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Updated January 1, 2017

Chase Slate Review 2017: Best Way to Pay Off Debt?

Editorial Note: This content is not provided by the card issuer. Opinions expressed here are author's alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer.
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If you have credit card debt, Chase Slate's no balance transfer fee promotion and introductory APR offer is tempting. But is there a catch? Read this review before transferring your balance.

Overall Score

4.5

Interest Rates

5.0

Fees

5.0

Benefits

3.5
5-point scale (the higher, the better)

Pros and Cons

  • Introductory APR on purchases and balance transfers
  • No balance transfer fee during first 60 days
  • No annual fee
  • No rewards

Bottom Line

Good low interest credit card for those who carry a balance

Here are the basics: this credit card helps you save with a $0 introductory balance transfer fee, 0% introductory APR for 15 months on purchases and balance transfers, and $0 annual fee. Plus, receive your Monthly FICO® Score for free. After the introductory period, a variable APR of 15.49% to 24.24% applies.

But this card is not for everyone. You need good to excellent credit to qualify.

It's also worth noting Chase Slate does not offer a rewards program - so if you want to collect cash back or travel rewards, you may be better off with another card.

Still interested in making a transfer? Let's examine the card in-depth.

Who This Card is Good For

If you fall into any of these categories, you may view it as a favorable card:

  • You want to cut through the credit card balances that have been accruing interest. (See below on how to be smart about making a balance transfer.)

  • You do not want to pay an annual fee.

  • While you may like the idea of getting rewards for using a credit card, you tend to carry a balance and never get around to redeeming rewards.

Need a Balance Transfer? Why This Card

© CreditDonkey

When you’re shopping around for a card that you can use to consolidate your debt or take advantage of a 0% APR promotional balance transfer offer, the Chase Slate is a knockout card. Here’s why:

  • It has a no balance transfer fee promotion for the first 60 days (this is very rare, with many cards tacking on a 3%-5% transfer fee)

  • You don’t have to pay interest on your balance transfer for 15 months. That’s over a year of 0% APR promotion on your balance transfer.

  • This card has no annual fee. To get the most out of this card, make sure to pay off at least the minimum balance every month, on time, and pay off the whole thing by the time the introductory APR period ends.

Chase Slate Balance Transfer Review

© nanagyei (CC BY 2.0) via Flickr

BE SMART ABOUT MAKING A BALANCE TRANSFER

If the term "balance transfer" gives you a headache, we'll make it simple for you. You're simply moving your debt from one credit card company to another. You will still have to pay off your balance but the transfer gives you some breathing room, by giving you a lower interest rate.

This move can be an incredibly effective way to pay down your debt quickly and it could save you hundreds and even thousands of dollars in interest charges. But that’s the case only if you:

  • Take a advantage of a promotional offer, like Chase Slate’s, that will give you a certain amount of time (preferably at least a year) to pay off your balance with a promotional interest rate on balance transfers and, ideally, won’t charge a balance transfer fee (that last part is hard to find).

  • Actually try to pay off the full balance you owe before the promotional offer ends. It's very tempting not to do this and to go back to paying off the minimum balance or other small amount each month. Do a balance transfer only if you can be diligent and give yourself a payment plan (in other words: if you're moving a $5,000 balance to Chase Slate, divide by 15 months and be sure to pay at least $333 each month). And don't miss payments or you risk negating the deal and having interest rates tacked on to the balance earlier than you originally anticipated.

  • Pay attention to the terms of the deal. Every balance transfer is different. Be sure your understand when the promotional period ends, any balance transfer fee, and any conditions (i.e., the Chase Slate will charge you a fee if you don’t make your move within 60 days of opening the account).

  • Don’t use the new card for purchases. If the main reason you signed up for a new card was a balance transfer, then use it only for that purpose. Adding purchases to the account might be digging a deeper hole. The promotion could entice to spend more than you can afford with so much time to pay it off in full.

Best practice is to focus on paying down your debt on this card, and use another card (or cash) to buy new items (and do not let yourself think promotional APR on one credit card suddenly gives you free rein to spend wildly; always spend within your means).

Benefits of Chase Slate Card

What You Need to Know about the Introductory APR

This credit card offers an introductory 0% APR on new purchases and balance transfers for 15 months. After the introductory period on new purchases and balance transfers, the APR will be a variable rate, currently 15.49% - 24.24%, depending on your creditworthiness.

If you are paying interest on credit cards from another issuer (non-Chase), you can save money during the introductory period by transferring your balances to your Slate card.

Some people think a credit card can raise its interest rates at any time. Federal law prohibits card issuers from using this kind of “bait and switch” tactic. As long as you abide by the cardholder agreement, a card promising an 15-month, 0% intro APR must keep that promise. The regular APR that applies after the intro period could change, however.

