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.