Chase relaunched his Slate credit card after drawing it in April 2020. The new Slate Edge card doesn’t have as strong a balance transfer offer as the original, but it does come with an introductory bonus. in cash and a way to lower your interest rate. overtime.
Key points to remember
- The old Chase Slate card gets a new name and different perks, becoming the Slate Edge card.
- The card may no longer be considered a premium balance transfer credit card, but it does offer some exciting new benefits.
- Cardholders who want decent upfront incentives and long-term interest savings might find the new card attractive.
What’s new with the Chase Slate Edge?
Chase has revamped another of its flagship credit cards. After a redesign of the Chase Freedom card with the introduction of the Chase Freedom Flex last year, the card issuer has now turned to the Chase Slate.
The original Chase Slate card offered a 0% APR promotion for 15 months on purchases and balance transfers, plus no balance transfer fees for the first 60 days. But beyond that, the card didn’t add much value.
Here’s what the new Chase Slate Edge credit card offers instead:
- Shorter APR introductory promo: You will receive an introductory promotion of 0% APR for 12 months on purchases and balance transfers.
- No Balance Transfer Fee Waiver: The card now charges a 3% transfer fee for the first 60 days, and then a 5% fee thereafter. The minimum transfer fee is $ 5.
- The possibility of reducing your APR: After the 0% APR introductory promotion ends, the variable APR will vary from 14.99% to 23.74%, depending on your creditworthiness. But here’s where it gets interesting: If you pay your bill on time each month and spend at least $ 1,000 a year, you may be able to reduce your APR by as much as 2%. The minimum rate is based on the prime rate, so it may change over time, but it is currently 12.99%.
- Cash bonus: The card offers a $ 100 bonus when you spend $ 500 on it in the first six months, but there is no ongoing rewards program, so you won’t earn cash back on your daily purchases.
- The possibility of increasing your credit limit: Spend at least $ 500 in the first six months and pay your bills on time, and Chase will automatically check your account for a higher credit limit.
With a 0% shorter APR promotion and no balance transfer fee waivers, it’s hard to consider this card as a contender for the best balance transfer card. And while the new signup bonus adds more value than the original card, the lack of a rewards program beyond that weakens the offer compared to other cash back and 0% credit cards. APR.
The best feature of the new card is the ability to lower your interest rate over time. This could be beneficial for cardholders who tend to have monthly balances but don’t have a high enough credit score to qualify for a low APR.
However, it is best to pay off your balance in full each month to avoid interest charges. If you don’t plan on carrying a balance, this benefit may not mean much to you.