Posted by William Charles on October 26, 2017
Credit Card Review

Published on October 26th, 2017 | by William Charles

24

Chase Slate Review – 0% APY & No Balance Transfer Fee

The Chase Slate card is the only credit card Chase offers that doesn’t offer any sort of rewards program. It’s targeted towards people rebuilding their credit and those with existing credit card debt by offering introductory 0% APR rates and no balance transfer fees for the first 60 days.

 

Interest Rates

Fees

Card Pros

  • 0% Introductory APR for 15 months on balance transfers & purchases
  • No balance transfers fee for first 60 days
  • Free FICO Score

Card Cons

APR: 13.99% – 24.99% Annual Fee: None
Introductory APR: 0% Balance Transfer Fee:$0 for first 60 days, then $5 or 5% whichever is greater
Introductory APR Length: 15 billing cycles Cash Advance Fee: $10 or 5% whatever is greater
Cash Advance APR: 25.99% Foreign Transaction Fee: 3%
Penalty APR: N/A Late Payment Fee: $15-$37
Grace Period: N/A Over The Credit Line: None
Minimum Interest Charge: N/A Returned Payment: $37

Application Information

The Chase Slate is Chase’s most basic products, so if you don’t have much credit history then this is most likely to be your best option. That being said if you can’t take advantage of the introductory APR period then you might be better off seeing if you’re pre-approved for either the Chase Freedom or Chase Freedom Unlimited as both of these cards are also starter credit cards and come with a rewards program and sign up bonus.

What Credit Score Is Required

  • Lowest approved score: 622
  • Average approved score: 702

 

Common Reasons For Denial:

  • Chase 5/24 rule does apply to this card. You will not be approved for this card if you have opened 5 or more bank cards in the past 24 months
  • Bankruptcy on file.

What Credit Bureau Does Chase Pull For The Chase Slate?

This varies depending on what part of the country/what state you live in. I’d recommend reading this linked post for more information as well as datapoints for your specific state.

What Credit Limit Will I Receive?

Keep in mind that requesting a credit limit increase results in a hard pull with Chase. You can reallocate your credit limits if you hold other Chase cards though. The credit limit on this card is particularly important due to the 0% introductory APR and $0 balance transfer fee offers.

Minimum Credit Limit Highest Reported Credit Limit Average Credit Limit
$500 $25,000 $6,057

Rewards Program

As mentioned this card does not have a rewards program. It is possible to product change this to other Chase branded personal credit cards that do have a rewards program. Any of the below are all options:

Card Benefits

0% APR & No Balance Transfer Fee

The two major draw cards for the Chase Slate are:

  • No balance transfer fee for the first 60 days
  • 0% Introductory APR for 15 months on purchases and balance transfers from account opening

Credit cards in general have insanely high interest rates (I mean after the initial 0% period the Chase Slate rate varies from 13.99% – 24.99%) so for somebody trying to get out of credit card debt this can be a valuable card. There are some restrictions on the balance transfer:

  • You cannot transfer more than $15,000 or your credit limit (whichever is lower)
  • Cannot transfer from other account or loans that Chase Bank issued

You can view other cards with 0% APRs and $0 balance transfer fees here.

Free FICO Score

Chase Slate is the only card that Chase offers that comes with a free FICO score, even though this is a common credit card benefit now. The score they provide cardholders with is Experian classic 2008 model (EX-08) and is updated monthly. It should be noted that this is significantly more useful than Chase’s credit journey as that doesn’t provide a FICO score (it provides VantageScore 3.0). The difference is significant because most lenders do not use VantageScore so it’s only useful as an educational tool.

I don’t think a free FICO score provides much value to cardholders anymore given that Discover offers everybody (even if you’re not a cardholder) a free FICO score via their credit scorecard product.

Chase Offers

Chase has recently rolled out Chase Offers on this card and the Marriott cards. It’s similar to how American Express sync offers work where you’ll receive a statement credit for certain purchases. For example, spend $50 at Lowe’s and get $10 back.

Our Verdict

You really need to compare this card to other cards with no balance transfer fees and 0% APR offers. We have such a list here. As far as I know the Chase Slate is the best such offer. It’s really important to keep in mind that the credit limit you receive will play a major part in how useful this card is as well, for example if you receive a $500 credit limit but you have $5,000 in credit card debt you won’t be able to transfer the full balance over.

If you have credit card debt, you need to be very very very very very very careful about opening a new credit card as it’s very easy to accumulate even more debt and suddenly you’re in an even worse position than before. Cards like the Chase Slate can help provide some relief but I am hesitant to recommend them due to the potential downsides. If you think you’re in a position where you’re responsible about credit use and would be able to use such an offer to pay down your debt then this might be a good card for you.

After you’ve finished with the promo period that card isn’t of much use due to the no rewards program. Because of that it would make sense to product change this to either the Chase Freedom or Chase Freedom Unlimited.

