On the Getchaseslate website, the Chase Slate Card is not presently accessible or taking new applications. The product as it was most recently provided is reviewed here; however, should it become available again in the future, it will be updated with the most recent features, terms, and conditions.
Chase credit cards might have hefty annual fees but are well-known for their travel benefits. A specific income threshold may be assumed by some as the target market for the bank. It is still not completely true while it is not completely untrue.
Among all Chase’s credit card offers, one of the affordable options is Chase Slate. The card does come with an introductory APR, no annual fee and provides the cardholder with free credit access to a credit score as well as a brief summary of the Experian credit report. That is all. Accessible, useful, and cheap.
Therefore, the Chase Slate credit card is designed to attract consumers who are looking for a way to get out of higher-interest credit card debt. For a full year, there are no interest rates on balance transfers. The 0% APR period of 12 months also extends to new purchases. However, the lack of a rewards program limits the card’s long-term and extended utility beyond balance transfers.
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Examining The Chase Slate EdgeTM Credit Card
With several practical benefits, the Chase Slate EdgeTM* is intended to assist customers in minimizing interest costs. The card provides 0% APR on purchases and debt transfers for the first eighteen months (after 20.49% – 29.24% Variable) and has no annual fee. The card offers a lot of time and flexibility to pay off bills beyond this first offer.
Owners of Chase Slate EdgeTM* credit cards may keep saving on interest by using My Chase Plan. For a set charge, cardholders can use this service to break up large purchases into monthly installments, which can be less expensive than paying interest.
Chase will even reduce your interest rate by 2% if you spend $1,000 or more annually and make your payments on time.
When you make on-time payments and spend $500 within the first six months of opening an account, the Chase Slate EdgeTM * can also help you establish credit more quickly by providing an automated review of your credit limit. Additionally, cardholders have access to internet resources that track their credit score and expenditure.
Pro Of Getchaseslate Edge Credit Card
The Chase Slate Card like other cards offers introductory APR terms but unlike many cards, Chase offers it for much longer than the one-year term that is normal for balance transfers and for new purchases. You will enjoy 0% interest on either for the first 15 months after the account is opened and the APR will range from 14.99% to 23.74% depending on your creditworthiness.
You literally get more than one year without interest in order to pay off high-interest credit card balances or finance a large purchase.
There is no initial balance transfer cost: Foreign transaction fees can easily add up to your overall cost of the credit card since fees are charged based on a percentage of the total amount that is used to establish a new card.
Another attractive feature of this card over the other balance transfer cards is the fact that there are no balance transfer fees for the amount transferred within 60 days of the card account opening. The remaining 5% will have to be paid also at a $5 minimum charge once the 60 days have elapsed.
For example, suppose your balance was $5,000 on your credit card. Typically, balance transfer fees are equal to $250, or 5 percent of the account balance, if a cardholder transfers that amount to the Chase Slate card. However, you would only have to pay $0 if you finished the balance transfer within the first 60 days after creating the account—a significant savings.
No penalty APR: If you use the Chase Slate card and miss a payment, there won’t be any penalties assessed. This function is a helpful bonus because many credit cards may raise your annual percentage rate (APR) permanently if you miss a payment.
Cons Of Getchaseslate Edge Credit Card
No incentives or one-time deals: Unfortunately, there isn’t a Chase Slate bonus or Chase Slate rewards program. That’s a big disadvantage because lots of other balance transfer credit cards allow new cardholders some nice perks and rewards. For example, it is possible to get an unlimited 1.5% cash back on anything with a Capital One Quicksilver credit card.
In addition, if you introduce at least 25 referrals in the first three months after creating an account, you will get a $100 bonus; and for the initial three months as a registered user, you will be earning $150 upon spending at least $500. Furthermore, there is an introductory 15-month 0 per cent APR on purchases, the infinite standard variable APR thereafter will be between 15.49 and 25.49 per cent.
3% international transaction fee: As a foreign customer, you should note that this card attracts a 3% foreign transaction fee each time you make a purchase that is in a currency other than USD if you plan to travel overseas. If you make that call over the course of your vacation the charge may add up to hundreds of dollars.
As a repairing stratagem, one could obtain a new credit card that does not charge its holders foreign transaction fees, for instance, the Travelling Rewards Capital One Quicksilver card if one is to travel outside the United States.
