Beware of Chase Slate fine print

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LBJFTW
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Beware of Chase Slate fine print

Postby LBJFTW » Sun Dec 06, 2015 12:24 pm

So I opened up one of these Chase Slate accounts because of the 0% APR and balance transfers with no transfer fee for 15 months.
I had a chase freedom card which was offering 10% off amazon this quarter. I used this chase freedom card and put a balance on it to get that 10% off with intent to transfer it over to the Chase Slate card. As it turns out, the fine print on that card says you can't transfer a balance from one Chase account to another. I called asking them if there was anything that could be done and they said they will not transfer it. I told them no problem, I'll just pay off the chase freedom card before any interest can accrue and never do any business with them again, for life. This was a manager I spoke to and you would think that they would bend the policy, but no. Oh well, just make sure you read the fine print on these credit card offers.
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CarefulBuilder14
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Re: Beware of Chase Slate fine print

Postby CarefulBuilder14 » Sun Dec 06, 2015 12:50 pm

This is pretty much standard (if not universal) practice in the credit card world. It's not just Slate, and it's not just Chase.
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augiedog
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Re: Beware of Chase Slate fine print

Postby augiedog » Sun Dec 06, 2015 1:00 pm

Every creditor I've seen says that balance transfers cannot be used to pay a card from the same bank. Some banks like Citi and Bank of America offer flexibility with check writing or direct deposit.

You could try transferring the balance to a card with no balance and ask for a check back. Although, some banks are pickier than others when doing that.
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Re: Beware of Chase Slate fine print

Postby Tubpbs » Sun Dec 06, 2015 1:18 pm

As stated, this is on you. No bank does that. It wouldn't make much sense. It's not a conspiracy against you. Sorry.
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LBJFTW
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Re: Beware of Chase Slate fine print

Postby LBJFTW » Sun Dec 06, 2015 1:34 pm

Was not aware that this was a practice at all banks. I've never had the need to transfer a balance, so the whole policy is new to me. Not everyone is aware so when you see a credit card offer with a free balance transfer option, you have to check the fine print. It's not a problem, I'll just pay it off tomorrow and reap the benefits of the 10% off Amazon that was given for this qtr.
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Vermonster
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Re: Beware of Chase Slate fine print

Postby Vermonster » Sun Dec 06, 2015 5:44 pm

LBJFTW wrote:Oh well, just make sure you read the fine print on these credit card offers.


I'm sorry to jump on the train, but in the interest of future viewers; This information is not "fine" print. It is right in the terms of the card,

-We will not process any balance transfer requests that are from any other account or loan that we (Chase Bank USA, N.A.) or any of our affiliates issued.

Had you read everything prior to applying you would have seen this. Not a bad way to learn a tough lesson though. You came out with all your fingers and toes. But now you need to decide if you want to keep the Slate. It's probably worth holding on to and at least moving the CL to your freedom.
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kdm31091
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Re: Beware of Chase Slate fine print

Postby kdm31091 » Sun Dec 06, 2015 5:48 pm

This is standard practice among all issuers. Think about it: what sense does it make for an issuer to allow you to transfer debt you owe to them onto a card with 0% also with them? It doesn't make sense, and that's why they don't allow it. Has nothing to do with you.

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Re: Beware of Chase Slate fine print

Postby rockyrock » Mon Dec 07, 2015 9:01 am

I would think twice about closing the card just for that reason. You are only hurting your own credit.
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takeshi
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Re: Beware of Chase Slate fine print

Postby takeshi » Mon Dec 07, 2015 9:09 am

LBJFTW wrote:Beware of Chase Slate fine print

Always read all the terms on everything -- not just for the Slate.

LBJFTW wrote:As it turns out, the fine print on that card says you can't transfer a balance from one Chase account to another.

As stated above that's standard and not unique to Slate or Chase. You generally can't BT between cards with the same creditor.

kdm31091
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Re: Beware of Chase Slate fine print

Postby kdm31091 » Mon Dec 07, 2015 9:50 am

I suppose with some of the newer BT options of "direct to checking", if you had two cards with a creditor that allows it, you could take the money into your checking and then pay off the other card. Whether you are "supposed" to do that is another issue entirely. But creditors are not going to allow you to actually move balances from one of their cards to other directly.



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