Chase Slate® Credit Card is our pick for one of the best balance transfer credit cards. This card comes with a 15 month 0% intro APR period – this means you pay no interest on your balance during that time. The Chase Slate® credit card also does not charge balance transfer fees for the first 60 days after opening an account. This feature is what makes the Chase Slate® Credit Card stand out from the rest. Having no transfer fees can be a huge money saver, especially when transferring large sums of money.
The features we like best about the Chase Slate® Credit Card
- No balance transfer fee on balances transferred within first 60 days
- Purchase and price protection - extra perks for consumers looking to save money
Where we think the Chase Slate® falls short compared to other cards
- Intro APR period not as long as the top competing cards
We recommend for individuals looking to transfer large balances the Chase Slate® - there is no better card when it comes to moving sizeable sums. That's because while other leading balance transfer cards, such as the Citi Simplicity or Citi Diamond Preferred, offer longer 0% introductory periods, these cards also charge cardholders fees for moving their balance over to them. On average, credit cardholders are typically charged 3% to 4% of the amount being transferred. Because the fee is a percentage of the total you want to transfer, the larger that amount is, the larger your fee will be. By eliminating transfer fees for the first 60 days, Chase Slate® offers its customers huge short-term savings.
Of course, there are tradeoffs. While you are not paying for transfers in the first two months with the Slate®, you will not have as much time to enjoy a 0% intro APR. The Citi Simplicity, for example, has a 0% introductory APR period of 21 months – 6 months longer than the Chase Slate®. If you cannot pay off your balance in full within 15 months, we'd recommend you consider applying for a card like the Citi Simplicity. In that case, consumers should weigh the benefit of three extra months of 0% intro APR (presumably on a lower ending balance) against a waived fee (on a higher starting balance).
One of the other things we really like about the Chase Slate® credit cards is that it also offers users something beyond balance transfers. One of the major pitfalls of worse balance transfer cards is that their usefulness ends with the expiration of their 0% intro APR period. Through their purchase protection benefits, Chase Slate® customers have a reason to keep using their card long after that introductory period ends. To that end, the card has benefits and perks like its Blueprint suite of services, and various price and purchase protections (more detailed breakdown of these benefits below. The important takeaway from them is this: they provide security and more control so that consumers can be more confident in their spending and payments.
The Chase Slate® sports a 0% intro APR on purchases and balance transfers for the first 15 months after account opening. This is by far the defining characteristic of this credit card. The Chase Slate® waives interest on balances they carry for those first 15 months, which lets cardholders slowly pay off any debts without accumulating fees over that time. Let’s look at how transferring a balance using the Chase Slate® credit card might work through an example with the Barclaycard Arrival Plus, one of our better travel rewards credit cards.
|Purchase APR||15.49% - 24.24% Variable|
Imagine you have a balance of $9,000 with the Barclaycard Arrival Plus credit card that you're unable to pay off in full. We'll take the lower end of its variable APR of 14.99% each month that you carry a balance. Assuming you can make minimum monthly payments of $1,000 at the end of each month and don't add further amounts, it will take a little more than 10 months to pay off that balance completely - that's because each month also accrues interest charges that get added to your balance. How much interest will you pay in those months? Well, APR is an annual and nominal percentage rate. In order to get an estimate of how much interest you will accumulate over that period, we need to calculate the actual interest rate based on that nominal APR figure. The conversion formula works as follows:
- Periodic Interest Rate = APR/365 (since interest is calculated using your daily balance)
- Total Interest for one month = Average Daily Balance x Periodic Interest Rate x 30 (30 being the number of interest periods in a month)
- Applying this to our example 14.99% APR the periodic interest rate comes out to be 0.041%. By paying 0.041% interest on your remaining balance, you would end up paying close to $600 in fees alone over ten to eleven months.
