Chase Slate® Review: A 0% Intro APR Card to Help Pay Off Debt Faster
Chase Slate® can be a solid credit card option for fee-wary cardholders wanting to chip away at their debt balances. The card's most notable perk is its $0 intro balance transfer fee for transfers made within 60 days, plus its long 0% intro APR on balance transfers and purchases. Here’s a deeper dive on Chase Slate® to help you understand if the card is a fit for your needs.
Best for: $0 intro balance transfer fee Chase Slate®
Credit Rating Requirement:
- $0 Intro balance transfer fee for the first 60 days your account is open. After that, the fee for future transactions is 5% of the amount transferred with a minimum of $5.
- 0% Intro APR for 15 months on purchases and balance transfers. After that, 16.74% - 25.49% variable APR.
- See monthly updates to your FICO® Score and the reasons behind your score for free
- No Penalty APR – Paying late won't raise your interest rate (APR). All other account pricing and terms apply
- $0 Annual Fee
What we like about Chase Slate®
0% intro APR – The card includes a 0% intro APR spanning 15 months for purchases and balance transfers. We Fools always encourage smart use of credit, and transferring balances to a 0% intro APR card can help avoid costly interest charges. In fact, paying off a $5,000 balance over 15 months will cost a whopping $620 in interest charges at an 18% APR.
No annual fee – Credit cards packed with valuable features generally charge higher fees or APRs. Chase Slate® balances this relationship well by not charging an annual fee.
$0 balance-transfer fee – Chase Slate® incentivizes cardholders to pay down debt faster, and one way it does so is by slashing fees. Chase Slate® waives balance-transfer fees during the first 60 days, whereas the standard practice is to charge a percentage of the amount transferred or a flat-dollar amount, whichever is greater. After 60 days, balance-transfer fees kick in for any additional transfers, and Chase Slate® charges 5% ($5 min.).
FICO® Score for free – Chase made the right move by providing Chase Slate® cardholders with access to a FICO® Score for free. Tracking and building your credit score are two of the most powerful weapons you have to improve your financial well-being. A good score can help you land some of the best mortgage rates and credit card offers.
What could be improved
Rewards and sign-up bonus – Chase Slate® doesn’t offer potentially lucrative new cardholder bonuses or rewards, whereas other balance-transfer cards with similar 0% intro APR offers and no annual fee do, including other Chase cards (more on that below).
Longer 0% APR promo - While 15 months is a long promo period, we must mention that some other cards offer longer promos. Note, these cards also don't offer a $0 balance-transfer fee.
How to best use this card
- Be sure to transfer high-interest balances during the first 60 days to avoid balance-transfer fees, which will later cost $250 for a $5,000 transfer with Chase Slate®.
- Leverage free access to your FICO® Score. This is a huge value! In fact, myFICO charges upwards of $350 per year to receive, track, and monitor your comprehensive credit history.
- While the card does include a 0% intro APR for purchases, the card doesn't earn rewards. This reduces the value of the promo APR and highlights the fact that Chase Slate® may be best viewed as a pure balance-transfer credit card used to pay off existing debts, not piling on more debt when making more purchases.
Chase Slate® pulls no punches. The credit card was designed from the ground up to help indebted borrowers pay down debt faster with interest- and fee-free balance-transfer promos. Waiving balance-transfer fees is highly valuable, which we think amps up the value of Chase Slate® for cardholders focused on paying down debt balances, not paying fees. If that sounds like you, Chase Slate® is may be one of the best options we've come across.