Financing

$100 Bonus and 12-Month 0% Intro APR

0 Bonus and 12-Month 0% Intro APR

This post contains links to products from our advertisers, and we may be compensated when you click on these links. Our recommendations and advice are ours alone, and have not been reviewed by any issuers listed. Terms apply to offers listed on this page.

In early 2020, Chase stopped taking online applications for the Chase Slate®
— a card that was once the best choice for balance transfers given its introductory 0% APR and no balance transfer fee in the first 60 days of account opening. Since then, Chase hasn’t offered any cards with a 0% APR on balance transfers, but there’s now a new option to consider.

The new Chase Slate Edge℠ card isn’t quite as generous in the 0% APR department, but it has features that could be beneficial if you want to avoid high interest charges or are just getting started with no credit check. You’ll receive an introductory 0% APR on purchases and balance transfers for the first 12 months, followed by a 14.99% – 23.74% Variable APR, and there’s no annual fee.

However, if you’re looking to make a balance transfer without fees, you’re out of luck. The Chase Slate Edge℠ charges a fee of 3% (or $5, whichever is greater) for balance transfers made in the first 60 days of account opening; after that, the fee goes up to 5%. You’re also not eligible to transfer a balance from other Chase accounts (including credit cards and loans), but that’s typical of most balance transfer offers across all issuers.

Read more: The best low-interest and 0% APR credit cards

The Chase Slate Edge℠ offers a welcome bonus of $100 bonus on your statement when you spend $500 in your first six months from account opening, but beyond the initial bonus, the Chase Slate Edge℠ doesn’t earn rewards. That said, it offers a couple of advantages that could be of interest to new cardholders who are building their credit or who might need to carry a balance.

“Consumers want tools to help take them to the next level of their financial journey and we designed Slate Edge to enable cardmembers to reach their goals faster,” said Kristen Bowdoin, General Manager of Chase Freedom and Slate. “We’re giving cardmembers an edge to tackle ‘what’s next’ on their financial to-do list and put their best foot forward.”

Chase Slate Edge card details

Regular APR

14.99% – 23.74% Variable

Credit Score

Good to Excellent

Featured Reward

$100 bonus on your statement when you spend $500 in your first six months from account opening

Intro APR

0% intro on purchases and balance transfers for 12 months

It indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Pros & Cons
  • Details
  •  

    Pros
    • 0% introductory APR on purchases and balance transfers for the first 12 months
    • No annual fee
    • Potential for automatic consideration for credit limit increases and purchase APR reductions
    Cons
    • Card doesn’t earn rewards beyond the welcome bonus
    • Other cards have longer 0% APR offers
    • Consideration for purchase APR reduction and credit line increase requires meeting a minimum spending requirement and on-time payments
    • Receive a $100 bonus on your statement when you spend $500 in your first six months from account opening.
    • Lower your interest rate by 2% each year. Automatically be considered for an APR reduction when you pay on time, and spend at least $1000 on your card by your next account anniversary.
    • Raise your credit limit. Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first six months.
    • 0% Intro APR for 12 months from account opening on purchases and balance transfers, then a variable APR of 14.99 – 23.74%.
    • No annual fee

    The Chase Slate Edge℠ might be worth a look if you don’t think you’ll qualify for Chase credit cards that earn rewards because you’re new to credit or rebuilding your credit.

    Automatic review for a higher credit limit

    One handy feature that could help you build your credit is an automatic, one-time review for a higher credit limit if you’ve paid on time and spent at least $500 in your first six months of opening the Chase Slate Edge℠.

    Earning a higher credit limit could potentially boost your credit score because it will increase your total amount of available credit. As long as you aren’t carrying high balances, this could improve your credit utilization ratio, which is an important factor in your credit score.

    Read more: 5 things that affect your credit score — plus 6 things that don’t

    It might seem counterintuitive, but opening and using a credit card responsibly is actually a good way to build credit and improve your credit score over the long term.

    APR reduction of 2% each year

    Carrying a balance on your credit card isn’t a good idea because you’ll end up paying interest, but it’s sometimes unavoidable due to unexpected expenses or a loss of income. The Chase Slate Edge℠ comes with a novel benefit that can help reduce the amount of interest you’ll pay — but only if you use the card and pay your bills on time.

    Read more: The average credit card interest rate by credit score and card

    Each account anniversary, you’ll be considered for a 2% APR reduction, as long as you’ve paid your card on time and spent at least $1,000 on purchases in the previous anniversary year. The reduction is capped, though — it will only be reduced until your APR reaches the

    Prime Rate
    plus 9.74% (currently 12.99% variable APR based on the Prime Rate of 3.25% as of February 4, 2021).

    If you find yourself in a situation where you need to carry a large balance month to month, this feature could save you money — but it only kicks in after a year of having (and using) the card.

    Other Chase Slate Edge benefits

    Because it doesn’t earn rewards or charge an annual fee, you might expect that the Chase Slate Edge℠ doesn’t offer additional benefits.

    That’s actually not the case — the Chase Slate Edge℠ comes with a handful of perks that can save you money if you ever need to use them. It also comes with access to features like Chase Credit Journey (which comes with identity theft protection) and My Chase Plan, which allows you to pay off purchases over time for a fixed monthly fee.

