"0% interest on balance transfers." When you’re trying to pay down a hefty credit card balance, offers like this are tempting. But they can also be confusing. Learn how balance transfers work before you sign on the dotted line. A "balance transfer" involves moving debt you owe on one credit card to a new, low-interest credit card, but usually those...
|APR, Variable||12.99% - 22.99% (Variable)|
|Cash Advance APR||19.24% – 23.24%|
|Intro APR Promotions||0% Introductory APR for 15 months on purchases and balance transfers|
Special balance transfer offer
$0 Introductory balance transfer fee when you transfer a balance during the first 60 days your account is open! After that, the balance transfer fee for future transactions is $3 of the amount transferred with a minimum of $5.
Free features that help avoid interest on everyday purchases and pay down balances faster.
Zero liability on unauthorized purchases.
See card issuer's website for details about terms and conditions of offer.
Excellent Credit Needed
- No annual fee
- No balance transfer fee for first 60 days
- 15 months intro 0% APR
- No rewards
- High credit score required
The Simple Dollar’s Review
Anyone who reads The Simple Dollar’s credit card advice knows how useful 0% APR balance-transfer cards are for paying off debt. Don’t underestimate how much credit card APR costs you. With most rates between 15% and 25%, a huge chunk of your credit card payments is just going to cover interest charges. For example, if you’ve got $5,000 in credit card debt and an APR of 15%, then a $200 payment will only chip $138 off your balance. The remaining $62 goes to interest. That’s probably more than your cable bill!
The Slate® from Chase is one of your best option for getting out of the interest trap and vanquishing your credit card debt sooner. The 15 long months of 0% APR is very good, but the fact that you pay no balance transfer fee is the real cherry on top. Most balance transfer cards charge 3% – 4% of the balance you wish to move, so the Slate® from Chase should save you some bucks right away. You could aim for a balance transfer card that gets you a slightly longer 0% interest APR, but you’ll probably end up needing to pay the transfer fee.
The downside of this card is it can be tough getting approval if your credit score isn’t so great. The average FICO score of those approved was 725. It doesn’t hurt – too much – to apply though. If you are accepted, the money you’ll save on interest and the balance transfer fee makes this card an excellent tool for getting out of debt sooner. Remember though, this card is to help you get out of debt, not crawl deeper into it. And like with any transfer card, always make your minimum payments on time to avoid losing your 0% APR prematurely.
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