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Chase Slate

Our Two Cents: Chase Slate Credit Card Review

Chase Slate has been a staple in the Chase credit card line up for years. What has given it the longevity? For along time Slate was a standout in the market. It's flagship offer a 0% introductory APR for purchases and balance transfers for 15 months, coupled with a $0 balance transfer fee for balance transfers made in the first 60 days of account opening has made the card a valuable tool for managing debt and avoiding hefty interest fees. After the 60 day window is up, it'll cost you $5 or 5% of your transfer to complete a balance transfer with the Slate.

Outside of the introductory offers, the Slate leaves quite a bit to be desired. It won't earn you rewards, and it's ongoing APR isn't particularly low or competitive. As of 2/24/18 the APR on the card is 16.24% - 24.99% Variable. Not terrible, but not great either. If you are able to pay your balance in full each month, this no annual fee card isn't the worst you can do. If you have a score over a 650 we'd recommend that you take a look at the Chase Freedom Unlimited. It offers the same intro APR for purchases and balance transfers with no annual fee. You'll have to pay $5 or 5% of your transfer to complete a balance transfer, but Freedom Unlimited is a long term value add card for your wallet.

The most redeeming quality of this card is that Chase will approved consumers in the fair credit category. Customers with scores as low as 620 have reported being approved. With that being said, if you've opened up more than 5 credit cards in the last 24 months Chase will auto decline your application.

Counting Your Pennies - What's a Balance Transfer Worth?

Balance transfers and 0% intro rates on purchases can be great money saving features on credit cards. Let's take a look at how you can use both.

Balance Transfers: Let's say that you have $2,500 in existing credit card debt at another bank, and you are paying 15% interest. Moving that balance over to Chase Slate will save you $417 over 24 months, assuming you make a monthly payment of $56.25. That's a better new customer bonus than most cash back cards offer! With a balance transfer, you're essentially paying yourself by avoiding interest charges.

Purchases: If you have any major life purchases coming up, a 0% intro rate is a great way to finance. This is a terrific alternative to in store financing for something like a fridge. Let's say you want to buy a $1500 appliance. If you make 15 monthly payments of $100 you don't pay a dime for financing. This will save you around $200 when compared to the same purchase if it was made on a card that had an APR of 17% and you paid the same $100 a month.

Who Should Get It?

If you have fair credit and need to pay down down balances, or plan to make a major purchase the Slate is a good option for you.

Who Shouldn't Get It?

Pretty much anyone else. If you are looking at a score below 640, we'd tread lightly as you consider whether or not to submit an application. Anyone with a score much over 650 should consider the Freedom Unlimited, or the AmEx Everyday. The AmEx Everyday is offering the 0% intro APRs on purchases and balance transfers for 15 months, no annual fee, the balance transfer fee is waived for the first 60 days AND it has a rewards earning component. American Express is looking for good credit applicants on that card, so you'll want to have a strong credit score. You can see if you get matched to the Slate or the AmEx Everday in CardMatch. CardMatch will match you to credit card offers based on your credit profile before you apply, so you don't waste your time applying for credit cards you are unlikely to qualify for.

Transfer Your Balance with Slate? 

  • $0 Introductory balance transfer fee for transfers made during the first 60 days of account opening 
  • 0% Introductory APR for 15 months on purchases and balance transfers
  • $0 Annual Fee
  • Apply Online

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