Chase Slate® Credit Card Review



Chase Slate®

Bonus Signup Offer

Pay no balance transfer fee when you transfer a balance during the first 60 days your account is open. After the first 60 days your account is open, the fee for future balance transfers is 5% of the amount transferred, with a minimum of $5.

Perks

  • $0 Introductory balance transfer fee for transfers made during the first 60 days of account opening
  • 0% Introductory APR for 15 months on purchases and balance transfers
  • Monthly FICO® Score and Credit Dashboard for free
  • No Penalty APR - Paying late won't raise your interest rate (APR). All other account pricing and terms apply
  • $0 Annual Fee

Expert Walkthrough

The Chase Slate credit card is perfectly suited for people who want to consolidate their credit card debt into one bill. This Chase Slate card review will discuss all the aspects of the credit card and how you can use it to save money on your other cards’ bills.

The Basics

The Chase Slate card is relatively basic. It offers no rewards, no sign-up bonuses, and no special offers that help you save money on purchases you make. What it does offer is a low-interest rate, a free, monthly credit score, no annual fee, and no penalty APR when you make a late payment.

Where the Chase Slate card excels is helping you save money on balances you’ve racked up with other credit cards.

Chase Slate Balance Transfer Deals

The Chase Slate is a great card for transferring balances. When you are approved for the card, there is a sixty-day period where there is no fee for transferring balances from other cards. Once that period expires, you’ll have to pay a 5% fee to transfer balances.

Given that most cards charge 3-5% on balance transfers, that’s a huge savings opportunity. If you’re transferring a balance of $10,000, that’s a savings of $300-$500, right off the bat.

You can transfer a maximum of $15,000 or your Chase Slate credit limit, whichever is lower. That makes it easy to move most or all of your other cards’ balances to the new card.

You might ask why you would want to transfer a balance to your new Chase Slate card. The reason is that the card offers 0% interest for your first fifteen statements. Since other cards charge as much as 30% interest each year, that is a massive opportunity to save money.

This example will illustrate the savings you can realize with the Chase Slate card.

You transfer the maximum balance, $15,000, to your new Chase Slate card. You want to pay the balance in full in fifteen months so that you take full advantage of the 0% interest promotion.

You’ll have to pay $1,000 a month to pay the loan in full at the end of the fifteenth month. You’ll pay the exact amount you transferred, $15,000.
If you had instead left that $15,000 balance on a card that charges 25% interest, you’d have to pay $1,174.67 each month to pay it off in fifteen months. You’d pay a total of $17,620.05, more than $2,500 of which is interest.

When you take advantage of the 0% interest promotion, instead of most of your monthly payments going towards interest rather than the principal of your debt, every penny will be going towards eliminating your debt, freeing your future income for other purposes.

Other Benefits

The Chase Slate card does come with some other benefits that cardholders will enjoy. One is fraud protection. Chase Slate reviews every purchase made with the card, watching for signs of identity theft or other types of fraud. If fraud is detected, your card will automatically be disabled and Chase will contact you by phone, text, or e-mail.

If you’re the one making the purchases, your card will be unlocked. Otherwise, Chase will send you a new card as quickly as possible.

Another benefit of the Chase Slate card is purchase protection. If something you buy is damaged or stolen in the first 120 days after purchase, Chase will reimburse you for up to $500 per claim and $50,000 per account.

Price protection is the last benefit of the card. If you make a purchase with the card and later find the same product advertised at the same price, you can get reimbursed for the difference, up to $500 per item and $2,500 per year. You need to find the lower price within ninety days of the original purchase. That way you never have to worry about something going on sale right after you buy it.

The Chase Slate card is a basic credit card with some great features to help people save money by consolidating their other credit card debts. If you’re carrying a balance on another card, consider applying for the Chase Slate card.



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