Chase Slate Edge Credit Card: “18 Months Interest Free”

Introduction to the Chase Slate Edge Credit Card

Benefits

• Free monthly FICO score; you can also view part of your credit report through Chase Credit Journey
• 2% APR reduction each year: If you spend $1,000 on this card each year and make payments on time, your APR will go down by 2% for each cardmember year. It can only go as low as the Prime Rate, which is currently 9.74%.
• One automatic credit limit increase: If you spend more than $500 in the first six months after opening the card and make your payments on time, you may become eligible for one automatic credit line increase.
• 0% APR on purchases for 12 months: Balances from purchases made within the first 12 months enjoy an interest-free period, and you only need to pay the minimum each month.
• Low Balance Transfer fee: Within 60 days of opening the card, you can transfer balances from other credit cards onto this card (with a 3% fee) and enjoy this card’s first 12 months of 0% APR. In other words, for 12 months you would only need to make the minimum payment on that debt. The higher your credit limit on this card, the more balance you can transfer, and the more you can borrow. After 60 days, the fee increases to 5%. Introduction to Balance Transfers

Drawbacks

• No rewards on spending, and although BT is interest-free, there is still a fee

My Take

This is the revamped version of the old Chase Slate. Unfortunately, the previous no-fee, no-interest balance transfer benefit has been cut back and now comes with a 3% fee. So using this card for free cash-outs is no longer practical; at best, it’s like getting short-term liquidity at an effective 3% annual cost. The newly added automatic APR reduction benefit is not very useful for people who always pay in full on time, and is better suited to those who are a bit short on cash. Overall, it still seems more suitable for people with weaker credit history who need to build credit.

For a more detailed analysis of balance transfers, see:

• Introduction to Balance Transfers
• Practical Uses of 0% APR

The amount you can BT with this card depends on your credit limit. If your limit is $10,000, you can transfer at most 10,000 over. If the credit limit you get is too low, here is a small trick: Chase allows you to move credit limit from another Chase card. You can pick a Chase card with a high limit and first move part of the limit from that other Chase card over. Then you can transfer the balance onto this card.

• What You Need to Know About Credit Limits

Application

Chase Credit Card Application Guide

• Chase application status check link (login required). Or call: 888-338-2586
• The 5/24 rule: if you have opened more than 5 new cards in the past 2 years (including cards from other banks), you will not be approved for a new Chase card
• You can be approved for at most two Chase credit cards within every 30 days
• If you have received the welcome bonus on this card within the past 24 months (48 months for the Sapphire family), your application will be automatically denied
• You can call the reconsideration line (800-453-9719) to expedite card approval or request a review of a denied application.
• Having a Chase Checking account can help with getting approved for a credit card
• More on applying for Chase credit cards

Application Link

• Chase Slate Edge