Chase have made a number of changes to their re-builder credit card, Chase Slate. They’ve changed the look of the card, added a free FICO score and change the introductory promotion
New Look
The biggest change is that this card now aligns vertically (previously it was horizontal). It’s likely this change was made to help fit the EMV chip (which has been available for awhile on the Chase Slate, view all other Chase cards which are EMV enabled here).
FICO Score & Credit Dashboard
Cardholders will also now be able to view their FICO score (Experian) for free as part of their credit dashboard. We’re currently unsure how often this score will update and what FICO scoring model is being used, but will update this post once we receive this information from Chase. Update: This is an Experian classic 2008 model (EX-08) and is updated monthly.
Chase have already stated that this free FICO score benefit will not be rolled out to other credit cards in their portfolio. This is quite disappointing as a number of other large credit card issuers currently do offer this on all (or most of their cards: Barclaycard, Citi, Discover, FNBO to name a few (American Express are currently doing a pilot program and Bank of America will add this benefit sometime in 2015).
Introductory Offer
The Chase Slate does not offer a sign up bonus like most other credit cards, instead you get an introductory APR of 0% for 15 months on purchases and balance transfers with no balance transfer fee for the first 60 days after account opening. Usually the balance transfer fee is not waived, so this is slightly better than normal.
Final Thoughts
I like the look of the new Chase Slate and I can see why they added a free FICO score (Chase Slate is targeted to those who are rebuilding their credit, they are the most likely to utilize this type of benefit) but I really wish that they’d consider adding this to all Chase credit cards (or at least all Chase branded cards such as the Chase Sapphire Preferred & Chase Freedom).
I don’t bother with introductory APRs as I think there is too much room for error, leaving you with a pile of interest fees and charges. That said, if they come with no balance transfer fee they can be extremely useful for those in credit card debt that are responsible enough to pay that debt down over the fifteen month term (racking up additional credit debt is always something I’m worried about when recommending these products to those with bad credit).
If you’re interested in this card, remember you can check for Chase pre-approval offers here (and a full list of pre-approval pages for all credit card issuers can be found here). What do you think of these new changes? Let me know in the comments section below.
View Comments (12)
Any ideas on what to do with a slate after you take advantage of the balance transfer offer and pay it all off?
PC to an ultimate-rewards-earning card.
Would you get these same benefits by downgrading a card like the Sapphire Preferred or are these updates only available on new credit line applications?
Yes, downgrading should work. Although you won't get the introductory APR of course.
Is the FICO dashboard yet to be rolled out? Or is this only for new Slate customers? Not seeing any mention of it in my account.
Being slowly rolled out, more on this later today.
I'm surprised you don't bother with these 0% APR with free balance transfer. Chase gives you a 15k free loan for 15 months. With that free loan, my wife and I had the opportunity to each open and fully fund the mango accounts, and also have an extra 5k available to meet minimum balances for checking account bonuses. That said, I view this hard pull to be worth close to $1,000 due to the opportunities it provides. Thoughts?
I'm not familiar with Mango, any idea where I can learn more on how to use this?
@Jordan, just look it up via Google. It is a savings account with a much higher than average APY. There are certain limitations though.
Looks interesting, and I may give it a run in a similar fashion to what the others are speaking towards.
Blasphemy! Why look it up on Google when you can read all about it here: https://www.doctorofcredit.com/mango-6-rewards-checking-account-20-bonus/
I'd also recommend checking out the union plus card: https://www.doctorofcredit.com/union-plus-prepaid-review-5-10-apy-20-bonus/
How do you do that?
Exactly my thought, Steve! Just earlier today I told my wife that I need to get one of those 0% intro APR cards in order to "make some money" with it...