The Slate credit card from Chase is a great balance transfer credit card. In fact, in my opinion, it is the best in the industry! Let’s get into a quick review of the card and then we’ll dig into the more subtle details.
Slate From Chase Pros
- No balance transfer fees for transfers made in the first 60 days
- 0% APR promotional interest rate for 15 months on balance transfers
- 0% APR promotional interest rate for 15 months on purchases
- No annual fee
Slate From Chase Cons
- Other credit cards have longer 0% promotional periods
- No rewards
- No sign up bonus
- Balance transfers cannot exceed $15,000 or your credit limit, whichever is lower
- Can’t transfer balances from other Chase loans or credit cards
The Slate from Chase credit card is by far my favorite balance transfer credit card out there today due to the fact that there are no balance transfer fees in the first 60 days. There are other cards with longer 0% promotional interest rate periods, but I’d say the balance transfer fees of those cards make this offer slightly better than having a longer time to pay the card off.
Chase From Slate In-Depth Review
This credit card is for people who have sworn off ever incurring any more credit card debt but still have some credit card balances they need to pay off. The best part of this credit card is the fact that there is a long 0% promotional period interest rate of 15 months combined with no balance transfer fees whatsoever in the first 60 days.
There are other credit cards out there with longer promotional 0% balance transfer rates out there, but they all charge fees to transfer your balances. If you can pay off your balance in 15 months, then I’d definitely go with the Slate from Chase.
After the first 60 days if you need to make another balance transfer you’ll have to pay the typical balance transfer fees of 3% or $5 per balance transfer, whichever is greater. However, since you’ve sworn off incurring more credit card debt that won’t be a problem because you’ll only be making transfers in the first 60 days.
As with most balance transfer cards, Chase won’t allow you to transfer debt from other Chase products onto the Chase Slate credit card. They’d be shooting themselves in the foot if they did, so I can’t really blame them there.
They also limit balance transfers to $15,000 or your credit limit, whichever is lower. If you have more credit card debt that $15,000, chances are you’ll need to find additional balance transfer cards and it might take longer than 15 months to pay off your debt.
Whatever you do, make sure you never have to pay the insane penalty interest rates. You will have to pay the penalty interest rate if you miss a payment or pay less than the minimum payment, if you end up exceeding your credit limit, make a payment that is returned unpaid or if you do any of the above on another account or loan you owe to Chase or any of their related banks. [Related: 7 Tips To Make Sure You Never Make A Late Payment Again]
If you’re getting out of debt by using balance transfers you probably shouldn’t be making your purchases on your credit cards so the next couple of cons probably won’t affect you much. Chase doesn’t offer any type of credit card rewards with this credit card, but like I said, you don’t need to be chasing rewards if you’re trying to get out of credit card debt.
Chase doesn’t offer a sign up bonus on this credit card, either, but that’s a good thing as far as I’m concerned because you don’t have to worry about spending any money on purchases on the card which helps you get over your credit card debt problem.
The Final Verdict
The Chase from Slate credit card is the perfect credit card for a person who has sworn off credit card debt but still has a balance they’re working on paying off. If you can pay off your balance in 15 months, definitely use this card to cut down your interest expense and avoid the typical balance transfer fees.
A Warning To Those Who Haven’t Sworn Off Credit Card Debt
If you haven’t sworn off credit card debt, then getting another credit card to transfer your current balance will just end up with you further in debt. Having credit card debt is not an option for me, and I hope you’ve made the decision that it isn’t an option for you either.
Paying off your debt will be a liberating feeling and it will open up a ton of options for your future. This card can help you get there by giving you a temporary reprieve from interest payments. Make sure you take full advantage of that reprieve and pay the debt off before you have to start paying interest again.
The information in the article is accurate to the best of my knowledge as of August 11th, 2014. It may be periodically updated as offers change. As with any offer, make sure to read all of the details on the application site as those are the terms and conditions that will govern any credit card you sign up for. What you have read here is simply a summary and does not contain all terms and conditions.