Chase Slate® Review
Lowering and eventually eliminating credit card debt can be one of the single most important steps to getting a handle on your finances. While it may seem counterintuitive, there are credit cards that can actually help you with your credit card debt. Once such credit card is the Chase Slate<sup>®</sup>.
What You Get
The Chase Slate® credit card offers a 0% introductory APR for 15 months on both purchases and balance transfers (then a variable APR of 16.49% to 25.24% applies). This means that if you buy a refrigerator, you won’t pay interest on the price of the fridge within those 15 months. If you are carrying a balance on another credit card, and paying interest on that balance, when you transfer that balance to the Chase Slate® card you also won’t pay interest within those 15 months.
Most balance transfer credit cards charge a fee just to make a balance transfer. What makes the Chase Slate® unique is that it not only has no annual fee, but it also doesn’t charge a balance transfer fee within the first 60 days of your account. Basically, if you are able to pay off your purchases or transferred balance within 15 months, you will pay no interest and no fees.
For example, if you have an $8,000 balance on a credit card and the APR is 19%, transferring the balance to the Chase Slate® card will save you $1,900 over the course of the 15 month intro period. For comparison, if you were to balance transfer to a card that charged the typical 3% fee, it would cost you a $240 fee and your savings would lower to $1,660 in the same 15 months.
The Slate® credit card is eligible for Chase Blueprint®, an invaluable free set of tools for cardholders wanting to save money and pay down their debt. Blueprint has four tools:
- Full Pay – For users who want to save money on regular purchases. You can set specific categories to pay off in full each month, like groceries and gas stations
- Split – With Split, you can focus on paying off a large purchase by setting a timeframe and a monthly payment
- Finish It – Particularly useful for balance transfers, Finish It allows you set a monthly payment or number of payments and it creates a plan to pay it off in full
- Track it – This tool allows you to track spending trends and create a budget
For a no annual fee card, the Slate® card offers strong purchase protection, covering new purchases from damage and theft for 120 days. Other features of the Chase Slate® card are a free Monthly FICO® score, zero liability protection, and fraud protection.
What You Don’t Get
While offering great tools to lower credit card debt, the Chase Slate® doesn’t come with many other benefits. There are no signup bonuses or spending rewards with this card, so you won’t earn any cash back on a large purchase with this card. Also, the 15 month 0% intro APR is not the longest balance transfer period on the market. If you can’t pay off your balance in those 15 months, it might make sense to consider cards with longer intro periods. Keep in mind that most other cards will charge a balance transfer fee. The card also charges a 3% foreign transaction fee. Another thing to keep in mind is that you can’t transfer a balance to the Chase Slate® card from any other Chase credit card.
If you find that you are carrying a balance on your credit card, your first goal should be to pay down your debt. With its combination of features and tools specifically geared towards lowering your credit card debt, the Chase Slate<sup>®</sup> is definitely one of the first credit cards to consider.
Editorial Note: The information related to Chase Slate® has been collected by Credit Cards House and has not been reviewed or provided by the issuer of this card.
First published , last updated
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.