Is the Chase Slate® Balance Transfer Credit Card Right for You?

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Do you have a high balance on one of your credit cards? Are you paying too much interest on a credit card balance? Do you have a large purchase to make on a card and you don’t want to pay interest, looking for a low introductory APR offer on purchases?

If you answered yes to any of these questions, then you might be interested in the Chase Slate® credit card. With a $0 introductory balance transfer fee and an introductory 0% Annual Percentage Rate (APR) on balance transfers and purchases, with responsible use by you, the Chase Slate® credit card can be a tool to help you avoid interest on your eligible balances, lower your debt faster, and, again with responsible use by you, you can even work at improving your credit score in the process.

Signing up for a new credit card to lower your current debt might seem counter-intuitive, but applying for a credit card with a low introductory APR balance transfer offer can actually make a lot of sense. In addition to saving on interest by taking advantage of the 0% introductory APR period, a new credit card, if handled responsibly by you, may increase your overall available credit. This could mean lower credit utilization, which is better for your credit score.

Here’s why the Chase Slate® credit card is one of our favorite balance transfer credit cards:

No annual fee

First of all, the Chase Slate® credit card from Chase is a no annual fee balance transfer card. This means that you can keep this card forever, which helps to lengthen your average age of accounts (another factor that impacts your credit score).

[Looking for a no annual fee card that earns rewards? Take a look at Chase Freedom®.]

Great intro APR and 60 day intro balance transfer fee offer

The introductory balance transfer fee offer on the Chase Slate® credit card is $0 when you transfer a balance during the first 60 days your account is open. After the initial 60-day period ends, the fee for future balance transfer transactions is 5% of the amount transferred, with a minimum of $5.

The introductory rate on the Chase Slate® credit card is 0% introductory APR  for 15 months on balance transfers and purchases from account opening. After that, 17.24%-25.99% variable APR on balance transfers and purchases based on your creditworthiness. These APRs will vary with the market based on the Prime Rate.

An example of savings with the Chase Slate® credit card

The two introductory perks mentioned above may help you save some money if you have an upcoming big purchase (0% introductory APR for 15 months on purchases), or if you have eligible credit card debt that you transfer to the Chase Slate® credit card from a credit card from another issuer ($0 introductory balance transfer fee for transfers made during the first 60 days of account opening and 0% introductory APR on balance transfers for 15 months.)

For example, say that you have a credit card balance of $10,000 on a current credit card with a 17% APR. At that rate, you could be paying $170 of interest per month. Yikes. Yes, this number goes down as your balance goes down, but that can seem like a daunting task when you’re paying that much in interest. With the Chase Slate® credit card, you could save that $170 and subsequent interest charges on your eligible balances each month during the introductory APR period by taking advantage of its 0% introductory APR for 15 months on balance transfers. Plus, you wouldn’t have to pay the normal balance transfer fee of 5% of the amount transferred, with a minimum of $5, as long as you make the balance transfer within the first 60 days your account is open. With a $10,000 balance transfer, this saves you another $500. Are you starting to see why this makes so much sense?

In addition to the balance transfer perks, you can enjoy 0% introductory APR for 15 months on purchases. It’s definitely not ideal to put expenses on a credit card that you can’t pay off instantly, but sometimes it’s inevitable, like with unexpected medical bills or home expenses. With the Chase Slate® credit card, you can pay these bills over time without worrying about interest being charged on your eligible purchases during the 0% introductory APR period.

Of course, you will want to make sure to pay off your balance before the 15-month introductory APR period has expired, so that you avoid paying interest on your eligible balance transfers and purchases.

Any limitations?

For those interested in transferring a large balance, it is worth mentioning that you can only transfer up to $15,000 (or your approved credit limit) from another credit card, and you can’t make a balance transfer from another Chase credit card. To be considered for approval on the Chase Slate® credit card, having an excellent credit score is a great step in the right direction. Keep in mind that credit card issuers look at your credit score in addition to a variety of other factors when considering you for a credit card.

Other perks of Chase Slate® credit card

With the Chase Slate® credit card Credit Journey℠ gives you unlimited access to your credit score and more. Even if you’re not a customer of Chase it’s free. But, I recommend using Credit Sesame’s free tool for a more robust credit score monitoring system.

The Chase Slate® credit card offers cardholders an array of protection & security. Some of those perks are:

– Fraud protection: Chase uses real-time reporting for monitoring fraud to keep your account safe.

– No penalty APR: Paying late won’t raise your interest rate (APR). All other account pricing and terms apply.

– Contactless – Just Tap To Pay: Fast, easy, and secure checkout simply tap to pay where you see the Contactless symbol.

All Chase Slate® credit card cardholders will receive a guide to their full benefits after card approval.

These added benefits of the Chase Slate® credit card are generous for a no-annual fee credit card, and may help provide peace of mind for cardholders.

Conclusion

With the Chase Slate® credit card you save with a $0 introductory balance transfer fee for 60 days, get 0% introductory APR for 15 months on purchases and balance transfers, and $0 annual fee. These are fantastic benefits. The introductory perks can save you money if you have credit card debt and/or large upcoming purchases, and since the Chase Slate® credit card has no annual fee, you can keep it forever with peace of mind. Use the card responsibly.

 Terms Apply.


Independent Review Disclosure: All the information about the Chase Slate® credit card has been collected independently by CreditSesame.com and has not been reviewed or provided by the issuer of this card. The Chase Slate® credit card is not available through CreditSesame.com.

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Published March 9, 2016
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