Credit Cards

What Kind Of Card Is Chase Slate

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 5 minute read

The Chase Slate EdgeSM credit card is a low-interest card with a generous initial 0% APR offer. Because there is no annual charge and a plethora of cardholder-friendly advantages, it is great spending assistance for those who are working quickly to establish or enhance their credit.

There are people who think Slate Edge is unnecessary. Customers who are accustomed to a consistent return on investment will be disappointed to learn that this company does not provide a rewards program. 

Moreover, Slate Edge lacks the significant advantages that are standard in the modern travel rewards credit card market. However, if you’re looking for a no-frills credit card that doesn’t charge you anything to have on hand, this one is worth a second look.

Key Characteristics

Along with some other beneficial benefits for cardholders, the Chase Slate Edge credit card provides a commendable 0% APR introductory rate.

Reduction in annual interest rates

If you make your payments on time and charge at least $1,000 to your card in the account anniversary year, your interest rate will decrease by 2% annually, down to the prime rate plus 9.74%. Depending on the introductory APR, your interest rate reduction could be lower than 2%.

APR Introduction

With this card, you can make purchases and balance transfers for the first 18 months with zero interest. After the introductory period ends, both debt transfers and purchases will have a variable APR of 17.24% to 25.99%. This rate may go up or down depending on the prime rate.

More Card Advantages

Some advantages of the Chase Slate Edge card are worth mentioning:

  • You can spread the cost of a sizable purchase out over a number of months for a flat price with My Chase Plan, a structured payment option offered by Chase.
  • Chase Offers is a rebate program that gives you money back at specific times of the year when you shop at participating stores.
  • Protected purchases made within the first 120 days of account opening, up to $500 per claim and $50,000 per account for damage or theft.
  • Warranty extensions of one year are available on products that are already covered by a three-year or less retailer or manufacturer warranty.
  • If you use your credit card to pay in full for a car rental and choose not to accept the rental agency’s collision insurance, you will still be covered.
  • Towing, jumpstarting, changing a flat tire, unlocking a locked door, winching a vehicle, and delivering petrol are just some of the services that are available around the clock with roadside assistance.
  • Chase Credit Journey is a set of useful credit-building tools that can keep your FICO score in check.

Significant Fees

A yearly subscription to Slate Edge is free. The percentage of the transaction total that will be charged as a foreign transaction fee is 3%.

Any transfers made during the first 60 days of opening the account will incur $5 or 3% of the value of each transfer whichever is a greater introductory balance transfer fee. After that period, the balance transfer fee is either $5 or 5%, whichever is greater.

Credit Required

Excellent credit is needed for the Chase Slate Edge credit card. While Chase’s initial credit limits may be low, there is a clear method to increasing your limit with responsible use and timely payments.

Advantages

There are many reasons to choose the Chase Slate Edge credit card over others, including the absence of an annual fee, a generous welcome offer, and the possibility of having your credit limit increased after only six months of responsible use.

  1. There is no yearly cost. The annual fee for using Chase Slate Edge is nothing. This is great news for cardholders looking to save money who don’t want to pay to keep this card on hold. Since there isn’t normally a rewards system in place, this is especially appreciated.
  2. Fantastic Initial Interest-Free Period Offer! An extremely attractive feature of the Slate Edge credit card is the introductory period of zero percent interest on both purchases and balance transfers. After then, the standard, variable APR will take effect.
  3. Reduced Annual Fee with Responsible Card Use. If you charge at least $1,000 to your Slate Edge credit card between your account anniversary dates and pay your statement in whole and on time each month, Slate Edge may lower your interest rate by up to 2%. The current interest rate floor is prime plus 9.74%, and this process will repeat itself until that rate is reached.
  4. There’s a Solid Array of Perks for This Card. One-time cash back opportunities through Chase Offers, protection for eligible items damaged or stolen within 120 days of purchase, coverage for rental cars paid in full with your card (terms apply), access to your credit score for free through Chase Credit Journey, and extended warranties on eligible items with existing store or manufacturer warranties are just some of the perks that come with the Slate Edge credit card.

Disadvantages

There are a few disadvantages to using a Chase Slate Edge card. It doesn’t have a regular rewards program, there’s a fee for foreign purchases, and the introductory 0% APR period isn’t as long as some other cards.

  1. There is no ongoing rewards system. Chase Offers is convenient, but it’s only good for a small fraction of transactions made at Chase’s partner stores. Unlike its competitors, Slate Edge does not offer a consistent return on investment through a rewards program.
  2. Includes a fee for transactions made in a foreign currency. Foreign transactions made with Slate Edge incur a 3% charge. A foreign transaction fee is charged for each in-person or online purchase made with a vendor located outside of the country.
  3. There is zero welcome offer. Unlike several other credit card companies, Slate Edge does not reward new cardholders with a welcome incentive. For new account holders hoping to make a modest profit quickly, that’s a bummer.

Bottom Line

The Chase Slate EdgeSM credit card is aimed at potential cardholders who aren’t overly interested in receiving premium travel privileges like automatic elite status with your preferred airline or hotel chain, as well as those who aren’t interested in earning significant rewards or using large travel credits.

And it’s not like this is some elementary concept. Slate Edge is not a particularly generous credit card, but it does have certain perks that set it apart from other starter cards, like the ability to participate in the Chase Offers cash-back program and a smart plan that might dramatically cut your standard APR over time.

In sum, Slate Edge is a great option if you’re searching for a credit card that can be used at millions of locations across the world, has no annual fee, and helps you develop credit when used responsibly.

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