A Balance Transfer Card That Offers Plenty of Perks
Credit Needed: Good/Excellent
There’s a reason the newly released Chase Slate Edge credit card is popular with consumers looking to knock out their credit card debt. Many credit cards charge you a regular, double-digit APR on any transferred balances. Chase Slate Edge charges you a 0% APR on balance transfers for 18 months. Oh, and that 0% APR applies to your new purchases for 18 months, too. After the intro, your rate will be 15.74% - 24.49% Variable.
Many credit cards charge you a fee, either a flat rate or a percentage of the balance, when you transfer one or more balances from an old card. The Chase Slate Edge lets you transfer balances at a reduced fee as long as you execute the transfer within 60 days of opening the account.
There’s no annual fee with the Chase Slate Edge card. Plus, you get a monthly FICO® score for free. All of these features make Chase Slate Edge a great choice for consumers trying to get out of debt and keep their credit scores high.
0% introductory APR – The Chase Slate Edge credit card comes with a 0% introductory APR for the first 18 months after you get approved for the card. The 0% APR applies to new purchases and to old balances you transfer to the card.
- Smart Tip: Be sure you make the 60-day deadline if you want to take advantage of the reduced balance transfer fee of $5 or 3%, whichever is greater. After the first 60 days your account is open, the fee for balance transfers bumps to 5% of the balance transferred or $5, whichever is greater.
Lower your interest rate - If you pay your bill on time and spend at least $1,000 on your card by your next account anniversary, you'll be eligible to reduce your interest rate by 2% per year. You won't be able to go any lower once your APR reaches the Prime Rate plus 9.74%.
Free monthly FICO® score – If you’re on the road to rebuilding your credit, you’ll appreciate the fact that the Chase Slate Edge card comes with a free monthly FICO® score. The feature makes it easy to keep an eye on your credit score and watch it rise as you pay down your debt.
No annual fee – You won’t have to worry about an annual fee with the Chase Slate Edge card. The card’s perks are available to consumers free of charge.
Who It Benefits
Consumers who have existing credit card debt stand to benefit the most from the Chase Slate Edge card. The reduced-fee balance transfer offer is a decent deal, as are the 18 months at a 0% APR on transferred balances and new debt. If you’ve been looking for a card that will help you tackle your credit card debt, Chase Slate Edge is a good option.
If you have good credit and you don’t have any revolving debt from a current or past credit card, you probably want to look for a credit card that offers points or cash back, neither of which Chase Slate Edge offers.
How It Works
The 60-day window for a reduced-fee balance transfer starts as soon as your account is approved and opened, not as soon as you receive the card. That means you shouldn’t put off the balance transfer process for too long because you don’t want to miss that deadline.
Your APR on purchases and transferred balances will be 0% for your first 18 months with the card. After that, your APR will be between 15.74% - 24.49% Variable, depending on your credit score. It’s a variable rate that can change with the Prime Rate.
As a balance transfer card, the Chase Slate Edge credit card doesn’t really have a catch. It offers generous terms on transferred balances and on regular purchases for 18 months. The regular APR range, 15.74% - 24.49% Variable, is not astronomical.
Where the card falls short is in perks like rewards and cash back. The Chase Slate Edge credit card offers neither. If you want a credit card that will help you earn money back on your purchases or rack up points you can use on travel and meals out, the Chase Slate Edge card is not right for you.
Another potential downside to consider is that the Chase Slate Edge card requires a good or excellent credit score for approval.
Just the Math
If you transfer a balance to the Chase Slate Edge credit card within 60 days of opening the account, you can transfer balances to the card at a reduced fee of $5 or 3%, whichever is greater. Your APR on any transferred balances will be 0% for 18 months. If you transfer a balance after 60 days, you’ll pay a balance transfer fee of the greater of 5% of the balance transferred or $5. The total amount of your balance transfer requests, including fees and interest charges, can’t exceed your available credit or $15,000, whichever is lower. You also can’t transfer balances from another Chase account.
Annual Percentage Rate (APR) for Purchases
After your 18 months at the introductory APR of 0%, your APR will be 15.74% - 24.49% Variable, depending on your credit score. This APR is variable, which means it can fluctuate with the Prime Rate.
APR for Balance Transfers
After 18 months at a 0% APR, your APR on any transferred balances will be the same as your regular APR – 15.74% - 24.49% Variable, depending on your credit score. This APR is variable, meaning it can change with the Prime Rate.
APR for Cash Advances
The APR for cash advances is 25.49% Variable. This APR varies with the Prime Rate.
Penalty APR and When It Applies
The penalty APR is up to up to 29.99% variable. This APR varies with the Prime Rate.
How to Avoid Paying Interest on Purchases
Your due date is at will be a minimum of 21 days after the close of each billing cycle. You will not be charged any interest on purchases if you pay your entire balance by the due date each month.
Annual Fee: $0
Balance Transfer: Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that: Either $5 or 5% of the amount of each transfer, whichever is greater.
Cash Advance: Either $10 or 5% of the amount of each transaction, whichever is greater
Foreign Purchase Transaction: 3% of the amount of each transaction in U.S. dollars
Late Payment: up to $40
Returned Payment: up to $40
How It Stacks Up
For balance transfers, the Chase Slate Edge card is a decent deal. many cards, even balance transfer cards that offer a 0% balance transfer APR, charge a balance transfer fee of 5% on transferred balances. The Chase Slate Edge card lets you transfer balances at a reduced fee if you act within 60 days, though some other cards may waive fee entirely. Many balance transfer cards have introductory periods of 12 months. The Chase Slate Edge credit card offers an introductory period of 18 months. Assuming you have a steady income source, you should be able to take a serious chunk out of your debt with 18 months at zero interest growth.
There are cards that don’t charge late fees, so if the Chase Slate Edge card’s late fees have you worried you can shop around for a no-fee card. There are also, of course, cards that offer points and rewards in exchange for your business, which Chase Slate Edge does not.
Is getting rid of credit card debt your primary financial concern? If so, take a hard look at the Chase Slate Edge card. It offers a solid reduced-fee option on balance transfers, with 18 months at a 0% APR on transferred balances and new purchases. If you’re not in debt, you can opt for a card that offers points or cash back. But if you have balances from old cards weighing on you, the Chase Slate Edge card could be just what you need to get out of debt.
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