What if you transferred your balance over to the Chase Slate® instead? That $600 would stay in your pocket. Assuming you transferred the balance within the first 2 months of opening your Chase Slate® account, you pay no interest and no transfer fees, saving you a considerable amount.
If you need extra help managing your payments and credit card finances, Chase has you covered with their Blueprint service, which is available to Chase Slate® cardmembers. Blueprint offers a range of tools which can help you plan out how to pay off your balance, and analyze your spending habits. The full list of Blueprint services is as follows:
- Full Pay allows you to choose which spending categories to pay off in full each month. With this, if you know that your spending is greatest in particular categories, you can avoid paying interest on those items by targeting them and making sure those purchases are paid off each month.
- Chase Slate® users can select Split to pay off particular purchases in a set number of payments, or by selecting how much of your payment you want to commit to an item each month.
- With Finish It, by selecting how much you are willing to pay each month, you can calculate and track how long it will take to finish off a balance. Finish It allows you to track and see interest payments too, which aids in seeing the long-term costs of choosing a particular minimum payment.
- Track It helps analyze past spending habits, and understand where you are spending the most. It aims to help Chase Slate® users monitor their budget more closely, by creating visualizations which are grouped by spending category.
The advantage of Chase Slate®’s Blueprint service comes as a direct result of how interest is calculated on your card. Interest is compounded daily, which means once interest kicks in, it is calculated on daily balances. If your finances are tight, it might save you money to target down which purchases on your bill you pay off. To save the most money, you will want to pay off as much of your earlier purchases as possible, as they have been accumulating interest the longest. While the savings won’t be huge, it can make a difference to individuals on a tight budget.
On top of helping you pay off old balances, the Chase Slate® credit card also protects the purchases you make using it. Keep in mind that all of these benefits apply exclusively to purchases made using the Chase Slate® credit card.
One of the worst experiences when shopping, is to buy an item only to see it go on sale the next day or week. Chase Slate® cardholders can rest easy with Price Protection. Chase will cover the price difference up to $500, if a lower price is advertised within 90 days of a purchase, at a maximum of $2,500 per year. Purchase Protection helps with unexpected accidents and misfortunes that may befall your newly charged merchandise. If an item you bought is damaged or stolen within 120 days of the purchase, Chase will reimburse the damages for up to $500 per claim, and up to $50,000 per account. Finally, Chase Slate® cardholders are also given an extension on their warranties for purchases made with their card. Chase adds one extra year to the manufacturer’s warranties – provided the warranty is no longer than 3 years.
To make the best value-based decision, it is instrumental to do some comparison shopping. While the Chase Slate® stands on its own, it's best to consider it in the context of its peers and other alternatives to determine if it is the best card for you to apply for. Below we profiled how the Chase Slate® credit card compares to other popular credit cards in the market today. Consider the options below to see which card is a better fit for your needs.
One of our top picks for best balance transfer cards is the Citi Simplicity. It has the longest lasting 0% introductory APR period of any major credit card, lasting 21 billing cycles. If a consumer is looking for extra time to pay off their previous statement balances, then the 3 extra months of breathing room provided by the Citi Simplicity can make a world of difference.
One downside of the Citi Simplicity, over the Chase Slate® card, is its transfer fee of 3%. While a standard rate and by no means a big negative, anybody who wants to transfer their balance without having to pay any extra fees should pick the Chase Slate®.
The Citi Simplicity also offers a similar benefit to Chase Slate®’s Price Protection and extended warranty. Citi Simplicity’s Price Rewind lasts 30 days less than that of the Chase Slate®, and offers refunds of up to $300 per item, or $200 less than the Chase Slate®. The Citi card makes up for this deficit in the extended warranty program. While Chase Slate® offers 1 extra year on warranties of up to 3 years, Citi Simplicity extends warranties by 1 year on warranties of up to 5 years (for a maximum possible warranty of 6 years).