Is There Any Danger In Trying To Get The Chase Slate Edge Card Right Now?
To get a credit card with a low interest rate without an annual fee, the Chase Slate EdgeTM is a good credit card. You can expect significant savings when repaying on your purchases and balance transfers because Gas is offering the 0% introductory APR for the first 18 months on both types of purchases, after which the rate will become a variable Gas range of 20.49% to 29.24%.
It is also possible to make payments on the purchased goods out of which interest rates may be lowered. But the card lacks the incentive to offer the best for other deserted areas in the center of its facility. In your case, if you want the freedom of both earning points and lowering your interest expenses, several cards offer both.
As for me, if all you need is a small card that will give you the opportunity to build credit and give access to a huge bank like Chase, this one can be perfect. Chase does, however, offer some of the best reward credit cards on the market today. To start the journey of being accepted by Chase, you may open a Chase Slate EdgeTM credit card and over time you may be considered for a better card.
Taking all this into account, if you are on the lookout for a low-interest credit card which does not charge you an annual fee, then you should definitely consider the Chase Slate EdgeTM.
Who Is Suited For A Chase Slate Credit Card?
If you are torn between multiple credit cards with high interest rates, then using the Chase Slate credit card to do a balance transfer makes lots of financial sense. You can save money on interest charges and may pay off your balance without any interest for almost one year for no annual fee and a 0% intro APR on purchases and balance transfers for 15 months. Provided that you complete the balance transfer within the first 60 days that you sign up for an account with that card, you will not be charged balance transfer fees.
To try and compare that, let machine learning algorithms remind you that, in 2019, the average credit card balance was 6,028, as reported by Experian. By using data collected from the Federal Reserve, the average of all credit card accounts with interest charged was 17.14%.
If your credit score is low and you have 40 months to pay off $6,028 credit card debt for which you agreed to pay 17.14% APRL and make a minimum monthly payment of $200 you would inevitably accrue $1,912 in interest.
Transferring your balance to the Chase Slate card within the first 60 days of your account opening meant that you could pay back your debt in 32 months; the first 15 months at 0% APR and the next 17 months at the standard 14.99% interest rate if the same minimum monthly payment was continued and one received the 14.99% interest rate after the promotion ended—eight months ahead of schedule. Also, you would save $1,562, where you would pay only $350 in interest instead of missing out on the balance transfer offer.
However, as soon as the promo APR rate is over, there is no other benefit this card offers. It may sound ludicrous but when you are out of high interest credit card defaulted then you should apply for a new card seeing the rewards the one is right now doesn’t offer.
0% First-Time Discounts
The main advantage of Slate is its first balance transfer offer. The Slate Card stands out from other debt transfer credit cards in that it doesn’t charge a balance transfer fee. Chase doesn’t impose a transfer fee if you move money during the first sixty days of opening an account.
This is a noteworthy advantage. A fee of 3% of the transferred amount is typical for balance transfer cards. Some cards charge up to 5%. For every $1,000 transferred to a Slate card, you save $30 to $50 in comparison to comparable cards.
The purchase and balance transfer rates are also subject to the introductory rate. Any amounts that remain after that point will be subject to interest at the standard APR (see below). It’s crucial to remember that.
To Qualify For a Getchaseslate Credit Card, What Credit Score Is Required?
Chase Slate credit card requirement is that for one to qualify for it he or she must have a credit score of 700 or above. This shows that the target market for the card should have an excellent credit rating, at least, to have a high probability of acceptance of the card.
However, it might not be sufficient to get the 700+ credit score required for approval of the Chase Slate. Only those who get an invitation from Chase may apply for the Chase Slate, and there are additional restrictions that must be fulfilled.
Conclusion
Getchaseslate is a great option if you want to transfer a sizable amount of credit card debt because it provides a 15-month introductory 0% APR offer and charges $0 for balance transfers made within the first 60 days of card membership.
By taking advantage of the introductory terms, you may be able to reduce your debt significantly and save hundreds or even thousands of dollars.
The fifteen months without interest are competitive. Many credit cards with balance transfers have even shorter introductory periods.
The primary disadvantage is that Chase Slate’s competitive advantage disappears when the promotional time ends. It doesn’t have the increasingly popular incentive systems that encourage continuous use.
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