Don't miss payments: You still need to be sure to make at least your minimum payment each month (and we recommend paying much higher than that in order to pay off your balance before the intro period ends). If you are more than 60 days late on a payment, Chase will cancel your introductory period.

Why the No Balance Transfer Fee Matters

One fantastic feature of the Slate Card is that it does not charge a balance transfer fee on balance transfers during the account’s first 60 days. This is a good deal for anyone in the market for a balance transfer as most other credit cards usually charge a 3%-5% balance transfer fee.

After 60 days, there is a 5% fee (with a minimum of $5) for future balance transfers. Be sure to transfer other balances quickly to take advantage of the promotional offer.

Why Look Elsewhere? No Rewards

© jurvetson (CC BY 2.0) via Flickr

The downside of the card is that it offers no rewards program. Purchases on your Slate card do not earn any cash back, airline miles, or merchandise. Instead, this card was designed as a no-frills balance transfer card with no annual fee.

If you plan to pay off your balance each month on your next credit card, this card may not be a good choice because you'd miss out on getting something back for your purchases. You may want to consider a rewards credit card instead.

On the Plus Side, There's No Penalty APR

If you pay late for any reason, the interest rate will not rise with this card. Unlike other cards that charge a penalty APR, Chase understands that sometimes life gets busy. Keep in mind, other account-specific pricing, terms and conditions still apply.

Chase Slate with Blueprint Credit Card Review

Flexible Options for Paying Your Balance: Blueprint

When you use the Chase Slate Card, you are automatically enrolled in the Blueprint payment program. This program gives you a way to manage your account payments to achieve different goals.

For example, the Full Pay plan lets you avoid interest on certain purchases, such as groceries, gas, or prescriptions by selecting the categories you want to pay in full each month. If you pay off these purchases every month, they are not included in your account balance when interest is calculated. This feature is useful if you need time to pay off larger purchases.

Another option is the Finish It plan. When you select this option, Chase bills you each month for the amount needed to pay off your balance by your selected date.

One More Reason to Get It: Free Credit Score

It's a common myth that applying for a new credit card will cause your credit score to plummet. That's not true. While applying for a credit card does generate a "hard" inquiry - the impact on your credit score is usually negligible, typically lowering your score by just a few points.

Plus, with the Chase Slate, you get access to your FICO credit score using the online credit dashboard. On the dashboard, you'll also learn the reasons behind your score and a summary view of your credit report. With that knowledge, you can work on improving your credit score.

Pros

  • 0% introductory APR for 15 months on purchases and balance transfers. After that, a 15.49% - 24.24% Variable APR applies.
  • No transfer fee for balance transfers during the first 60 days. After that, 5% or $5 (minimum) balance transfer fee for future balance transfers
  • No annual fee
  • Chase Blueprint

Cons

  • No rewards plan

How Chase Balance Transfer Credit Cards Compares

Before you go ahead and apply for the Chase Slate, consider how it stacks up with the competition.

If you want rewards and don't mind paying a balance transfer fee:

 

Chase Slate

Chase Freedom

 

Interest Rates and Fees

Introductory APR for Purchases0% introductory APR for 15 months0% introductory APR for 15 months
Introductory APR for Balance Transfers0% introductory APR for 15 months0% introductory APR for 15 months
Purchase APR15.49% to 24.24% Variable based on your creditworthiness and other factors15.49% to 24.24% Variable based on your creditworthiness and other factors
Balance Transfers APR15.49% to 24.24% Variable based on your creditworthiness and other factors15.49% to 24.24% Variable based on your creditworthiness and other factors
Annual Fee$0 annual fee$0 annual fee
 

Benefits and Features

Cash Back Deal Introductory Bonus Cash Back: Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
Cash Back Cash Back Rewards: Unlimited 1% cash back on all other purchases.
Bonus Cash Back Bonus Cash Back: Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.
Bonus Categories for 2017:
Q1 (January 1 – March 31, 2017): Gas stations and local commuter transportation (not including parking, tolls, and Amtrak® purchases)
Q2 (April 1 - June 30, 2017): Grocery stores (not including Walmart® and Target® purchases)
Q3 (July 1 – September 30, 2017): TBA
Q4 (October 1 – December 31, 2017): TBA

Chase Slate: Pricing information including interest rates, benefits and fees were obtained on January 13, 2017 from published websites and are believed to be accurate, but not guaranteed.

Chase Freedom: Pricing information including interest rates, benefits and fees were obtained on January 13, 2017 from published websites and are believed to be accurate, but not guaranteed.

