If you’re in the market for a no-frills credit card that is ideal for helping refinance debt, the Chase Slate could be the card for you.
Are you looking to get ahead of interest fees? Do you need time to pay off a large purchase or transfer existing credit card balances? Read on to find out if the Slate is the card you need.
Chase Slate is a great option for those in need of making a big purchase that they need to pay off over time, or for those looking to consolidate credit card debt through a robust APR and balance transfer promotional period.
You won’t earn any cash back rewards or even bonuses for signing up with this particular card. While a card without these benefits seems slim at first, there’s still big value to be found here. That’s because the Slate offers a great opportunity to reduce interest and can put you in a position to pay down your existing credit card debt. Let’s take a look at what the Chase Slate has to offer for this type of customer.
No Annual Fees
Some cards will charge you a fee every year to use their services. While that may be a worthwhile cost for some cards that offer a lot of rewards, any money saved can be a benefit for someone looking primarily to pay down debt. The Chase Slate card not only has no introductory fee but features no annual fee for the life of the card.
Zero Introductory Fees for Balance Transfers
Once your request is approved, you’ll have 60 days from opening to transfer any outstanding balances from other credit cards. While other cards can charge you an average of 3-5% for these transfers, the Chase Slate gives you two months to consolidate your balances.
This is an excellent feature over many of its competitors. Once the introductory period expires, the Slate card charges a fee of 5% or $5, depending on which is the greater amount.
Something to keep in mind with this card is that there are some restrictions to balance transfers. As is the industry standard, you can’t transfer balances from one Chase card to another. Your transfers can’t exceed your credit limit and top out at $15,000.
Over a Year of Zero APR
If you need to pay balances from other cards, the Chase Slate can be a huge boon. Your introductory APR is 0% for a comfortable 15 months, which is plenty of time to pay down a significant amount of debt.
This card can also be beneficial for consumers who are looking to make a few big purchases and pay them down over the course of a year. If you’re looking to do some home improvement or need a card for wedding deposits, for example, this one won’t earn you interest while you pay these items off that you might not be able to afford up front otherwise.
You’ll want to keep in mind that this card will carry a variable APR of 16.34%-24.99% after the 15 month period expires, so plan your payments accordingly.
Free Credit Score from FICO
Chase gives you free access any time to your FICO credit score. It’s easy to keep track of your improving credit with this tool. They also provide a mobile app that has tools to help you with your credit management, as well as pay your bill and keep track of your purchases.
As with all credit cards, there are pros and cons to the Slate card that are important to consider before you decide if it is the right one for you. Here are some of the aspects you need to be aware of before you request one.
The Chase Slate Doesn’t Offer Rewards
While it does provide plenty of excellent features for reducing your debt or aiding in large purchases, this Chase card has nothing in the way of earning rewards.
Some cards offer rotating bonuses, travel rewards, or a flat cash back percentage on purchases. If you’re looking for a card that can net you some of these benefits, you might want to look into one that is better for everyday use.
This card is truly the most beneficial for paying off large balances over time but is not necessarily ideal for a day-to-day use seeker.
Something to keep in mind is that many cards that are heavy on rewards typically compensate with a yearly fee, an up-front and continual balance transfer fee, or no introductory APR rate. If those things are more important to you than the spending perks, consider choosing the Chase Slate card.
This Isn’t a Card for Those Without Good Credit
Are you someone who has a good credit score but is looking to reduce your existing amount of credit card debt? The Chase Slate can be an excellent option.
But, if your credit is still a work in progress, you may not qualify for this card. If your credit has gone down from your debt being too high, you might get not get approved for this particular Chase card. The high credit requirements may result in you needing to seek out alternative cards with less stringent qualifications.
The Chase Slate may seem like a basic option to start, but it offers undeniable benefits for those looking to consolidate card debt or pay off a big purchase without interest. We consider this card a fantastic option for those looking to refinance.
This card is not ideal for those who want to use a credit card for travel, daily expenses, or other frequent purchases. But it has a significant value all its own. With its zero APR, two months of zero transfer fees, and an absence of annual fees, this card has some serious benefits for those not looking for the frills of a rewards-heavy card.
If you’ve got the credit to get approved, the Slate card can get you on your way to paying down debt and finding financial stability without worrying about racking up interest.
Ready to request your Chase Slate card, or interested in what other options might be out there for you? Visit us at Bonsai Finance today to get started.