Chase Slate Credit Card Review – With No Balance Transfer Fee and Now 0% March for 15 Months!

Joseph Meyer
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Why We Like It:

It is hard to stay in the game if you are trying to make some extra money and pay off a huge credit card debt. Fortunately, there are some great options for people like us, who are not even carrying a balance and just want to lower the interest on their credit card debt.

Luckily, Chase has the answer to our needs. The Chase Slate card has all of the features you could hope for in a credit card without the balance transfer fees, including:

A low interest rate, one of the best in the market (nearly 20%).

No Annual Fee.

A relatively simple application and approval process.

Quick rewards on purchases, 2% cash back on purchases for 3 months, and then 1% cash back.

No foreign transaction fees.

The ability to pay your balance in full each month and avoid interest.

Why It Might Not Work for You:

You’re likely to end up paying more for the rewards. You’re likely to charge more than you pay off.

Let’s face it. Most of us have a tendency to overspend. And that’s exactly what the Slate Credit Card wants you to do. There seems to be a built in incentive to spend beyond your means.

Since the Slate Credit Card does not charge a balance transfer fee, you’re likely to transfer balances from other credit cards.

A rewards credit card is great for the long haul, but you should consider how you’re going to use it. If you find yourself spending beyond your means to acquire rewards, then you’re not getting that rewards. It’s that simple.

Another Option to Consider

7 Signs You’re Ready for a Balance Transfer Card

If you’re still struggling to reach your financial goals, you might want to consider your options for a balance transfer credit card. With these cards, you can get your debt consolidated and begin making on-time payments to one account. At the same time, you can save on interest and avoid paying high fees by taking advantage of the introductory 0% APR on purchases.

With a balance transfer credit card, you can also take advantage of a 0% APR introductory rate, which allows you to make interest-free purchases. Depending on the terms of your balance transfer, these interest-free months have a limit on how much you can transfer and how long you can use the card interest-free.

A 0% APR introductory rate is a time-limited deal, and if you aren’t prepared in advance, you may lose the opportunity to take advantage of it. That’s why you need to carefully examine your budget and take a few key steps before applying for a balance transfer credit card. That way, you’ll have more options to choose from and better chances of taking advantage of the 0% APR introductory rate.

Here are some of the key steps you need to take before applying for a balance transfer credit card:

#1: You have high interest debts.

You need to transfer your high interest credit card balances to a 0% interest balance transfer.

#2: You have good credit.

You might not think of it this way, but the Chase Slate card is a good credit card option for people who already have good credit. If you don’t already know, myFICO credit scores range from 300 to 850. In general, you’ll be looking at scores around the low- to mid-600s to qualify for a card like this.

This is different from other credit cards. Lower credit score applicants tend to apply for store or secured credit cards with a fixed value of a few thousand dollars available to the cardholder. Once the credit limit is reached, the cardholder can’t charge any more.

That’s because the cardholder may not be able to make payments. If the customer’s credit card debt is too high, that person may only be able to charge about 10% of available credit. The rest would be in the form of a cash advance when the credit card is used as a payment method.

With credit cards, you’re expected to pay back all of your charges. So regardless of how much credit you have, the bank will expect you to pay back 100% of your balance.

#3: You’re serious about paying off debt.

Right now you’re probably looking at Chase Slate with one big question: Where’s the catch? Seriously, the interest rate looks too low for this to be true.

There’s no catch. Slate is designed to help you pay off your debt quickly and responsibly, which is why there’s no 0% introductory APR or balance transfer fee. The same goes for the money you need to pay your rent, utilities, insurance, etc.

Slate is perfect for anyone who’s committed to paying off their credit cards every month, but regardless of your long-term plan, the truth is that not even Slate is a magical solution that will completely remove your credit card debt overnight. If you expect that to happen, you’re going to be disappointed.

#4: You feel you can pay off a lot of debt during your card’s introductory offer.

Credit card offers often market double introductory APR – particularly those with generous sign-up bonus incentives. This can especially entice those who are eyeing a large purchase and looking for financing options.

