Chase Slate® Credit Card Review

Full Review of Chase Slate® Credit Card

Pros Explained

• Relatively Long APR-Free Period for Balance Transfers and Purchases: Like many credit cards, the Chase Slate card offers introductory APR terms. But its generosity extends beyond the common 12-month mark, for both balance transfers and new purchases. You'll pay no interest on either for 15 months after the account’s opened. After that, the APR will be 14.99% to 23.74% variable, depending on your creditworthiness. With the 0% APR offer, you’ll have over a year to pay down high-interest credit card debt or finance a big purchase without having to pay interest charges.
• $0 Introductory Balance Transfer Fee: Balance transfer fees, a percentage of the overall sum you're moving to a new card, can add a lot to your overall cost. The Chase Slate card has a strong advantage over other balance transfer cards; balances transferred within 60 days after opening an account incur absolutely no transfer fee. After the 60 days is up, you'll pay 5% of the amount transferred, with a minimum charge of $5. For example, let's say you had $5,000 in credit card debt. If you transferred that balance to the Chase Slate card, you'd normally have to pay $250—5% of the account balance—in balance transfer fees. But if you completed the balance transfer within the first 60 days of opening the account, you’d pay $0—a substantial savings.
• No Penalty APR: If you miss a payment with the Chase Slate card, you won’t be subject to a penalty APR. Many credit cards will boost your APR indefinitely if you miss a payment, so this feature is a useful added benefit.

Cons Explained

• No Rewards or One-Time Offer: The Chase Slate doesn't have a rewards program or bonus. That's a big drawback, as there are many other balance transfer cards that offer valuable rewards and bonuses for new card members. For example, the Quicksilver card from Capital One allows you to earn unlimited 1.5% cash back on every purchase you make. Plus, you'll get $150 as a cash bonus if you spend at least $500 within the first three months of opening an account. And, you'll still get an introductory 0% APR offer on purchases for 15 months, after which the regular APR is 15.49–25.49% variable.
• 3% Foreign Transaction Fee: If you plan on traveling abroad, be aware that this card charges a 3% foreign transaction fee each and every time you make a purchase. During the course of your trip, that fee can add up, costing you hundreds over the length of your vacation. If you are going to be traveling outside of the United States, consider applying for a different credit card, potentially like the Capital One Quicksilver Rewards Card, which doesn't charge a foreign transaction fee.

If you have high-interest credit card debt, completing a balance transfer with the Chase Slate credit card makes a lot of sense. It has no annual fee, and you’ll get 0% APR for 15 months, giving you over a year to pay down your balance without paying interest fees. And, if you complete the transfer within the first 60 days of opening an account, you won’t have to pay a balance transfer fee.

To put that in perspective, consider that the average credit card balance in 2019 was $6,028, according to Experian. The Federal Reserve reported that the average interest rate on all credit card accounts assessed interest was 17.14%. If you had $6,028 in credit card debt on a card that charged 17.14% APR with a minimum monthly payment of $200, it would take you 40 months to pay off your debt, and you’ll pay $1,912 in interest charges.

If you transferred your balance to the Chase Slate card within the first 60 days of opening an account, kept the same minimum monthly payment, and qualified for 14.99% APR after the promotional offer ended, you'd repay your debt in 32 months (the initial 15 months at 0% APR and then an additional 17 months at 14.99% APR)—8 months ahead of schedule. And, you'd pay only $350 in interest, saving $1,562 vs. not taking advantage of the balance transfer opportunity.

However, the card offers little value after the introductory APR offer expires. The card has no rewards or notable benefits, so you're likely better off applying for another card once you pay off your high-interest credit card debt.

Standard Benefits

The card offers a few benefits, including: 

• Free credit score: Like most card companies, Chase allows users to view their credit score for free.
• Purchase protection: New purchases are covered for 120 days against damage or theft, up to $500 per claim and $50,000 per account.

Cardholder Experience

According to the J.D. Power Credit Card Satisfaction Study, Chase ranked fourth out of 11 card issuers in terms of customer satisfaction.

Chase's customer service is available via phone at 1-800-432-3117. You can also get help on Twitter by contacting @ChaseSupport, but make sure you don’t share account details or personal information in a public tweet.

Once you have an account and sign in, you can also contact customer support through Chase's secure messaging system.

Security Features

Chase Slate offers some basic security features that are typical of most credit cards. Chase will monitor your account for fraudulent activity and will send you alerts if there are unusual transactions.

Our Verdict

With a 15-month introductory 0% APR offer and $0 balance transfer fees on transfers completed during your first 60 days of card membership, the Chase Slate is an excellent choice if you're looking to transfer a substantial amount of credit card debt. Taking advantage of the introductory terms could help you save hundreds or even thousands of dollars, and give you a boost in clearing a big balance.

The 15 interest-free months are pretty competitive. Many balance transfer cards offer much shorter introductory periods. Still, a few others, like the Citi Simplicity card, offer periods as long as 18 months. 

The main drawback is that once the introductory period is over, the Chase Slate loses its competitive edge. It lacks the increasingly common rewards features that incentivize you to keep on using it. If you can keep your balance paid in full going forward you’re likely better off signing up for another credit card that offers miles, points, or cash back on every purchase you make.