    Purchase protection

    When you use the Chase Slate Edge℠ to pay for an eligible item, you’ll receive protection against damage or theft within 120 days of purchase. Coverage is up to $500 per claim and $50,000 per account.

    Extended warranty

    The Chase Slate Edge℠ offers an extended warranty benefit on qualifying items, extending the time period of a US manufacturer’s warranty (of three years or less) by an additional year.

    Car rental insurance

    If you pay for your rental in full with the Chase Slate Edge℠ and decline the rental company’s collision damage waiver, you’re eligible for theft and collision damage coverage for most cars in the US and abroad. Coverage is secondary to your own personal insurance in the US, and primary otherwise.

    Read more: The best credit cards with primary car rental insurance

    Roadside dispatch

    Cardholders have access to a 24/7 roadside dispatch hotline which can help you arrange services like towing, winching, or jumpstarting. The dispatch service itself is free, but you’ll be charged for any services rendered.

    Alternatives to the Chase Slate Edge card

    Better 0% APR offers and rewards earning

    While the Chase Slate Edge℠ has a few decent benefits, it’s only a good pick if you’re not able to qualify for better credit cards that either offer a longer 0% APR offer on purchases, balance transfers, or both, or that earn rewards in combination with an intro APR offer.

    For example, the Chase Freedom Unlimited® and Chase Freedom Flex℠ come with a welcome bonus of $200 after spending $500 in the first three months from account opening. Plus, new cardholders will earn 5% back (5x points) at grocery stores (excluding Target and Walmart) on up to $12,000 in spending during the first year of account opening (then 1x).

    They offer an introductory 0% APR on purchases for the first 15 months (then a 14.99%–23.74% variable APR), and each earns up to 5% cash back (5x Chase Ultimate Rewards points per dollar) on purchases. There’s no annual fee on either card.

    Read more: The Chase Freedom Flex and Freedom Unlimited now offer 5x on groceries to new cardholders — on top of a $200 welcome bonus

    If you don’t need a 0% APR on balance transfers, the 0% purchase APR is a better deal at 15 months (versus 12 months on the Chase Slate Edge℠).

    For balance transfers only, you could consider the no-annual-fee Citi® Double Cash Card, which doesn’t have a welcome bonus but offers a long 18-month introductory 0% APR on balance transfers (then a 13.99% – 23.99% (Variable)). It’s one of the best cash-back credit cards because it effectively earns 2% cash back on every purchase (1% when you buy, and 1% when you pay it off). Here’s our Citi Double Cash card review for all the details.

    And for the best of both worlds, the new Citi Custom Cash℠ Card could be a good fit. It’s offering a welcome bonus of $200 in cash back, fulfilled as 20,000 ThankYou® Points, after you spend $750 on purchases in the first 3 months of account opening and earns up to 5x rewards on everyday purchases. New cardholders receive a 0% introductory APR on purchases and balance transfers for the first 15 months (then a 13.99% – 23.99% Variable APR), and there’s also no annual fee.

    Read more: Citi Custom Cash card review

    Automatic credit line increase consideration

    Regular APR

    26.99% Variable

    Credit Score

    Average, Fair and Limited

  • Pros & Cons
  • Details
  •  

    Pros
    • No bonus categories to keep track of; you earn 1.5% back on everything
    Cons
    • Other cards offer higher cash-back rates
    • Earn unlimited 1.5% cash back on every purchase, every day
    • Earn cash rewards without signing up for rotating categories
    • Be automatically considered for a higher credit line in as little as 6 months
    • Monitor your credit profile with the CreditWise® app, free for everyone
    • $0 fraud liability if your card is ever lost or stolen
    • No limit to how much cash back you can earn, and cash back doesn’t expire for the life of the account
    • Help strengthen your credit for the future with responsible card use
    • Get customized alerts and manage your account with the Capital One mobile app

    Some of the best starter credit cards also offer automatic consideration for credit line increases, and there’s no spending requirement to meet like on the Chase Slate Edge℠.

    For example, the Capital One QuicksilverOne Cash Rewards Credit Card and Journey Student Rewards from Capital One earn rewards, and after six on-time payments, Capital One will automatically consider you for a credit limit increase.

    Chase even offers a similar benefit on the Chase Freedom® Student credit card, which earns 1% cash back on all purchases and comes with a welcome bonus of $50 after you make your first purchase in the first three months of account opening. After making five monthly payments on time and meeting credit criteria within the first 10 months of account opening, you’re eligible for a credit limit increase.

    Read more: The best credit cards for students

    Finally, don’t forget about secured credit cards if you’re starting from scratch or are working on rebuilding your credit. These typically don’t earn rewards, but they’re an option if you’re having trouble getting approved for traditional credit cards.

    Featured credit cards from our partners
    Featured Reward

    100,000 points

    Credit Needed

    Good to Excellent

    Featured Reward

    3 Free Nights (valued up to 50,000 points each) after spending $3,000 in the first 3 months, plus 10x total points per $1 spent on up to $2,500 in combined purchases in select categories within your first 6 months

    Credit Needed

    Good to Excellent

    Featured Reward

    $200 after spending $500 in the first three months from account opening

    Credit Needed

    Good to Excellent


    Source link

    Comment here

    placeholder="Your Comment">