Disclaimer: The information for the Chase Slate and Chase Freedom have been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Chase Slate vs Freedom:
Chase Freedom: The Chase Freedom also offers an introductory APR on balance transfers, but it has a balance transfer fee: 5% of the amount transferred, $5 minimum.

So why would you consider the Chase Freedom instead? Cash back rewards on new purchases (see Chase Slate vs Freedom). With the Freedom, you can earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.

Plus, you can earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

Read our review of Chase Freedom here.

If you don't have a balance to transfer:

 

Chase Slate

Chase Sapphire Preferred

 

Interest Rates and Fees

Introductory APR for Purchases0% introductory APR for 15 monthsN/A
Introductory APR for Balance Transfers0% introductory APR for 15 monthsN/A
Purchase APR15.49% to 24.24% Variable based on your creditworthiness and other factors16.49% to 23.49% Variable based on your creditworthiness and other factors
Balance Transfers APR15.49% to 24.24% Variable based on your creditworthiness and other factors16.49% to 23.49% Variable based on your creditworthiness and other factors
Annual Fee$0 annual feeIntroductory Annual Fee of $0 the first year, then $95
 

Benefits and Features

Points Deal Introductory Bonus Reward Points: Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
Travel Travel Rewards: 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide.
1:1 point transfer to leading airline and hotel loyalty programs
Airline Airline Rewards: 1:1 point transfer to leading airline and hotel loyalty programs
Hotel Hotel Rewards: 1:1 point transfer to leading airline and hotel loyalty programs
Points Point Rewards: 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide
Restaurant Dining Rewards: 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide
Airline Transfer Partners Airline Transfer Partners: Airline transfer partners include United Airlines, Southwest Airlines, British Airways, Air France, Korean Air, Singapore Airlines, and Virgin Atlantic.

Chase Slate: Pricing information including interest rates, benefits and fees were obtained on January 13, 2017 from published websites and are believed to be accurate, but not guaranteed.

Disclaimer: The information for the Chase Slate has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Chase Sapphire Preferred does not have a balance transfer promotion. If you don't carry a balance, read our Chase Sapphire Preferred review to see why it's worth the annual fee (also see Chase Slate vs Sapphire Preferred).

If you need more than 15 months:

 

Chase Slate

Citi Simplicity

 

Interest Rates and Fees

Introductory APR for Purchases0% introductory APR for 15 months0%* introductory APR for 21 months*
Introductory APR for Balance Transfers0% introductory APR for 15 months0%* introductory APR for 21 months*
Purchase APR15.49% to 24.24% Variable based on your creditworthiness and other factors14.24% to 24.24%* (Variable) based on your creditworthiness and other factors
Balance Transfers APR15.49% to 24.24% Variable based on your creditworthiness and other factors14.24% to 24.24%* (Variable) based on your creditworthiness and other factors
Annual Fee$0 annual fee$0 annual fee

Chase Slate: Pricing information including interest rates, benefits and fees were obtained on January 13, 2017 from published websites and are believed to be accurate, but not guaranteed.

Citi Simplicity: Pricing information including interest rates, rewards, benefits and fees were obtained on March 21, 2017 from published websites and are believed to be accurate, but not guaranteed.

Disclaimer: The information for the Chase Slate and Citi Simplicity® Card have been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Citi Simplicity offers a 21 month balance transfer promotion. But there's a catch. It has a balance transfer fee. If you can pay off your credit card debt within 15 months, the Chase Slate is a better deal since it has an introductory no balance transfer fee promotion (see Chase Slate vs Citi Simplicity). Otherwise, if you need more than 15 months, read our in-depth Citi Simplicity review.

Bottom Line

The Chase Slate is very worth it to someone who has a good credit history but has a fair amount of credit card debt to pay off.

The no balance transfer fee introductory offer is fantastic and difficult to find elsewhere. And it’s also a great card to keep around if you tend to keep a balance and need a steady card with flexible payment options—as long as you don’t mind not getting rewards your purchases.

David R is a contributing writer at CreditDonkey, a credit card comparison and financial education website. Write to David R at davidr@creditdonkey.com. Our data-driven analysis has been recognized by major news outlets across the country and has helped consumers make savvy financial and lifestyle decisions. (read more)

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase.

Disclaimer: This content was first published on February 22, 2012. This content may have been updated on January 1, 2017. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Chase website for updated information.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: The information for the Chase Slate, Chase Freedom, and Citi Simplicity® Card have been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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Compare Chase Slate to:

Compare Chase Slate vs Chase Sapphire Preferred
Apply for Chase Sapphire Preferred Card
At Chase's Secure Site
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
16.49% - 23.49% Variable
Introductory Annual Fee of $0 the first year, then $95

Chase Sapphire Preferred

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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