The Chase Slate Credit Card: What You Need to Know
The Chase Slate card is appealing for many consumers, particularly for those looking to transfer a balance.
Whether you're interested in switching to the Chase Slate credit card or you want to know what other consumer reviews have to say about Chase Slate, you're in the right place. This detailed guide will help you understand the details of the Chase Slate card as well as its benefits and how it compares to other, similar cards.
What Is the Chase Slate Card?
The Chase Slate Card is one of many credit cards offered by the Chase family of products. It offers numerous benefits to users who are interested in transferring balances over from high-interest rate credit cards, as well as first-time cardholders who are looking for a good deal as well as forming the foundations for good credit and financial health habits.
What Makes it Different?
While other credit cards specialize in things like airline miles or rewards points, the Chase Slate is the ideal credit card for balance transfers. Not only does it offer a considerable 0% introductory balance transfer fee (up to $15,000 or your credit limit, whichever is lowest) if you make your transfer within 60 days of opening the account, but it also provides a 0% introductory APR for 15 months on both purchases and your balance transfer. There's also no annual fee.
Most credit cards have anywhere from a 3-5% balance transfer fee, so having a 0% fee if you transfer your balance within 60 days is unusually rare and very helpful to anyone looking to pay down credit card debt.
Benefits of the Card
- $0 Balance Transfer fee if you make your transfer within the first 60 days of opening the account (after that, the balance transfer fee is 5% or $5, whichever is greater)
- No annual fee
- 0% Introductory APR on purchases and balance transfers for 15 billing cycles.
- After the introductory APR period ends, the variable fee of 15.74%-24.49% will go into effect. The rate you pay will depend on your creditworthiness.
- Foreign transaction fee – 3% of each transaction (in USD)
The Chase Slate card is ideal for balance transfers or paying down high-interest credit cards provided you can pay them off within 15 months. Doing a balance transfer simply means you're moving your credit card debt from one issuer or one card to another. Obviously, you still need to pay off your debt, but a 0% balance transfer fee is a welcome sigh of relief for those who need just a little extra time to pay down their credit card debt.
Ideally you'd want to pay off the full balance before the offer ends. It's a smart idea to make a payment plan spread across those 15 months so you'll know precisely how much you're paying down your card every month and can hit your goal of $0 balance by the time the promotion ends.
But if you can't pay off the balance in full, you'll be subject to a variable APR of 15.74%-24.49% depending on your creditworthiness. If you're not sure what APR you may qualify for, you'll be glad to know that one of the perks of being a Chase Slate cardholder is that you get your monthly FICO® score for free.
Your Chase Slate credit card also comes with a number of built-in benefits, including:
Fraud Protection and Fraud Alerts
Chase provides real-time fraud monitoring to help you safeguard your account. Your credit card transactions are monitored and any signs of fraudulent activity are flagged. If fraudulent activity has been detected, Chase can notify you by phone, text or email.
The Chase Slate card comes with an embedded chip that provides an additional layer of security when used with a chip card reader. It requires the chip to produce a single-use code that is then used to validate the transaction.
New purchases are protected for up to 120 days against damage or theft – up to $500 per claim and $50,000 per account. Details about this protection will be available in your Guide to Benefits which is provided to you upon opening your account and gives you a complete explanation on what's covered.
If you make a purchase in the U.S. with your card, and the same item is advertised for a lower price (in print or online) within 90 days, you can be reimbursed the difference up to $500 per item or $2,500 per year.
Comparing to Other Cards
Although the Chase Slate does offer some tempting benefits – particularly for those who are looking to pay down credit card debt, there are some drawbacks to owning this card. Other cards offer a longer 0% balance transfer fees – for up to 21 months compared to Chase Slate's 15 months.
Also, Chase Slate doesn't offer a rewards program. If you're interested in earning points, for example, on travel and dining, or you want a fantastic sign on bonus that earns you travel credit, you'll want to check out the Chase Sapphire Reserve card instead. If you travel or dine out often and pay off your credit card balance every month, this card presents a fantastic opportunity to save big and get some amazing travel perks.
At its core, the Chase Slate credit card is designed as a tool to help you pay off high-interest credit card debt by transferring your balance (up to $15,000) and paying it off within 15 months to avoid any additional interest. If you're worried about your APR going through the roof if you're late with a payment, you'll be glad to know that paying late won't raise your APR interest rate with a Chase Slate card.
Rates for the Card
- $0 introductory balance transfer fee for balances transferred to the card within 60 days of opening an account
- $0 annual fee
- 0% introductory APR on purchases and balance transfers in the first 15 months, then
- Variable APR is 15.74-24.49% thereafter
- 3% foreign transaction fee per transaction (in U.S. dollars)
The Chase Slate card is a no-frilled card designed purely to help you pay down high credit card debt by transferring your balance to Chase.
Minimum credit score before applying?
Your credit score should range between 690-850 (Good-Excellent) before you apply for a Chase Slate card. Keep in mind that applying for a balance transfer credit card may leave a small dent in your credit score, however, this is a marginal setback if you have the financial self-discipline to pay off your balance in the introductory period.
Also, as part of your Chase Slate ownership, you're entitled to a free monthly FICO® report. Your FICO score is a type of credit score that helps lenders assess your credit risk. With your free monthly FICO® score and monitoring, you'll be able to understand the five key drivers that affect (and predict) your credit health so that you can start making impactful changes to keep improving your score.
Unlike similar credit cards, there are no annual fees associated with the Chase Slate Card, and no balance transfer fees if the transfer is made within the first 60 days of opening the account. This allows you to concentrate more on paying down high-interest debt rather than worrying about being nickel and dimed to death by fees.
The big trend among credit card issuers these days is to pile on the rewards points or make an irresistible sign-up bonus for opening an account. Much to the dismay of some of our readers, the Chase Slate card offers neither of these. There's no rewards program and no sign-up bonus available. Simply put, the Chase Slate card is a no-frills type of card that lets you focus on paying down debt without being tempted to make extra purchases in order to rack up points or rewards.
Another added benefit is that when you're approved for the Chase Slate card, you're also enrolled in Chase's Blueprint program. This is an online debt management tool that can help you determine the best route to pay off your debt faster including how much you'd pay in interest if you pay more than the minimum amount on the card each month. Blueprint is an incredibly helpful (and free) online budgeting tool – so it's a great bonus in itself for those who are looking to encourage better financial habits.
If you think about it, however, the $0 transfer fee and no APR for the first 15 months is its own kind of reward, right? We think it's a small price to pay for the power to be able to manage your credit card debt more effectively!
People who own the Chase Slate card say that the application process is smooth and even with a fair credit rating you can still get approved, however, the amount you're allowed to transfer over may be less. Those with good credit who are looking to pay down a small balance find that Chase Slate works precisely as advertised. Although it lacks rewards, points, and other bonuses, it makes up for this by offering the very rare $0/0% balance transfer as long as you transfer your balance (up to $15,000) within the first 60 days.
In order to use this card to its fullest and take advantage of all of its benefits, it's worth having the foundations of good financial health, to begin with. If you're looking for a reliable card and don't carry much (if any) credit card debt on you, the Chase Slate is one you'll want to have on hand. Plus, adding to this the fact that you can get your FICO® score free each month as well as being enrolled in the Blueprint program make the Chase Slate card one of our top picks to help you pay down your debt quickly and effectively.