Chase Slate Visa Balance Transfer Credit Card Review
You were on your way to building your credit through using your credit cards responsibly. You were paying off the full balance each month when life happened. Maybe there were unexpected home repairs or health bills that you had to contend with. Maybe your children’s back-to-school expenses got out of hand. Perhaps, if you’re really honest, you just made a few poor decisions or reverted to your previous spending habits.The Chase Slate Visa credit card is designed for these situations. A Slate Visa balance transfer saves you money on credit card interest.
It does not matter how you got here. You now find yourself carrying a balance on your card that you may be struggling to pay off. My advice? Consider applying for another credit card.
I know this seems counterintuitive, but in this review of the Chase Slate credit card, I’ll explain how the Slate card’s $0 balance transfer fees and 0% introductory APR mean that opening a new account may actually help you pay off your other cards while saving you money in the long run.
Chase Slate Visa Pros:
The Chase Slate Visa card has no balance transfer fees for the first 60 days.
Most competitors charge a fee that ranges from 3% or 5% of the total balance that you transfer from another credit card company. (It’s important to clarify here that you can’t transfer a balance from another Chase credit card account.)
After you save money by avoiding balance transfer fees, you’ll enjoy a 0% introductory APR rate for the first 15 months on both transferred balances and new purchases.
This means you may be saving as much as 15%-25% in interest charges each month for over a year by transferring a balance to a new Chase Slate Visa card. Rates after the introductory APR period ends will vary based on your credit score.
There is no annual fee for using the Chase Slate Visa credit card.
You can transfer a balance in the first 60 days. Pay it off within 15 months at absolutely no cost for the service. That’s an incredible deal!
When you open your Chase Slate card, you’ll automatically be enrolled in the BluePrint payment program.
BluePrint is designed to help you manage your balances to meet your financial goals for the card. For example, if you’re trying to pay of a transferred balance within the introductory APR period, you can use BluePrint’s Finish It plan. By selecting this option, Chase will automatically bill you monthly for the amount needed to pay off your entire Slate Visa balance transfer by the date that you choose. Once your introductory APR period is over, you might want to use BluePrint’s Full Pay option to avoid interest on a particular category of spending while paying off larger purchases.
Chase Slate will provide you free access to your Experian FICO credit score each month.
Chase also offers cardholders an online credit dashboard. This dashboard is designed to help you develop a better understanding of what your FICO credit score means. Also, it demonstrates why it matters, and how to improve your credit score over time.
Another appealing feature of the Chase Slate card is that there is no penalty APR.
Always pay your credit card bills on time. Sometimes an accident may happen. If it does, Chase won’t penalize you for missing a payment by raising your future interest rates.
Chase Slate Visa Cons:
The Chase Slate card doesn’t offer a rewards program of any kind.
If rewards are important to you, you might want to consider a different card.
Chase does charge foreign transaction fees for spending outside the United States.
Chase Slate charges a foreign transaction fee. If you plan to use the card internationally, there might be a better credit card for this purpose.
The biggest con of the Chase Slate credit card is that the Slate Visa balance transfer offers only apply if you’re transferring a balance from a different credit card company.
Do you already have a large balance on a different Chase account? You won’t be able to benefit from transferring the balance to your new Chase Slate card.
The Chase Slate Visa Verdict:
If you’re looking for a new credit card that will help you transfer your balances from multiple accounts to pay them off, thereby building your credit score, the Chase Slate card is a great option. With no balance transfer fees for the first 60 days and a 0% introductory APR on the balance you transfer for the first 15 months, Chase Slate could literally save you hundreds of dollars in interest, which will help you pay off your balance even faster. Furthermore, using the Full Pay option on Chase’s BluePrint payment plan will make it easy to calculate how much you’ll have to pay each month to pay off your transferred balance by the end of the introductory APR period.
The best part is that there’s no annual fee for the Chase Slate credit card. You can use all of these services to pay down your credit card balances at absolutely no cost. A Slate Visa balance transfer makes it easy to pay down credit card debt. Lastly, it’s no wonder that Money Magazine has named the Chase Slate Visa card the best credit card for balance transfers for four years in a row!
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