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For credit card users looking for a solution to eliminating debt without paying balance transfer fees, the Chase Slate® credit card is an attractive option. Known for its generous intro 0% APR period for balance transfers and further buoyed by no annual fee, this credit card is a standout among balance transfer cards.
If you want to get out of a cycle of debt, it might seem contradictory to apply for yet another credit card. But this isn’t just any credit card, and if you qualify, the Chase Slate® can help you climb out of debt faster than any other card in its category.
What we like about the Chase Slate® Credit Card
- Credit monitoring: Debt is closely tied to your credit score. As you pay down your debt, one of the biggest potential motivators for continuing financial discipline is seeing the boost in your credit score. With the Chase Slate® card, credit users have free access to their FICO scores. Not only will this help you understand your credit more holistically, but you can also utilize it as a monitoring tool to track your debt progress.
- No annual fee: When you’re paying down debt, even small, insignificant expenses can keep adding to your outstanding credit card balance. The Chase Slate® won’t surprise you with an extra charge at the end of the year.
- 0% APR for balance transfers and purchases: This card gives you 15 months to pay off your debt before the regular APR of 16.49%–25.24% kicks in. Ideally, you won’t be adding onto your debt with more purchases, but if you do, you’ll have 15 months to make purchases without interest as well.
Things to consider
- No rewards or perks: The Chase Slate® card doesn’t offer any rewards or cash back. The only reward you’ll get with this card is paying off your debt faster. For those who want a multi-purpose card, this might not be the right choice.
- Other cards have longer 0% periods: While 0% APR for purchases and balance transfers for 15 months is fairly long for market standards, there are other cards that offer up to 21 months without interest.
- Good credit required: If you’re using a balance transfer card, it’s likely you have some serious debt on your hands. What it also may mean is that you don’t have a great credit score because your credit utilization is high or your debt-to-income ratio isn’t ideal. Unfortunately, those with poor credit are unlikely to be approved.
Chase Slate® Credit Card balance transfer details
The main benefit of the Chase Slate® credit card is the $0 introductory balance transfer fee when you open your account. Why is this feature so special? Many other cards charge between 3% to 5% for transferring a balance over. While those numbers might seem small, it can add up if you’re trying to pay down thousands of dollars of debt.
Imagine this scenario: you have $10,000 sitting on a high-interest card and you transfer that balance to the Chase Slate®. You now have 15 months to work on paying off that debt without additional interest payments to worry about — plus, there’s no initial fee for transferring it over in the first place.
Compare that to a card that charges a 3% balance fee on that $10,000 debt, and you’re stuck paying an extra $300 on top of your original debt. Worse still, if you use a card to transfer your balance that charges a 5% balance transfer fee on a debt of $10,000, you will be on the hook for $500 in fees. Those high costs are problematic for credit card users who are trying to get out of debt.
That’s where Chase Slate® shines — it allows credit card users to focus on chipping away at debt during the introductory period.
Chase Slate® Credit Card fees
What makes the Chase Slate® credit card such an excellent choice for those trying to pay down significant debt are the low fees. Within the first 60 days of account activation, you can transfer balances with no introductory fee. After the 60-day intro offer period is over, the fee increases to 5% of the amount transferred over or a minimum of $5, whichever is greater.
When the 15-month introductory period is over, a variable APR between 16.49%–25.24% activates. Luckily, there’s no annual fee so you can focus on paying down your debt, instead of piling it on.
How does it compare to other balance transfer cards?
Although the Chase Slate® credit card can help cardholders pay down debt faster, there are alternatives that may suit you better. For example, if you prefer a longer 0% APR period on balance transfers, you may want to check out the Citi Simplicity® Card. With that card, you will have 21 months of the intro 0% APR period on balance transfers. However, the Citi Simplicity® Card comes with a balance transfer fee of either $5 or 5%, whichever is more. For credit card users with a big balance to transfer, that adds up.
If the lack of rewards is a dealbreaker when it comes to the Chase Slate®, another card you may want to consider is the Discover it® Balance Transfer card. It offers an intro APR of 0% on purchases for six months and 0% on balance transfers for 18 months. To earn rewards, you can opt into quarterly bonus categories at a rate of up to 5% cash back and 1% back on other purchases. There’s a catch — you’ll pay a 3% introductory balance transfer fee and 5% for any future balance transfer fees thereafter.
The bottom line
For the disciplined credit card user who wants a straightforward method to pay off credit card debt, the Chase Slate® credit card may be the best Chase credit card for you. You won’t have to worry about adding to your credit card debt and can manage it effectively with this card, thanks to its low-fee structure.
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