New members transfer their balances free of charge and 0% APR – action news jax
If you’re tired of treading water with a high APR credit card balance, the Chase Slate® Card could be a solution to more effectively eliminate your debts.
A 15 month period of 0% APR on balance transfers coupled with a 60 day period of $ 0 Balance Transfer Fee creates an opportunity to start fresh with your credit card balances.
This balance transfer credit card doesn’t have the bells and whistles of the best reward cards on the market, but it does offer services in areas that could help you eliminate the growing interest in credit cards.
In this review, we’ll take a closer look at the main features of the card, calculate how much money you could save by transferring your balance, and compare it to one of the other best balance transfer cards on the market.
The Chase Slate card qualifies as one of the best balance transfer cards to consider due to its introductory period for both APR Balance Transfer and Balance Transfer Fee Waiver. The 15-month 0% APR period for new purchases is also great, but you can find options with better benefits in this category.
When deciding if the Chase Slate Card is right for you, please use the Clark Team Card Review in conjunction with a Money Expert. Clark Howard’s 7 Rules for Using Credit Cards.
What is the Chase Slate Card?
Chase Slate is a balance transfer credit card that gives new cardholders the ability to move existing credit card debt to a new card with minimal fees and an introductory 0% APR interest rate.
The card offers a 60-day window to transfer existing balances free of charge (5% fee applies after this trial period) and includes a 15-month period for 0% APR on balance transfers and new purchases. Chase Slate has no annual fee.
Chase Slate: Specifications and Benefits
Before we go too deep into whether this credit card is the right choice for you, let’s take a look at some of the pros and cons of the fine print card:
Bonuses and benefits
- Introductory APR on Balance Transfers: The Chase Slate Card offers a 15-month introductory period for 0% APR on balance transfers. Beginning in month 16, any balance transferred to the account would be subject to your Assigned Balance Transfer APR (based on Chase’s assessment of your credit profile).
- Balance transfer fees waived: For the first 60 days of card membership, Chase waives the balance transfer fee for that card. This is what sets this card apart from many of its competitors, as this two-month window will allow you to collect an existing credit card balance without having to pay the 5% transfer fee. For example, this would save you $ 500 on transferring a $ 10,000 credit card balance.
- Introductory APR on new purchases: Chase Slate comes with a 15 month period of 0% APR on new purchases. You will be charged your regularly assigned APR (varies based on credit score) on purchases and any remaining balance from the 16th month.
- DoorDash subscription offer: You receive three free months of Food Delivery from DoorDash’s DashPass with the Slate Card, and then an additional nine months at a reduced rate. By Chase, “DoorDash’s subscription service which provides unlimited deliveries for a $ 0 delivery charge on DoorDash orders over $ 12 (other charges may apply). After that, you are automatically signed up for DashPass at 50% off for the next 9 months. “
Benefits for cardholders
- APR without penalty: While a late payment on this card may cost you late fees and additional interest on your balance, Chase will not increase your APR as a penalty.
- Free Credit Score: You can get weekly updates of your credit score and items that impact your score via Chase’s Credit Journey program.
- Purchase protection: Chase offers protection on new purchases made with this card “for 120 days against damage or theft up to $ 500 per claim and $ 50,000 per account”.
- Fraud monitoring: Chase includes its “Real-Time Fraud Watch” program with this card, which means you’ll get early updates if there is any suspicious activity with your account.
Here’s a look at some of the fees you may encounter with the Chase Slate card:
- Annual subscription : Nothing
- Balance transfer fee: $ 0 for the first 60 days, then the greater of $ 5 or 5% of the transferred balance
- Cash advance fees: $ 10 or 5% of the amount, whichever is greater
- Foreign transaction fees: 3% of the purchase amount when converted to US dollars
- Late payment fees: Chase charges up to $ 39 for late payment fees and return payment fees
How to best use the Chase Slate map
The best use of the Chase Slate is the elimination of credit card debt. Although it tempts new users with a 15 month period of 0% APR on new purchases, this card does not have any real rewards, cash back program, or benefits program that would make it attractive. for long term expenses.
What many cards don’t have is a healthy 0% APR period for balance transfers and a 60-day period for performing balance transfers with no transfer fees. So, for optimal use of this balance transfer card, you will need to have a substantial amount of existing credit card debt ready to be transferred to this new account within the first two months of the card being approved.
Your willingness to act quickly after applying for the card will definitely save you money in the refund process.
To note: Unfortunately, if you already have a credit account with a JP Morgan Chase entity, that balance is not eligible for a transfer to that card with the 0% promotional APR. This means that any credit card balance that you transfer to that card for the introductory rate must be from another credit provider.
How Much Money Can You Save With a Chase Slate Balance Transfer?
Let’s take a look at how acting fast with balance transfers to Chase Slate could save you money.
For the purposes of this exercise, we’ll make some assumptions:
- We will use 16.14% as the theoretical APR for the card holding a balance. By CreditCards.com, this was the national average for an APR in April 2020.
- We will assume that 15 months is the target repayment period for the debt. This is the maximum amount of time you can carry the balance to the Chase Slate without paying interest.
- We will assume that you are able to transfer your balance to the Chase Slate in time to earn the $ 0 transfer fee and take advantage of the 15 billing periods of 0% APR.
- We will use Capital One’s handy tool credit card calculator to calculate the numbers on our notional APR credit card balance of 16.14%. We will not make any adjustments for the card specific minimum payment requirements.
- Totals will be rounded to the nearest dollar.
As you can see, an early ruling to take advantage of the $ 0 balance transfer fee with Chase Slate could help you save over $ 1,100 on a $ 10,000 balance transfer.
Are you planning to add the Hunting slate to your wallet? Let’s go over some of the pros and cons of the card before making your final decision:
Conclusion: If you are looking for a balance transfer card, it is difficult to argue with the Chase Slate card. No annual fee, an introductory period that allows for balance transfers with no fees or interest-free payments, it essentially serves as a 15-month route to permanently eliminating your existing credit card debt.
This card does not have a rewards or benefits program that would justify having it in your wallet for the long term, so it is of little use beyond the initial 0% APR balance transfer period. Still, this could be a great short term solution for eliminating credit card debt.
Do you have experience with the Chase Slate card? Let us know how you like it in the comments below!
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