Are you looking for a credit card that gives you comparatively low interest rates and no balance transfer fee? The Slate Card from Chase is an offering from Chase Bank aimed at those who have a balance to pay on their present credit card. You may wonder how it makes that possible and we shall get to that in a bit. The Slate from Chase is a type of balance transfer credit card, which has no fee for balance transfer and zero interest for a few months; this allows you to become debt free within no time.
Those of you, who are aware of the conventional balance transfer cards which had no balance transfer fee, will also know that those are gone for good. Fee charges have swarmed in the banking industry with the Credit Card Reforms Act. A lot of other cards charge a balance transfer fee of 5% but, the Slate Card from Chase gives a balance transfer fee of just 3%.
The only drawback of this Slate Card from Chase may be that it has no rewards. It should be noted that it is designed solely for those who carry a balance and while reward cards offer a lot of perks, they also carry a higher APR.
Some features of the Slate Card from Chase are discussed below:
Easy to acquire
Since the Slate Card from Chase is targeted at those with a good credit score and not necessarily an excellent one, it is easy to acquire. This means that its credit card score requirements are not so stringent to be eligible to receive one. Any person with a good rating can apply since the Slate card has more relaxed requirements in comparison to other Chase cards.
No annual fee
There is no annual fee requirement, to be able to, make use of all its features, which seems like the best bit. But, there is a 3% foreign transaction fee.
0% APR on balance transfer
The introductory offer of 0% interest rate on balance transfers is quite attractive. After 15 months the APR still remains low in comparison to other cards and depending on your credit score will be either 12.99%, 17.99% or 22.99%. There is no balance transfer fee for the first 60 days of account opening. If you transfer balance after this period there is only a charge of 3% or $5, whichever is more. Consequently, on ATM withdrawals the fee is 3% or $10, whichever is more.
0% APR on purchases
On all purchases with your Slate Card from Chase the same ‘no introductory APR’ offer remains relevant while after 15 months the same variable APR rates become applicable. The only thing to take care about is to make your payments regularly to stay safe from a penalty APR of 29.99%. Penalty is applied if a late payment is made, credit limit is exceeded, payment remains unpaid or gets returned, and also if any situation applies to any other loan or account you have with Chase.
No penalty on unauthorized payments
For any unauthorized payments which have been made, you are not held responsible and will not have to pay.
Ensuring fraud prevention
To ensure safety and prevent credit card fraud, Chase monitors your activity 24/7 with its Patented Fraud Protection Service.
No fee for additional users
You can add authorized users to your Slate Card from Chase without any fee; this will make it easier for you to monitor expenses in one consolidated statement.
Chase automatic payments:
If you register in Chase automatic payments, your Slate Card from Chase payments will be made automatically every month, on time.
One other added feature of the Slate Card from Chase is that your bills like phone, gym, cable etc. are paid on time every month automatically, preventing you from any worry of late payments in case you forget.
Ease of managing card activity
Email, phone or text alerts let you manage your credit card activity with ease anytime. You are informed if your account reaches a certain dollar amount or if any payments are due or have been paid. This helps as a reminder in case you have a tendency to forget, while also acting as a record keep.
Another very useful feature that the Slate from Chase offers and makes you want to consider applying for the card, is the Chase blueprint. This blueprint keeps you on track in paying your interest payments. The feature is free to use on all Chase cards and is convenient in making you debt free, without letting you slack in making your payments. The four options that you can choose from are:
Full pay: With this option, if you pay in full on everyday purchases like groceries and gas you will have to pay no interest on them even if you already have a balance.
Split: This option lets you choose the best plan to make payments on big purchases and they will incur interest. You can choose to set your own monthly payment or number of payments and Chase will inform you in each statement so that you can efficiently meet your goals.
Finish it: This option lets you to pay off your current balance as soon as possible. You can pick your own date by which you want to pay the balance off. After that date, Chase makes a monthly payment plan and informs you about progress in each monthly statement.
Track it: This option lets you track your performance and evaluate how closer you are in reaching your goal. You do not have to wait for your monthly statement to view your spending. You can view it online using this option.
The Slate Card from Chase is the very basic in credit card offerings. It lets you breathe while you can pay off debt and make purchases without having expenditures or interest payments piled up on the other end. So, if you are looking to correct your past/present credit card mistakes and want a low introductory interest rate that will make paying debt off easier, this might just be the card for you. While the Slate Card has its benefits, the high foreign transaction fees and penalties which apply if you step out of line can be just the two disadvantages that it may have.