Pros
- 0% for 18 months on purchases and balance transfers
- $0 annual fee
Cons
- High regular APR likely
- Balance transfer fee
Chase Slate Edge℠
Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after)
Additional Info
- Start off strong with 0% Intro APR for 18 months from account opening on purchases and balance transfers. A variable APR of 20.49% - 29.24% on balance transfers and purchases after the introductory period ends.
- Lower your interest rate by 2% each year. Automatically be considered for an APR reduction when you pay on time, and spend at least $1000 on your card by your next account anniversary.
- Raise your credit limit. Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first six months.
- All for no annual fee - You won't have to pay an annual fee for all the great features that come with your Slate Edge℠ card
- Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more
- Member FDIC
- More Details & Reviews About Chase Slate Edge℠
Is Chase Slate Edge℠ Worth It?
Chase Slate Edge℠ is worth it for people with good credit or better who want to avoid interest charges on big purchases and balance transfers. Slate Edge offers an introductory APR of 0% for 18 months on purchases and 0% for 18 months on balance transfers, but it doesn’t give any rewards.
The card has a $0 annual fee, and its regular APR after the introductory period ends is 20.49% - 29.24% (V). There’s also a balance transfer fee: either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after).
What You Need to Do to Make Chase Slate Edge℠ Worthwhile
To make Chase Slate Edge℠ worthwhile, take advantage of the introductory APR period but pay off your purchases and transferred debt before that period ends. If you don’t, any remaining balance will be subject to the card’s regular APR of 20.49% - 29.24% (V). After the introductory period is over, you should also pay any future balances in full by the monthly due date to avoid interest charges.
In addition, you may want to consider getting a rewards card once you are done using Slate Edge for financing. The card can save you a lot of money in the short term, but its long-term value is questionable given that it has no rewards.
Chase Slate Edge℠ Highlights
0% for 18 months is longer than average
Slate Edge offers 0% for 18 months on purchases, as well as 0% for 18 months on qualifying balance transfers.
Among new credit card offers, 0% purchase APRs last for an average of 11 months, while 0% balance transfer APRs last for an average of 13 months.
$0 annual fee is better than the alternative
Slate Edge’s $0 annual fee saves cardholders $22.29 per year compared to the average credit card offer. It also means you won’t have to immediately add to your debt after transferring a balance or making a big-ticket purchase.
Chase Slate Edge℠ Lowlights
High APR to start out: 20.49% - 29.24% (V)
The Slate Edge interest rate could be anywhere from 20.49% to 29.24% (V), depending on your overall creditworthiness when you apply. It could get a bit lower over time, but it will take a while to turn this card’s regular rate into a low APR.
Average balance transfer fee
The Slate Edge balance transfer fee is initially $5 or 3% of the amount of each transfer, whichever is higher. That’s about average for a 0% balance transfer credit card. But if you don’t transfer your balance within 60 days of opening an account, the fee jumps up to 5% with a minimum of $5.
This offer would be a lot more appealing if it didn’t include a transfer fee, as was the case with the original Chase Slate card.
No rewards on purchases
Slate Edge does not offer rewards on purchases. That’s because it wasn’t designed for people who pay their balance in full each month, as is the case with rewards credit cards. Instead, its primary reward is saving people from finance charges.
After all, escaping fees and interest for 18 months would save the average indebted individual far more than 1%, or even 2%, cash back across all purchases.
Other Things to Know About Chase Slate Edge℠
Chance to lower your APR by up to 2% per year
Every year that you charge at least $1,000 to the card and pay the bill on time gets you a 2% reduction in your regular APR, until you hit Chase’s designated minimum. For example, it might go from 20% to 18%. The problem is, there’s not much reason to use this card after its introductory promotions expire.
No overlimit fee
You won’t be charged extra if you spend beyond your credit limit. This feature does not provide much benefit, though. You must already opt-in for the ability to outspend your limit with any credit card these days. Besides, this feature likely means that transactions which would ordinarily bring you over-limit will simply be rejected.
Possible credit limit increase after six months
If you pay your monthly bills on time for the first six months that you have the Slate Edge card and make at least $500 in purchases during that period, you might get a credit limit increase. Chase only promises a review of your limit, though. There’s no guarantee they’ll increase it.
Chase Slate Edge℠ vs. Popular Competitors
annual fee$0 | annual fee$0 | annual fee$0 |
Purchase Intro APR0% for 18 months | Purchase Intro APR0% for 18 billing cycles | Purchase Intro APRN/A |
transfer intro apr0% for 18 months Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after) | transfer intro apr0% for 18 billing cycles Transfer Fee: 3% intro fee ($5 min) for each transfer in first 60 days, after that 5% ($5 min) for each transfer* | transfer intro apr0% for 18 months Transfer Fee: 3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer |
Regular APR20.49% - 29.24% (V) | Regular APR18.74% - 29.74% (V) | Regular APR19.24% - 29.24% (V) |
rewards rate N/A | rewards rate N/A | rewards rate
|
bonus offer N/A | bonus offer N/A | bonus offer Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. |
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Chase Slate Edge℠ Review Methodology
This Chase Slate Edge℠ review is based on WalletHub’s proprietary 100-point credit card rating system. By using a consistent methodology to evaluate the Chase Slate Edge℠ and all other cards, WalletHub’s credit card experts make it easy for people to compare their options and find the best credit cards for their needs.
The WalletHub rating system uses 16 key metrics grouped into seven categories: Fees, Rewards, Two-year Cost, Interest Rates, Approval Requirements, Special Features, and Reviews. Each metric has a maximum number of points allocated to it, based on the metric’s importance as determined by our editors. The points are added up to create an overall rating for the Chase Slate Edge℠ out of a maximum of 100 points, which is then converted to a 5-point scale.
Ratings for each category reflect how close Slate Edge is to WalletHub’s definition of a 5-star credit card, which is based on market conditions and what we believe are reasonable terms. We compare Slate Edge to that standard to give a numerical approximation of how reasonable and competitive its terms are compared to other cards.
To learn more about how WalletHub rates credit card offers, check out our full credit card review methodology.
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