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The Chase Slate® eliminates an annoyance shared by other balance transfer credit cards. It's the best option for a balance transfer if you're trying to pay down your debt, but there's not much need to keep using it once you've reached your goal.

Nov 07, 2023 By Triston Martin

Introduction

Chase Slate eliminates the balance transfer fee, a frequent complaint about credit cards. It doesn't impose a fee for the first 60 days. Because there is no balance transfer fee, no annual fee, and a lengthy introductory APR of 0%, this product is among the few "triple-zero" options for transferring balances. A strong alternative for this purpose. But in the long run, there is little incentive to keep using the Chase Slate credit card after you've paid off your balance because there aren't any associated points or perks. There are better debt transfer credit cards out there, even if they charge a fee if you're searching for perks like these. Read this Chase Slate review for further details.

Pros of Using Chase Slate

Extended 0% Intro APR on Purchases and Balance Transfers

Like many others, the Chase Slate credit card features a 0% initial APR period. However, the card's generosity does not expire once the standard 12 months have passed for either balance transfers or new purchases. No interest will be paid for the first 15 months after opening your account. After that, the APR is changeable between 14.99% and 23.74%, based on your credit history. There will be no interest charges on your balance for more than a year, giving you plenty of time to pay off high-interest credit card loans or make a large purchase with the money you save.

Fee-Free Initial Balance Transfers

Fees for transferring a balance from one credit card to another are typically assessed as a percentage of the total amount being transferred. Chase Slate cardholders have a significant advantage over those with other balance transfer credit cards because there is no debt transfer fee for the first 60 days following account setup. After the initial 60 days, a 5% fee of the total transferred amount is due, with a $5 minimum. To illustrate, imagine you owed $5,000 on credit cards. Standard balance transfer fees for making such a transfer to a Chase Slate card amount to $250 (or 5% of the transferred amount, whichever is greater). However, there is no fee for transferring a balance into your new account within the first 60 days.

There is No Annual Fee

The annual charge for using a Chase Slate® is $0. Credit cards without a yearly fee are beneficial because you won't waste money keeping them around.

There is No Interest Rate Penalty

The interest rate on some credit cards can skyrocket after a late payment and remain there until the cardholder has made several consecutive payments without incident. In contrast, the Chase Slate® is designed to prevent just that from happening. It's important to remember that you could still be hit with a $39 late fee. Payment delays hurt credit scores.

You Only Need Fair Credit To Qualify

Most financial institutions require applicants to have exceptional or good credit to get approved for a balance transfer credit card. Chase Slate approval is not limited to those with excellent credit; applicants with "fair" credit (FICO 630 or higher) may also be considered.

60 Days Of Interest-Free Balance Transfers

In addition to the promotional APR period, balance transfers within the first 60 days of account opening are not charged a fee. After the first 60 days, there is a 5% cost, with a minimum charge of $5.

What The Numbers Say About Making The Most Of Your Chase Slate

Chase Slatepromotional ®'s balance transfer offer is a great way to save money and get a head start on using your card. To avoid being charged a fee, you should move your money as soon as possible, ideally during the first 60 days of opening your account. When the 60-day period expires, the balance transfer cost increases to 5%, or a minimum of $5, whichever is greater. Then, guarantee that you will have the means to settle your balance before the introductory APR expires. For the initial 15 months, both purchases and balance exchanges are interest-free. Following the initial 15 months, the variable APR will increase to 16.74%25.49%.

Conclusion

The Chase Slate is an excellent option if you need to transfer a sizable amount of credit card debt because of its introductory 0% APR offer for 15 months and its $0 balance transfer fees for transfers made during the first 60 days of card enrollment. Making the most of the initial terms can save you hundreds, if not thousands, of dollars and give you a leg up on paying a large sum. The 15-month 0% APR offer is very appealing. You can find debt transfer credit cards with even shorter introductory periods. However, other cards, such as the Citi Simplicity Card, provide promotional financing for up to 18 months.

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