Chase Slate Edge Card Review: Lower Your APR Over Time
Balance transfers can help you save money on interest. And you may be able to speed up your debt repayment.
What's key is finding the right balance transfer card to apply for.
The Chase Slate Edge Card is designed to maximize interest savings.
This card offers an introductory APR on balance transfers and purchases. And you have the opportunity to reduce your regular APR by 2% each year.
There's no annual fee with this card, which adds to your savings total. And eligible cardmembers can earn an introductory bonus statement credit.
Wondering if the Chase Slate Edge Card is the right balance transfer card for you? Here's more on the card's full features and benefits.
Chase Slate Edge Credit Card Pros & Cons
Main Highlight: Low Introductory APR for Balance Transfers
The Chase Slate Edge Card is first and foremost a balance transfer card. As such, it features a low introductory APR for balance transfers and purchases.
If you're interested in consolidating credit card debt, a balance transfer could be attractive.
When you transfer balances to the Chase Slate Edge Card, you can make one monthly payment. And you may pay less in interest over time.
The key with balance transfers is paying the balance off before the promotional period ends.
Fortunately, the Chase Slate Edge Card gives you a decent amount of time to pay off balance transfers.
The intro APR period is longer than what you'll get with some cards. Though there are other cards that give you even more time to pay off a balance transfer.
Once the introductory period ends, the regular variable APR applies. This goes for purchases and balance transfers.
The Chase Slate Edge Card has a regular variable APR range that's comparable to other cards. Your APR is based on your creditworthiness.
We'll look at the fees for this card a little later in this review.
Reduce Your APR by 2% Annually
The Chase Slate Edge Card has another unique feature: annual APR reductions.
Chase automatically considers you for a 2% APR reduction when you:
- Pay on time each month
- Spend at least $1,000 on your card by your next account anniversary
Your rate can be reduced until your APR reaches the Prime Rate plus a set percentage rate.
This is a great benefit if you carry a balance on your card from time to time. You can potentially end up with a regular variable APR on purchases or balance transfers that's much lower than other cards.
Of course, you won't be able to cash in on this benefit if you pay late.
And you'll need to hit the $1,000 minimum spending threshold. But you can get around that by scheduling one or two automatic bill payments using your card each month.
You can also avoid late payments by scheduling automatic payments to your card. And you can set up bill due date reminders as well.
What Else Do You Get With the Chase Slate Edge Card?
You might be wondering if the Chase Slate Edge Card offers rewards on purchases.
And the answer is no, this is not a rewards card.
So you won't be able to earn miles, points or cash back when you spend. Whether that's a pro or a con for you depends on what you need the card for.
If you're primarily interested in balance transfers then not having a rewards program may not matter much.
On the other hand, another card might be more attractive if you want to earn rewards on purchases.
In terms of what else you get with the card, benefits include:
- Introductory statement credit bonus
- Automatic credit limit review when you pay on time and spend
- $500 within the first six months of account opening
- Free credit monitoring through Chase Credit Journey
- My Chase Plan
- Chase Offers
- Purchase protection
- Extended warranty protection
- Roadside assistance
- Auto rental collision damage waiver
- Fraud protection and fraud alerts
- Zero liability protection
The introductory statement credit bonus is similar to the introductory rewards bonuses you can get with other cards.
You have to meet a minimum spending requirement to qualify. And you can't get the bonus if you've received a new cardmember bonus for the Chase Slate Edge Card in the previous 24 months.
Automatic credit limit review
The automatic credit limit review kicks in after the first six months. Again, you need to meet a minimum spending requirement.
But this could be an easy way to boost your credit limit with this card.
The Chase Slate Edge Card has no annual fee. And you can get a break on the balance transfer fee.
If you transfer a balance within the first 60 days, you can qualify for a lower balance transfer fee.
That can save you a little money in the long run. But if you're looking for a card that waives the balance transfer fee altogether you'll need to look elsewhere.
Also, watch out for the 3% foreign transaction fee. Using this card for international purchases could make them more expensive.
Chase Slate Edge Card vs. Other Credit Cards
The Chase Slate Edge Card could be a good balance transfer card option. But if you're wondering what else is out there, here are three other cards to consider.
Citi Diamond Preferred Card
Citi Diamond Preferred Card Pros & Cons
The Citi Diamond Preferred Card offers a lengthy introductory APR for both purchases and balance transfers.
Like the Chase Slate Edge Card, you won't earn rewards with this card. But you do get more time to pay off balance transfers at a low APR.
The balance transfer fee is either $5 or 3% of the amount of the transfer, whichever is greater. So that's the same as the Chase Slate Edge Card.
You'll need to complete a balance transfer within the first four months of account opening to take advantage of the offer.
There's no annual fee for this card. But there is a 3% foreign transaction fee.
Citi Simplicity Card
Citi Simplicity Card Pros & Cons
The Citi Simplicity Card is very similar to the Citi Diamond Preferred Card in terms of:
- Introductory period for balance transfers and purchases
- Introductory APR for balance transfers and purchases
- Balance transfer fee
But the Citi Simplicity Card offers some benefits the Diamond Preferred Card doesn't.
- No late fees
- No penalty APR
- Flexible payment due dates
This card has no annual fee. Though there is a 3% foreign transaction fee.
Overall, you might choose this card if you want to avoid late fee penalties and get more time to pay off a balance transfer.
U.S. Bank Visa Platinum
U.S. Bank Visa Platinum Card Pros & Cons
The U.S. Bank Visa Platinum Card offers the longest introductory APR for balance transfers of all the cards listed here.
There's no annual fee for this card. And it has a typical balance transfer fee of $5 or 3% of the transfer amount, whichever is greater.
You don't get a rewards program with this card. But you do get the benefit of more time to pay off balance transfers at a low APR.
Final Verdict: Should You Apply for the Chase Slate Edge Card?
The Chase Slate Edge Card is designed for helping you to save money on interest charges.
This card could be a good option for you if:
- You have a high interest credit card balance you want to transfer
- You're interested in qualifying for annual APR reductions
- You don't care about earning rewards on purchases
The Chase Slate Edge Card doesn't have a lot of extra bells and whistles. But that's characteristic of most balance transfer credit cards.
If you're considering this card, think about how quickly you'll be able to pay off any balances you transfer. Carrying a balance after the promotional period ends can subject you to interest charges.
Also, think about how much the balance transfer fee might add on to what you have to repay. If you'd rather avoid the fee you may want to look for a balance transfer card that waives them.