For rewards chasers, chances are this isn’t the card for you. If you’re still eligible for Chase cards that fall under 5/24 then there will be options with a sign up bonus that is much more attractive than a 15 month interest free period. You can view a list of the best sign up bonuses here.

 

Card Changes



24 Responses to Chase Slate Review – 0% APY & No Balance Transfer Fee

  1. HL says:

    Easily changes over to a freedom when you’re done with it too

  2. Danielle says:

    I got this card a few years ago when I had a few big purchases to make and have since paid it off in full. Now I never use it since it doesn’t provide any points/cash back. Should I sock drawer it or product change to a different Chase card? I’m a noob so sorry if I’m asking dumb questions. If I PC to the Chase Freedom, I am not eligible for a sign up bonus, correct?

    • I’d product change it to the Chase Freedom/Unlimited. If you PC it you won’t get the sign up bonus, that’s correct.

    • Jenny says:

      Suggestion: Apply for a Chase Freedom. Get the signup bonus. THEN product change the Slate to the Freedom. Now you have two Freedoms. This might come in handy if there is a quarterly category that you can easily max out on just one card.

  3. Darv says:

    I used a Slate a couple years ago to help with cash flow during a home improvement project. Tied up $10k for 14 months, 0% interest and no fee.

    It hurt utilization but I had not ramped up my churning nearly as much as I have in the past 18 months, so didn’t affect approvals when I used it. But it almost certainly would now if you’re trying to maximize churning opportunities. That’s probably the biggest downside I see for people reading this blog.

    Otherwise a free float for 15 months is nice if like you say, is done responsibly.

  4. D says:

    A few DPs:

    – opened first slate in 2014. PC to freedom after 15 months in 2015. successfully opened second slate in 2017 with same 0% APR for 15 months.

    – way past 5/24 in 2017, but had slate as an offer on my account while opening chase checking (for bonus). successful in bypassing 5/24.

    – was able to transfer credit limits from 3 freedom cards to the second slate in 2017 to get over $25k limit as detailed in this post (I believe I was around $26.6k total limit), however about 6 months in chase reduced limit on second slate to 23k (just above current balance on the card) due to high credit utilization

  5. penngem says:

    Thanks. I’ve been meaning to have a family member do this to help out with interest charges so this is very timely for me. Two quick questions:

    (1) Why does the number of days for transfer really matter? As long as your debt you want to pay off is below your credit limit given from the bank, wouldn’t you just transfer all of it on Day 1?

    (2) What happens if you don’t pay off in full by the end of 15 months? (sorry if I missed this point)

    • Darv says:

      You might want to transfer balances from multiple cards and need to do that over a period of the 60 days. At the time my Dad was using his Home Depot credit card to buy things, we were in a time crunch so which card things went on wasn’t a priority, but I ended up sending $3,000 to his Home Depot card. That was a way to manage cash flow. I think I did about three transfers at different points in the 60 days.

      As for #2, I don’t know but you probably have to pay interest on the full balance and my guess is it’s retroactive to when the balances were transferred.

  6. sunny says:

    used to have this card but then i product changed it to freedom which earns me cash back instead of nothing

  7. David says:

    I don’t even see links to sign up for Barclaycard Ring. Got any info on this?

  8. CM says:

    Useless card. Any true churner can easily transfer balances whilst earning 1.5% rewards onto Freedom Unlimited, which has the same 0% APR for 15 months as this card, but actually offers a decent bonus as well.

    MS’ing with VGC generally has a cost of 1%, so, for, say, 10k at 0.5%, you get a net write-off of 150 (MSR 500) + 25 (AU) + ~50 (net 0.5% on 10k), or, if you got the 300 offer, then even higher.

    • Ryan says:

      The Freedom Unlimited has a 5% balance transfer fee and the Slate does not. That 5% can easily negate the bonus if you’re transferring more than $3k.

      • Aahz says:

        CM isn’t talking about actually doing a Balance Transfer, they’re talking about using Manufactured Spend to simulate a BT.

        You buy VGCs with a new FU and use them (via MO) to payy off your existing card with a balance, letting the new balance on the FU float at 0% for first 15 months.

  9. Aahz says:

    Master list needs some serious updating.

    Barclaycard Ring has been closed to new apps for the last couple of months.

    Only other major $0/0% BT is Bankamericard 15mos/60days.

  10. JASON says:

    The only thing I can think of to take advantage of this card is to MS the CL to a high rewards checking account such as Northpointe. Using highest reported CL $25K as example: interest= (25K x 5%)/12 x 15= $1562.50 but taxable.

  11. William Hall says:

    If one has non-Chase CCs, with those CCs possessing 0.0% APRs expiring within the 60-day-window for this Slate Card’s NO TRANSFER FEE, would it be prudent to apply for this card, especially without knowing a priori what one’s Credit-Limit is likely to be?

    If anyone might think of additional matters one need’s consider before one submits an Application, might they post to this thread, please?

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