Chase Slate Edge℠ review: The no-frills card for balance transfers
The Chase Slate Edge offers an extended introductory period on purchases and balance transfers, making it ideal for consolidating debt. While it lacks rewards, it provides opportunities to lower your ongoing APR and increase your credit limit over time.
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Javier Ortega-Araiza is a writer, storyteller, serial entrepreneur and investor. He co-founded a seven figures company in the educational travel sector, connecting students and professionals in finance and tech ecosystems like Silicon Valley, London, and New York. He also has experience in equity research and in the family office sector.
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Gabriela Walsh is a Certified Educator in Personal Finance® and a personal finance editor at Bankrate. Her previous work experience includes various editorial positions at FinanceBuzz. She combines her understanding of language and literature with her commitment to delivering content that empowers others to build healthy money management skills.
Updated September 5, 2024, 9:07 AM EDT
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The Chase Slate Edge℠ offers a break from interest payments for those looking to pay down credit card debt. With its lengthy introductory annual percentage rate (APR) on purchases and balance transfers, this card provides time to consolidate your debt and get your finances back on track.
The card offers the chance to lower your ongoing APR and boost your credit limit over time. These features, along with no annual fee, are the card’s main attractions. However, the Chase Slate Edge lacks a welcome offer or rewards-earning potential, focusing more on debt relief than rewards.
Fox Money rating: 7.8/10
The Chase Slate Edge is a decent choice if you need an extended interest-free introductory period. Even then, other cards in the market might give you the same plus some cash back to sweeten the deal.
How the Chase Slate Edge works
The Chase Slate Edge offers one of the longest intro periods in the market, aiming to help you regain financial stability. Beyond the introductory offer, responsible use unlocks some of its main benefits.
For example, once you spend at least $1,000 on the card and make on-time payments, you will automatically be considered for a 2% reduction for your ongoing APR. You’ll also get an automatic one-time review for a higher credit limit if you spend $500 in your first six months with the card and make timely payments.
Pros
- Lengthy introductory offer
- No annual fee
- Access to credit-building tools from Chase Credit Journey
- Possibility of lowering your ongoing APR
Cons
- No rewards
- No welcome offer
- Has a balance transfer fee
- Only those with good to excellent credit are encouraged to apply
Chase Slate Edge rewards
One of the Chase Slate Edge's main downsides is that it does not offer a rewards program. If you’re looking for cash back or travel rewards, this is not the card for you. Even more surprising is that only those with good to excellent credit are encouraged to apply for this card.
If your credit score is within that range, you might find other cards, such as the Citi Double Cash® Card, that not only offer competitive introductory APR offers but also provide cash back and rewards for your spending.
Chase Slate Edge benefits
Introductory APR offer
The main benefit of the Chase Slate Edge is its 18-month intro 0% APR offer on purchases and balance transfers. Afterward, a variable 20.49%–29.24% ongoing APR applies. This is ideal if you want to consolidate debt from various credit cards and boost the speed at which you pay them off since you won’t pay interest during the introductory period.
Depending on your needs, other cards in the market have even longer intro APR periods. For example, the Wells Fargo Reflect® Visa Credit Card has a 21-month intro 0% APR period for purchases and balance transfers, followed by an ongoing variable APR of 18.24%, 24.74%, or 29.99%. (See rates and fees)
That said, there is a balance transfer fee to consider. If you make your balance transfer within 60 days of account opening, you will pay either $5 or 3% of the transfer amount, whichever is greater. After that, it will be $5 or 5%, and the same rule applies.
It’s important to factor balance transfer fees into your debt repayment strategy, as they can significantly impact the cost of transferring your balance. While the lower rate in the first 60 days is a nice perk, balance transfer fees can add up quickly for large transfers.
For example, transferring a $10,000 balance would mean a $300 balance transfer fee. Always calculate whether the money saved on interest during the intro APR period outweighs the balance transfer cost.
Additional perks
The Chase Slate Edge has additional perks, most of which revolve around building a better credit score and paying debt off faster.
As a cardholder, you can access Chase Credit Journey, a tool that helps you monitor your credit and see your progress. As we mentioned earlier, you can potentially lower your APR and raise your credit limit as you demonstrate your creditworthiness with on-time payments.