We suggest the Discover it® as another alternative to the Chase Slate® for consumers to consider - it's a hybrid balance transfer card with rewards. Through the Discover it®, consumers earn 5% cash back on purchases in select, rotating categories. The 5% applies only on the first $1,500 in total spending in those categories, each quarter. All other purchases earn Discover it® users just 1% cash back. This feature has no equivalent in the Chase Slate®, which offers no rewards outside of the purchase protection benefits.
Where the two cards do have a direct clash is as balance transfer credit cards. The Discover it® has a 0% APR balance transfer period that is shorter by 3 months than the Chase Slate®. Discover it® cardholders must also pay a 3% fee for balances transferred to their account, which is something Chase Slate® can avoid for the first 60 days of card membership, with the card's introductory offer.
While in the short term, 15 month period, Chase Slate® offers better value for balance transfers, we think the Discover it® provides users with more long-term savings. Once the 15 month 0% introductory APR period on the Chase Slate® ends, the only savings to be had come from the purchase protection perks which will provide limited savings at best. Since the cards have no annual fee, it is not a bad option to consider having both cards. While the Chase Slate® will offer better balance transfer benefits, once your finances are under control the Discover it® can provide spending rewards for added value.
The comparison between the Chase Freedom® and Chase Slate® credit cards operates much in the same way as the Discover it® comparison above. The Chase Freedom is a cashback rewards credit card with a 0% intro APR on balance transfers and purchases for the first 15 billing cycles – the same as Chase Slate®'s offering. There is a 5% balance transfer fee, with a $5 minimum, for Chase Freedom® users. Once again, Chase Slate®’s advantage here is its ‘no balance transfer fee’ introductory offer.
For long term saving, the Chase Freedom® offers more value through its cash back structure – 5% returns on rotating categories, and 1% back on everything else. There is also a signing bonus of $150, though we think anybody who needs the card for its balance transfer aspect should steer clear of excessive spending in the first few months of opening the account. As with Discover it® before, users can apply for both cards and use each to the different strengths they possess. There is no arguing that the Chase Slate® is the better balance transfer card. However, the Chase Freedom can eventually provide users with net spending rewards in the future.
The Chase Sapphire Preferred® Card, one of Chase’s most popular credit cards, is marketed at a completely different audience than the Chase Slate®. The Chase Sapphire Preferred® Card is a travel rewards card, with a high annual fee and no 0% intro APR offers to speak of. It is strictly for individuals with high spending habits who have no trouble paying off their balance each month. If one does not meet both these qualifications, there is no value to be found in having this card.
The APR on the Chase Sapphire Preferred® Card is a little worse than that of the Chase Slate®. Before deciding on a card like the Chase Sapphire Preferred®, it is important to know if one is able to take care of a credit card bill on a month to month basis. If not, then a credit card like the Chase Slate® is the superior financial choice.
If you are looking to get a credit balance under control, and know that you can pay it off within 15 months, there is no better card than the Chase Slate® for that job. Having no transfer fee for the first 60 days with its introductory offer, plus the long 0% intro APR period, cardholders are free to take their time and slowly pay off a balance that would otherwise be accumulating interest. For consumers who need a bit more time than the Chase Slate® gives, the Citi Simplicity and Citi Diamond Preferred cards are good alternates, offering 21 months of 0% intro APR.
Chase Slate® Resources
We address below a few frequently asked questions that our consumers typically have when it comes to the Chase Slate® credit card.
How do I apply for the Chase Slate®?
Prospective cardholders can apply online for the Chase Slate® by following this link: https://creditcards.chase.com/slate-credit-card/learnmore-apply1?S81H=Y71UH0#.
What is the balance transfer fee 60 days after opening a Chase Slate® credit card account?
In the case of the Chase Slate® card, the fee is 3% or $5, whichever is higher.
What is the APR on Chase Slate® after the introductory period?
The Chase Slate® has a variable APR. 15 months after your account is open you will begin to pay interest that will depend on your credit worthiness.
Comments and Questions
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