The “Chase Slate” credit card is popping up a lot on the Internet, so I thought I’d take a look at what this new credit card actually offers.
It’s branded as a type of credit management card, using Chase’s Blueprint technology, which allows cardholders to manage financing terms on their own.
Cardholders have the ability to pay certain items (like everyday bills) in full each month, while splitting off more expensive one-off purchases like appliances, TVs, computers, etc.
These high-ticket items can be separated on your statement so you know the associated balance; you can also set a time frame for paying them off by using a goal date or specified monthly payment.
For example, you can pay off groceries and gas in full each month, while putting $50 towards your new plasma TV each billing cycle.
The same can be done for you entire account balance; if you want it all paid off by a certain date, Chase will do the math for you to ensure you stay on track.
These features obviously don’t make much sense for the cardholder who makes payments in full each month, and if anything, may promote carrying a balance.
The APR is the same for all purchases so it’s somewhat arbitrary, but I suppose a breakdown of what you owe could motivate cardholders to tackle debt faster and/or make a better plan.
It also provides a daily snapshot of your purchases so you know where you’re spending the most money.
Chase Slate Offers 0% APR for 15 Months on Purchases & Balance Transfers
The Chase Slate credit card comes with 0% APR fixed for 15 months on purchases and balance transfers, assuming you qualify for elite and premium pricing.
After the initial promotional period, APR ranges from 13.24% to 22.24%, depending on your level of credit.
There is no annual fee associated with the Chase Slate credit card, and you can execute balance transfers for free! The only notable charge is a $39 over-the-limit fee.
To sum it up, paying credit card debt in full each month is optimal, but this credit card assumes you’ll carry a balance.
If you have trouble managing your debt and must carry a balance, it could be a good option, though you’ll have to compare the APR and associated finance charges with other credit cards as well.
This is probably an effort by Chase to both promote carrying a balance while also pushing the cardholder to pay it down, a tricky endeavor to be sure, but a profitable one assuming it works.
Chase Slate No Fee Balance Transfer!
A huge credit card deal just got released today. For a limited time (it’s unknown how long), you can get your hands on a no fee balance transfer credit card via Slate from Chase.
As long as you transfer your existing high-rate balances during the first 60 days your account is open, you will pay NO balance transfer fee! That’s right! Zero dollars to transfer an existing credit card balance.
(After the 60 days are up, the balance transfer fee rises to the industry standard 3%, with a minimum charge of $5.)
And yes, this Chase Slate offer comes with 0% APR on balance transfers (and purchases) for a full 15 months. This makes it the only 0% APR no fee balance transfer on the market at the moment.
There are a few other no fee balance transfer credit cards out there, but they don’t come with 0% APR, which kind of defeats the purpose of executing a balance transfer.
Once the 0% APR period ends, the APR will rise to a variable 11.99%, 16.99%, or 21.99% rate. So it’s best to pay off the entire transferred amount during the 0% promotional APR period to avoid interest altogether.
Quick example to highlight the potential savings of Chase Slate’s No Fee BT offer:
Existing credit card debt: $5,000 @19.99% APR
Balance transfer fee: $0
Balance transfer APR: 0% for 15 months
In the first year alone, you’d save roughly $1000, or $83 a month by going with this balance transfer deal. So it’s pretty much a no-brainer if you’ve got existing credit card debt. And there’s no annual fee! Try saving that much by clipping coupons…
If you don’t know what a credit card balance transfer is, learn more about them by clicking the preceding link. They’re simple to execute and can save you a ton of money, while simultaneously getting you out of the credit card debt cycle for good.
Back in the day, I didn’t know what a balance transfer was, and approached them very cautiously. I always figured they were just another scam that credit card issuers tried to force down our collective throats.
But I quickly discovered that it was a great tool to pay off my credit card debt (yes, I racked up a lot of debt after college) and avoid paying interest without any funny business.
Tip: The average credit score approved for the Chase Slate No Fee offer is 730, which is considered great credit. The lowest score approved was 566, all according to stats from Credit Karma. In other words, you’ll want to have good credit prior to applying for this offer.
So there it is. If any other Chase Slate special offers pop up, I will be sure to add them here for all to see.