If you spend $500 on the card in your first six months and similarly make timely payments, you will automatically be reviewed for a higher credit limit.
Other built-in benefits include purchase, extended warranty, zero liability protections, an auto rental collision damage waiver, roadside dispatch support, and enhanced security through 24/7 fraud monitoring.
Chase Slate Edge fees & charges
Annual fee
The Chase Slate Edge has no annual fee. This is a common feature of balance transfer cards, making it easier to carry, especially if you cannot access other options that help you earn rewards.
Interest rates
Once the intro APR period ends, you will be subject to the card’s regular APR. This ranges from 20.49% and 29.24%, depending on your creditworthiness, and will vary based on the prime rate. It applies to both purchases and balance transfers. (See rates and fees)
The APR will only apply if you carry a balance, which is why we recommend that you always make your monthly payment in full — over time, it will help you save a considerable amount of money on interest payments.
Also, it’s wise to avoid relying on cash advances whenever possible since the interest rate increases to 29.99%. Although this cash advance rate is for balance transfer cards, the card’s starting APR is higher than many similar credit cards offer.
Other fees
If you are considering applying for the Chase Slate Edge, be aware of these additional fees:
- Foreign transaction fee: The card charges a 3% fee on international purchases, which may deter frequent travelers.
- Late payment fee: Missing a payment can result in a fee of up to $40.
To avoid late fees, consider setting up automatic payments if your bank offers a Bill Pay feature or make payments a few days before the due date. These precautions can help you avoid unnecessary costs so you get the most benefit from the card’s features without additional expenses.
How the Chase Slate Edge compares
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Who should consider the Chase Slate Edge?
Given its long intro APR period on purchases and balance transfers, the Chase Slate Edge would benefit those looking to pay down debt while taking a break from hefty interest payments.
The comparison chart above highlights how alternatives to the Chase Slate Edge offer different features that you may find more appealing. Before selecting a card, it’s important to identify your financial goals and what you need from a credit card.
Who should look for a different card?
If you only need a break in interest payments for balance transfers, the Citi Double Cash card offers that while also allowing you to earn cash back. If a longer intro APR offer is your main priority, consider the Wells Fargo Reflect Card.
The Discover it Cash Back card is a good alternative if you can handle a shorter intro APR period and want to earn rewards. It has a long intro APR period for purchases and balance transfers and offers 5% cash back on up to $1,500 worth of purchases in quarterly rotating categories.
You will also earn 1% cash back on all other purchases. The best part? At the end of your first year, Discover will match, dollar-for-dollar, all the cash back you earned. This means that if you earned $200, you will earn another $200 from Discover as a cash back match, for a total of $400.
How we rated this card
Every card review we publish undergoes a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.
Here are some of the factors that influenced this card’s overall score:
- Intro APR offer: The Chase Slate Edge offers a solid intro APR period on purchases and balance transfers, which is comparable to similar cards. However, it falls short of some competitors, which offer longer intro periods.
- Benefits: The card provides standard benefits for its category, including access to Chase Credit Journey for credit building and the potential for Chase Pay Over Time benefits on eligible purchases.
- Regular APR: The ongoing APR is higher than comparable cards. This higher rate somewhat reduces its appeal for long-term use.
- Annual fee: The Chase Slate Edge has no annual fee, which is a significant advantage, especially for those focused on debt repayment.
- Balance transfer fee: If you make your balance transfer within 60 days of account opening, you'll pay either $5 or 3% of the transfer amount, whichever is greater. After that, it increases to 5%. This initial lower fee is competitive, though not exceptional.
- Rewards: This card has no rewards program, which limits its long-term value. However, this is typical for cards primarily designed for balance transfers and debt consolidation.
The bottom line
The Chase Slate Edge can be a solid choice if your primary goal is to pay down debt faster. You can take advantage of the intro APR period to consolidate balances from other cards. Just be sure to make on-time payments and pay down your balance as quickly as possible to maximize the benefits, such as a potentially higher credit limit and lower ongoing APR.
However, if earning rewards is a priority, there are better options. Make sure you identify your financial goals and choose the credit card that helps you get there.
Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.