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

Published on October 26th, 2017 | by William Charles

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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.

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 LimitHighest Reported Credit LimitAverage Credit Limit
$500.00$25,000.00$6,057.00

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



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HL
HL

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

J
J

By “done,” do you mean done after transferring balance or after 0% APR expires?

JASON
JASON

after 0% APR expires I guess

Danielle
Danielle

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?

Jenny
Jenny

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.

D
D

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

penngem
penngem

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)

sunny
sunny

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

David
David

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

CM

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
Ryan

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
Aahz

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.

Aahz
Aahz

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.

Matt
Matt

May I ask: Where do you see Bankamericard having a balance transfer offer with a 0% APR and a 0% transfer fee? I’m looking on the site now, but I only see a 0% APR with a 3% transfer fee ($10 minimum). Is the 0% transfer fee offer targeted? Or am I simply looking in the wrong bank product? Thank you.

Aahz
Aahz

Comment with links is currently awaiting moderation, but you’re probably looking at the wrong product. This one is simply called BankAmericard and is currently second from the top on their “View All Cards” tab.

It’s a step up from the Slate as it has a lower APR range, no penalty APR and after the intro only a 3% fee instead of Chase’s 5% fee.

Matt
Matt

Thank you for the links, Aahz.

JASON
JASON

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.

William Hall
William Hall

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?

N
N

Is it possible to reallocate some credit line from another existing Chase card to Chase Slate right after (or within 60 days of) opening Chase Slate?

Josh
Josh

Hello!

Does anyone know if this card has any ongoing offers? For example, I had a Citi card and they constantly offered me more balance transfer offers. Same with my Bank of America card. Does chase still send you emails and letters enticing you to stay with the card and offering you good deals on balance transfers? If anyone knows that would be awesome! Considering this to get out of debt but if it doesn’t have any ongoing offers then it doesn’t seem very useful. Thanks again!

Missjenniferd1
Missjenniferd1

Can anyone offer suggestions for me for my chase slate card? My 15 months at 0% is ending. Should i just go ahead and close the card? Any benefit to keeping it? I have plenty of other cards that i use regularly. I really dont see a need to keep it, unless anyone knows if they regularly send out bt offers at less than 3% fee with 0% apr. I almost cancelled my barclays card, and they sent me a 0% with 1% fee, and i was grateful i hadnt cancelled. Wondered if anyone knows if chase slate does this or if their discounted fee is 3% on their offers, being their regular fee is 5%. Im not gonna keep it if the best they can offer is 3% fee. In that case, can slate credit be reallocated to my freedom card? My slate has a $14,000 credit limit. I dont travel, so i wouldnt be interested in changing to those. I think the only interesting thing would be if i could change to a second freedom card so i would have 2 cards at 5% categories, but maybe they wont allow that? I know i can call chase for info, but reps are not as interested in what my best option might be. If it matters, i would prefer keeping it as is if they send out good bal xfer offers (0% with 1-2% fee). I like doing those and put thim in my 3.33%-4.5% bank accounts! 🙂

Orin
Orin

Does anyone know how long you have to wait to be able to be able to get a second Slate card? And is it that many months after closing/product changing or last Slate or opening of the card?

I know Sapphire has a 24 mo rule for that family but IDK about Slate.

Superman
Superman

I was going to have 2/24 next month, but decided to try my luck at 3/24. I have 2 other Chase cards opened 3 years ago, a recently opened Chase biz checking, and was approved for CFU just prior to Slate being denied for “too many accounts w/ us”. I’m not really interested in PC, so I didn’t ask.

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