Chase Slate Credit Card
The new “Chase Slate credit card” is popping up on the internets, so I thought I’d take a look at what it actually offers.
It’s branded as a type of credit management card, using Chase’s Blueprint technology, which allows card holders to manage financing terms on their own.
Card holders 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 card holder 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 card holders 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.
The Chase Slate credit card comes with 0% APR fixed for up to 12 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, but there is a 3% fee for balance transfers and a $39 over-the-limit fee.
“Chase Blueprint” is available at no charge for all Chase Freedom, Chase Sapphire, Slate from Chase (formerly Chase Platinum), Ink from Chase, and other business cards.
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 card holder to pay it down, a tricky endeavor to be sure, but a profitable one assuming it works.
(photo: mikewilson)
Related Topics:
- Ink from Chase Credit Card
- Chase to End Extra Fees for Those Carrying a Credit Card Balance
- Chase to Issue Fewer Credit Cards Thanks to New Rules
- Chase Eliminating Universal Credit Default Altogether
- Chase Raises Minimum Payments on Credit Cards, Adds Fee
Posted Under: Credit News