Balance transfer offers are great because the interest you pay on transfer balances during those introductory periods will be much less than the interest you¼d be paying during the life of the card.

4 tips to maximize the rewards you get from a balance transfer offer:

Consider other factors that may impact how much you spend on interest. These may include the length of the introductory offer if the balance transfer offer is not for the life of the product; also, periodic rate hikes are a possibility.

Timing your balance transfer after you¼ve set up your budget for the year, however, will minimize the temptation to spend more.

You may want to create a separate line in your budget to make sure there¼s money in the account each month.

While balance transfer offers are low-interest and can be a smart way to consolidate debt, there are ways to pay less interest if you don¼t completely pay off your debt.

Check out this Chase Slate credit card review to find out what this card may have to offer.

#5: You’re committed to avoiding new debts.

The Chase Slate card is a great choice if you want to pay down your balance quickly without paying high interest rates. That’s because the card offers an introductory interest rate of 0% on all balance transfers for 15 months. That gives you some time to pay off your other debts without incurring any new interest charges.

Once the introductory period ends, your interest rate will jump up to a standard variable APR of 16.49% to 25.24%. This could be quite a bit higher than the rates on other cards. However, as long as you pay off the balance before the introductory period ends, you won’t have to worry about paying the higher interest.

Additionally, the Slate card doesn’t have an annual fee, making it a low-cost way to pay off debt.

Because the card doesn’t offer any rewards or cash back, you won’t be tempted to overspend if you’re trying to save money.

The Chase Slate card also doesn’t have a good grace period, so you’ll want to pay your balance off before you get charged a fee. In other words, you’ll want to pay your balance off every month.

#6: You have a plan.

6:  You have a plan.

This is probably the hardest step, but I think it’s also the most important one. Most people that juggle multiple credit cards, Citi, Chase, American Express, and the likes, are quick to get an approval, but they aren’t really sure what they’re doing with all of that credit.

Most people spend money they don’t have thinking that an idolized version of themselves in the future will pay for it, or that something miraculous will happen and the bill will magically disappear. Sadly, never happens, and the bills stack up.

But then again, there are a lot of bloggers and YouTube personalities with all sorts of credit and points racked up on their accounts. They seem to have it all figured out.

So what’s the difference between them and you?

While it helps to have money-making or money-saving side gigs, it’s not always the answer to financial woes. In fact, the average blogger or YouTube personality misses out on job security, health insurance, a steady income and the opportunities that many of our moms and dads had, and they think that they have the golden ticket that every American wants to get.

But in reality, they are often much, much more stressed than the average person.

#7: You’ve read the fine print.

The US Federal Reserve raised interest rates on December 16, 2015.

This came as a surprise to many, and should be referred to as the December 17, 2015 surprise. This rate hike is the first in close to ten years. Traditionally, this is done annually, just before Christmas. This was done in hopes to make people who had borrowed money and used it over the holiday season, pay it back before the holiday season. This is probably not really going to affect the average person. However, it will affect the credit card holders.

When the interest rate is raised, so is the fees that the card companies charge. This is not going to impact the average person, but those who use the card heavily will feel the impact. Just think of this as the banks cutting their profit margin.

To help you from being a victim of this interest rate hike and increase in interest fees and other credit card fees, here are a few tips I will give you.

Three things to Remember About Balance Transfers

Balance transfers, also known as balance transfers, are a great way to get out of a bad credit situation. The big lure in getting a balance transfer is the 0% introductory rate.

But here’s the catch: you generally have to pay an upfront transfer fee (3%-5%). And the introductory rate only lasts for a certain amount of months—typically around 12.

If you plan on paying off the balance in that time frame, there isn’t much disadvantage. If you’re planning on paying off the balance after 12 months, check if the interest rate jumps up dramatically at the renewal time or if you can negotiate for another introductory rate. Also, make sure you know your repayment terms. You wouldn’t want to be surprised with extra fees for exceeding the payment due date.