chase Slate card as the balance transfer fee can be quite expensive. Both cards have no annual fee as well as no rewards program. The Bank Americard credit card has a slightly lower interest rate ranging from 11% to 21%, while the Chase Slate card charges a rate of 13% to 23%. Overall both these cards are very similar with the biggest difference being the balance transfer fee that is charged on the Bank Americard credit card.
Discover IT Credit Card
The Discover IT credit card can be seen as a balance transfer card as well as a cash back credit card. This card has a 0% intro offer on balance transfers for the first 18 months, which is an extra 3 months over the Chase Slate card. However this card has a balance transfer fee of 3%. The Discover IT card is also a cash back card which offers cash back as high as 5% on revolving categories, and 1% on all other purchases. The interest rates on both cards are very similar with the Discover Card having a slightly lower rate. The Chase Slate card has a foreign transaction fee, while this card does not. If you are simply concentrated on a balance transfer card then the Chase Slate is the better fit, however if you want the best of both worlds with a balance transfer period and a rewards program the the Discover IT card is the better choice.
Should You Or Shouldn’t You, Our Final Verdict
This card is one of the best balance transfer credit cards on the market mainly because of the no balance transfer fee. The fee can be be quite high if you are transferring a very large balance, meaning this card can save you good money. If you are someone looking to pay off a large balance over time, then you should either get this card, or the Citi Simplicity card depending on how large the balance is, and if you will be able to pay off the balance during the 0% period. The larger your balance is the more you should be leaning towards the Chase Slate card.
Our final verdict says you should get this card only if you are using this card primarily for a balance transfer. This card has no rewards so it would not be our card of choice to use for frequent purchases. If you are looking for a rewards card over a balance transfer there are obviously many better options out there.