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At the beginning of the pandemic, Chase pulled the Chase Slate credit card from its product offerings, but has now introduced the Chase Slate Edge℠ card in its place. The card is simple in its benefits, but for consumers looking for spending flexibility, it is a solid option to consider.
The card was designed for consumers looking for a break on credit card interest rates and who may want to consolidate credit card debt. And with the holiday season around the corner, it may make sense for some to have an interest-free period on their credit cards.
Here's what you need to know about the Chase Slate Edge card.
Chase Slate Edge review
Chase Slate Edge℠
On Chase's secure site
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Rewards
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Welcome bonus
Earn $100 on your credit card statement when you spend $500 in your first six months from account opening
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Annual fee
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Intro APR
0% for the first 12 months on purchases and balance transfers
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Regular APR
14.99% to 23.74% variable
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Balance transfer fee
Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days
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Foreign transaction fee
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Credit needed
Excellent/Good
Pros
- No annual fee
- $100 welcome bonus
- Interest-free period for the first 12 months on purchases and balance transfers
- Lower your interest rate by 2% each year: Automatically be considered for an APR reduction when you pay on time, and spend at least $1,000 on your card by your next account anniversary
Cons
- 3% foreign transaction fee
- No rewards program
Main perks
This card can help cardholders increase their credit score, consolidate debt and lower the amount they pay in credit card interest. The Slate's 0% APR for the first year and ability to reduce APR over time can be helpful for those who carry balances month to month. Here are the main perks of the Chase Slate Edge℠:
- 0% Intro APR on purchases and balance transfers for 12 months upon account opening (3% balance transfer fee)
- $100 bonus statement credit when you spend $500 in the first 3 months (Limited Time Benefit)
- Automatic consideration for 2% APR reduction if you make all payments on time, and spend $1,000 by your next account anniversary
- Automatic eligibility for a credit line increase if you spend $500 in the first 6 months
While the main perk of 0% APR expires after the first 12 months, this card may be worth keeping past that for the reduction in interest rate. However, rather than paying interest after the 12 months, you can consider transferring your balance to another 0% APR credit card, or taking out a personal loan which may have a lower rate and save you money in the long term.
The automatic eligibility for a credit line increase can help you increase your credit score, since this would give you a large credit line and therefore likely lower your credit utilization ratio.
Rewards
The card does not earn any rewards for spending. So if you are in need of a 0% APR credit card with rewards, you may want to consider another card.
Additional benefits
The card comes with a few additional benefits:
- Chase purchase protection - Covers purchases for 120 days against damage or theft
- Auto Rental Collision Damage Waiver - If you decline the rental company's collision insurance and charge the entire rental cost to your card, coverage is provided for theft and collision damage.
- Access to Chase’s digital credit tools like Credit Journey and My Chase Plan
Fees
If a balance transfer is of interest to you, there is a 3% fee to do so, or a $5 minimum. However, that 3% may be worth paying if you are paying a much higher interest rate elsewhere.
Also, the 3% is a promotional rate during the first 60 days of card membership. After 60 days, that fee becomes 5%, with a minimum of $5.
The card charges a 3% foreign transaction fee for purchases made outside the U.S.
The card does not have an annual fee.
What does the Select Edge compete with?
The Chase Slate Edge Card enters an extremely competitive space of balance transfer credit cards and 0% APR credit cards. Here's how it stacks up against the competition.
Chase Slate Edge vs. Chase Freedom Flex℠
Between these two Chase products, the easy winner is the Chase Freedom Flex℠. With a 0% APR offering for 15 months, the opportunity to earn up to 5% cash back on specific purchases and a $200 bonus offering, the scales quickly tilt towards the Freedom Flex.
However, if you carry a balance month to month, the Slate Edge card will prove to be a better card for its favorable interest rates and incentives to continue moving the rates downward.
Chase Slate Edge vs. U.S. Bank Visa® Platinum Card
If your goal is to have the longest 0% APR rate as possible, the U.S. Bank Visa® Platinum Card is the best card for you. You will have 0% intro APR on purchases and balance transfers for 20 billing cycles.
If the APR length isn't your main priority, there are varying benefits between the two. The Chase Slate Edge offers a $100 welcome bonus, along with benefits such as purchase protection, extended warranty and rental car coverage. The U.S. Bank Visa Platinum offers cell phone insurance.
Bottom line
The Chase Slate Edge Card is a solid option for someone looking for simplicity and to avoid accruing credit card interest. However, if you plan on spending regularly on the card, it may be advantageous to select a different card to earn credit card rewards.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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Chase Slate Edge review: Consolidate credit card debt and lower your APR with this unique card - CNBC
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