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Chase Slate Credit Card Review

Chase Slate

This is the card that’ll help you get out of your current debt.

Some people may have doubts concerning the need to apply for one more credit card. This is often the case with those who already have a debt. However, if you’re thinking over the idea of getting the Chase Slate® card, it may be not so wrong. The card is just what those dealing with debts need. It allows a cardholder to transfer the current balance they have on it and start paying it off without any interest.

If you want to know more about the way this card may help you, continue reading this article. We’ll point out all the most important and necessary details about the card that you should be aware of before applying for it.

Basic features and advantages of the card

Chase Slate

For those who don’t know much about the cad it may seem not that beneficial. Well, this is because the card doesn’t come with any rewards that you can earn and doesn’t offer you an appealing sign-up bonus. Here it’s important to know about the main aim of the card. Then you’ll be able to see where its benefits lie. The Chase Slate® isn’t meant for those who want to find a card for an everyday use. It’s meant for those who are desperate to find opportunities to decrease and fully pay off their current debt. It should be pointed out that the card is really a superb help here. It offers the best help you can get. Let’s find out what the card’s benefits are.

  • There is a bonus period during which you’re not expected to pay any fee for balance transfer operations. The card implies that you won’t be required to pay any fee for the balance transfer operations carried out within the first 60 days of you using it. This is a huge advantage that not any credit cards can boast. As a rule, credit cards require you to pay extra 3-5% fee off the sum you decide to transfer. This card also has a fee to pay for these operations once the 60-dys period is over. It amounts to 5% or 5 dollars depending on whichever is greater.

Of course, the fee mentioned seems to be not a big sum. In order for you to clearly see how bug it can really be, let’s make some simple calculations. Let’s say you need to transfer the balance of $10,000. Taking into consideration the 5% fee, it means that you’ll have to pay as much as $500 just for carrying the operation out. Actually, if you have a big debt to pay off, this sum is better to serve this aim. Still, it doesn’t necessarily mean that you’ll have to pay any fee at all. You can successfully transfer the balance you need during the period of 60 days for free.

  • The card is just amazing in terms of its interest free period. You think you need at least a year to significantly decrease your debt? We’ve got great news for you. With this card you’ll get 15 months of interest free period. The period applies not only for balance transfer operations, but also for the purchases. After that, be ready to pay interest according to the standard rate. The rate may vary from 15.99 to 24.74% depending on your creditworthiness. You don’t need to start thinking about the APR right after you get the card. We believe the time offered as a bonus period will be more than enough for you to significantly decrease your debt.
  • The card implies no fee to pay for using it. The card helps you to save as much money as possible in order for you to be able to pay off your debt faster. That’s why there is no annual fee. It may seem like not a big deal, but it’s not so. The need to pay the fee each year is still the need to spend some money that you’d better spend in a different way.
  • Once you get the card, you’ll be granted a free access to your FICO score. When you’re paying off your debts, your credit score increases bit by bit. In order for you to be able to keep an eye on the way your credit score is improving, the card grants you an access to your FICO score. There is also a set of other tools that come together with this feature. They’ll help you to clearly understand the reasons for why your score is increasing or decreasing.

Our tip: We recommend you to keep the following restrictions in your mind:

  • It’s impossible to transfer a debt you have on a different Chase card.
  • The maximal amount you’re allowed to transfer amounts to your credit line or $15,000 depending on whichever is greater.

The reasons for you to consider applying for a different card

As always, every credit card, no matter how outstanding it is, has its own drawbacks to consider.

This card is no exception. If you think that any of the following describes your situation, the Chase Slate may be not your best option.

Citi Simplicity Card - No Late Fees Ever

  • You need a card with a longer interest free period. Even though the Chase card allows you to enjoy a rather long interest free period, it’s not the longest period possible. For example, there is the Citi Simplicity® Card – No Late Fees Ever that comes with no APR for your purchases and balance transfer operation during the first 21 months. The Standard APR that applies after that amounts to 14.99 – 24.99%. The rate may vary. Besides, there will be no penalty APR. Therefore, you may not worry in case you realize that you won’t be able to pay off in full during a certain month. You may not worry about the need to pay annual fee as well. There is no such like fee implied. As for rewards, this card also doesn’t give you any opportunity to earn them. Overall, it seems to be a lot like the Chase Slate® except for the fact that the fee you’ll have to pay for balance transfer operations once the bonus period is over amounts to 3% or 5 dollars (depending on whichever turns out to be greater).

Discover it - 18 Month Balance Transfer Offer

  • You need a card that will let you earn rewards when making purchases with it. The only aim of the Chase card is to help you pay off your debt. That’s why there are no rewards to expect from it. However, if you think that the card you get should imply the opportunity to earn bonus points, we have something to offer you. For example, you can consider applying for the Discover it® – 18 Month Balance Transfer Offer. It’s a very good alternative since there won’t be any interests to pay for the purchases (6 months) and balance transfer operations (18 months), but there will be rewards. (Once the bonus period is over, your APR will amount to 11.99 – 23.99%). As for the rewards we’ve mentioned, you’ll get 5% cash back for making purchases in bonus categories activated and 1% for any other purchase made with the card. Besides, the card will also grant you the access to the Discover Deals – a portal for those who loves shopping and discounts. All these come for o fee to pay each year. The only thing that can be considered to be a kind of drawback is a fee of 3% on balance transfer operations that occurs later.
  • Your credit score isn’t good. Chase Slate requires your credit score to be good in order for you to qualify for it. That can be a big problem for those struggling to pay off a debt since their credit scores are rather low. If you can say for sure whether you qualify for the card or not, you’d better visit its official website to find that out.

Summary: Is the Chase Slate® the card that will be beneficial in your situation?

We believe the card to be ideal for those who need to start paying off their current debts. Due to the fact that there is no annual fee as well as no interest to pay during a certain period of time, you’ll be able to focus on paying off your debt only. Do not hesitate! Apply for the card and start improving your situation!

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Comments: 4
  1. Teresa

    Well, the card implies that you can get it even if your credit score is just good and not excellent. However, from my own experience of using the card I can say that an excellent credit score is required if you wish to increase the sum of your balance transfer.

  2. SamanthaClark

    I have a Chase Slate card that I use to pay off my auto loan. My credit is score is 763 and I’ve never failed to pay on time. However, I still got the APR on the card of 29.99%. I gave a call to the customer support service asking them about any possibilities to lower it. I got just “NO” for an answer. I asked for an explanation. The representative of the bank told me that the APR is reviewed every 6 months. So I’m waiting now. One more thing I have to say about the card is that it doesn’t allow you to make a bigger payment (it’s simply impossible to increase the amount that’s withdrawn from your account automatically each month). If you want to make an extra payment, you have to do it after the statement due date but before the statement closing date.

  3. Todd

    I want to know what’ll happen with my Slate account once I pay off all the balance? The fact is that having too many closed accounts isn’t that good for credit history. Does anyone know if the account will be closed automatically in case I stopped using it regularly? If I want to keep the account active should I make small purchases with the card at least 1 in a month? Thank in advance.

    1. Harper

      As a rule, most banks automatically close your account if you don’t use it for a certain period of time. I think the best thing to do in your situation will be to have a small balance on the account and pay it off in small payments. This way you’ll manage to keep the account active. Hope this helps.

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