Is the Slate from Chase any good? Review the advantages and disadvantages before you apply.
At one time or another, you’ve probably seen those commercials for the Chase Slate card, a newer product from this bank aimed at those who use their credit card to carry a balance. Of course you can only learn so much about it from watching a 30 second commercial, so here’s an in-depth look at how it works so you can make an informed decision.
June 1st 2013 update: Chase is running an excellent offer now: Apply now and get 0% for 15 months + $0 balance transfer fee for transfers made within the first 60 days. Hurry and get this promo while you still can. If you prefer applying over the phone, then the number you want to call is 1-888-249-6096.
What are the advantages?
- Flexible Credit Requirements– The vast majority of Chase credit cards have very stringent credit score requirements. Their reward cards like the Freedom and Sapphire require excellent credit and a high score to qualify. Fortunately, the Slate card from Chase has more relaxed requirements… instead of just “excellent” credit, they also advertise this one for those with “good” credit. So this is probably the easiest Chase card to qualify for.
- Chase Blueprint– This is that nifty feature you see them talk about on the commercials. The Chase Slate with Blueprint is an advanced budgeting tool which helps you save money on interest and stick to your goals of paying down balances faster:
As a Slate cardmember, this benefit is completely free for you. According to Chase, customers who setup and stick to their “Split It” or “Finish It” Blueprint plan tend to pay off their balance 2x faster when compared to their other cardholders. So use this tool to help reach your goal of becoming debt free, faster.
- Reasonable Interest Rates– As I’m sure you know, reward credit cards usually have high interest rates (because they have to subsidize the cost of the rewards, right?). Well since the Chase Slate credit card is designed for those with a balance, they skipped the rewards program and instead focus on giving better APRs. As I write this review there were 3 tiers of interest rates depending on your credit: 11.99%, 16.99%, or 21.99%. Of course I’m not claiming that last tier is “low” but if you have good credit and get the 11.99% tier, that is probably lower than what you would be paying on the vast majority of reward cards.
- Reasonable Balance Transfer Fee – Back before the Great Recession it was possible to find balance transfer credit cards with no balance transfer fee. Unfortunately those disappeared then and have never returned since. It’s also unlikely we will see them again, because the credit card reform (CARD Act) has cut into the industry’s profits and in turn, fees are more common in banking these days. This card normally charges a balance transfer fee of 3% which is a lot better than the 5% you find on a lot of other cards.
- Zero Percent Offers – Of course when you’re trying to pay down that balance, having a 0% APR can help tremendously. The Chase Slate balance transfer offers are among the best on the market (scroll down to see the current offer).
- No Annual Fee – As we know this is a common benefit these days, but still worth pointing out.
What are the disadvantages?
- Rewards Program – Really the only disadvantage I can think of when it comes to this card is the fact that there is no rewards program. But as mentioned the reason for this is because it’s designed for people with a balance. So if you have great credit and pay off your bill in full each and every month, you would be better off with their Freedom. However if you have a balance, then the Slate probably makes more sense.
Should you apply?
If you will be using this card to pay down a balance, then yes, it’s a good deal. Right now using our sponsored promotion below, you can apply and get all of the following:
- 0% for 15 months on balance transfers
- 0% for 15 months on purchases
- $0 balance transfer fee (for transfers made within 60 days)
There are a couple transfer offers out there that are slightly longer (18 months) but they all charge a 3-5% fee on your transferred amount. So if you transferred $5,000 you might pay $150 (3%) to $250 (5%) upfront just to do the transfer. This is the only deal available right now with a $0 transfer fee. That makes this Slate card offer a no-brainer.