JPMorgan Chase is the largest bank in the U.S. as well as one of the biggest banks in the world. Customers banking with Chase can select almost 30 different credit cards, each with its own perks and optimal uses. For people interested in saving money and consolidating their debt through balance transfers, the Chase Slate credit card might be a good option.
Keep reading to see if the Chase Slate card is the best 0% APR credit card for your financial needs.
|Chase Slate at a Glance|
|APR||0% for the first 15 months, then 16.74% to 25.49%, depending on creditworthiness|
|Foreign Transaction Fee||3% of each transaction in U.S. dollars|
|Benefits||$0 introductory fee for balance transfers, but only within 60 days of opening the account|
|Limitations||No rewards, which decreases the card’s usefulness after the first 15 months|
|Information accurate as of Aug. 27, 2018.|
Chase Slate Credit Card Review
The Chase Slate credit card gives new customers 15 months of 0% APR, which is a good opportunity for people who need to build credit. Because the Chase Slate balance transfer fee is $0 for the first 60 days, the card is also optimal for those interested in transferring their balance from a different credit card with a higher APR. After the card’s introductory period, however, the APR switches to a variable rate of 16.74 percent to 25.49 percent.
The cash advance APR on the Chase Slate Visa is fairly high at 26.74 percent. That figure can fluctuate based on the market prime rate, though it’s capped at 29.99 percent.
A useful feature that comes with the credit card is the ability to check your FICO score for free every month. Using the Chase Slate Credit Dashboard, you can access help pages on how to assess your financial health.
Chase Slate Credit Card Fees and Penalties
Unlike some credit cards, Chase Slate features no annual fee, which means you won’t be paying into the card no matter how long you have it. And, with transactional fees waived for the first 60 days, Chase Slate further benefits those interested in balance transfers. After about two months, however, the fee reverts to either $5 or 5 percent of the amount transferred, whichever is greater.
Cash advance fees are also either $10 or 5 percent of the amount advanced, whichever is greater. Foreign transaction fees are set at 3 percent of each transaction converted to U.S. dollars.
Be sure to make your payments on time. Late payment fees can go up to $15 for balances under $100, up to $27 if the balance is $100 to less than $250, and up to $37 if the balance is $250 or above. You can easily reach the maximum late payment fee, as the card comes with no over-the-credit limit. On the other hand, it gives cardholders some flexibility if they desperately need to borrow over their limit.
You will be charged a fee of up to $37 if a payment is returned.
Research: 10 Best Balance-Transfer Credit Cards
Chase Slate Benefits and Limitations
Chase Slate comes with solid features that offset typical credit card costs, but that doesn’t necessarily mean you should spring for it.
Chase Slate Credit Card Benefits
The Chase Slate credit card has a generous introductory period for customers interested in setting up a balance transfer:
- 0% introductory APR for balance transfers within the first 15 months
- 60-day $0 fee on balance transfers
- No annual fee
Chase Slate Credit Card Limitations
Chase Slate is useful if you need to transfer balances and consolidate debt, but there aren’t many other reasons to keep the credit card once its terms are up:
- Narrow time frame for $0 fee on balance transfers
- Limited usefulness after 15-month period
- No additional bonuses
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The Bottom Line on Chase Slate: Perks Are Useful but Short-Lived
This Chase Bank credit card is a savvy choice for customers who want to save money by paying off a pre-existing debt. The 60-day $0 transaction fee is especially useful if you’re planning to set up a balance transfer to get a lower APR. You can save even more money with no annual fee and the 15-month 0% APR introductory feature for both general spending and balance transfers. However, other than access to your credit score, the card comes with few outstanding features, so its usefulness is mostly limited to your Chase Slate balance transfers. If you’re not planning on setting up a transfer, you might want to consider other credit card options.
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