Chase Slate Review
Posted July 9, 2018 12:26 p.m. EDT
The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.
If you’re drowning in credit card debt, a balance transfer credit card like the Chase Slate® may help you get out of debt. While the card itself is fairly basic, the balance transfer offer is consistently one of our top picks with its Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.
In this review, we will cover:
Breaking down the balance transfer offer
What to know before completing a balance transfer with the Chase Slate®
How to complete a balance transfer with Chase
What other cards should I consider?
The Chase Slate® offers a decent 0% Intro APR on Balance Transfers for 15 months. After the intro period ends, a 16.49% - 25.24% Variable APR is in effect. While this is a good offer, you can find cards with intro periods as long as 18 or 21 months — however, they may not offer a $0 intro balance transfer fee.
A great feature of the Chase Slate® is the Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. Completing a transfer within the 60 days allows you to save the typical 3% balance transfer fee other cards may charge. For example, if you transfer a $2,000 balance to a card with a 3% balance transfer fee, you will incur a $60 fee, but if you transfer the same balance to the Chase Slate® within 60 days from account opening, there is no fee.
A balance transfer can be a great way to get out of debt, but there are some terms to be aware of before you complete your transfer:
- Balance transfer fee: Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. Make sure you transfer your balance within the first 60 days from account opening so you can benefit from the $0 intro balance transfer fee.
- Regular purchase APR: If you continue to carry a balance once the intro period ends, you’ll incur a 16.49% - 25.24% Variable APR. Therefore, it’s important to pay off your balance prior the intro period ending so you don’t repeat the same cycle of debt.
- Balance transfer window: The clock starts ticking on your balance transfer offer as soon as you open your card. And, to qualify for the $0 intro balance transfer fee, you need to complete your transfer within 60 days of account opening. So, if you want to benefit from the majority of the 15-month intro period and the $0 intro BT fee, transfer your balance when you open the card or soon after account opening.
- How long the balance transfer takes to process: Chase states most transfers are processed within a week, but some may take up to three weeks. While you’re waiting for your transfer to post, continue making payments on the card that had the debt.
We have a step-by-step guide on how to complete your balance transfer with Chase here, which includes screenshots for each step.