Do you want to reduce your continuously increasing credit card interest? There is a credit card that you can use for this purpose. In this Chase Slate Edge Credit Card review, I’ll list all of its features, benefits, and requirements, so you can determine if it is the right credit card for you.
Chase introduced its Slate Edge credit card to help consumers consolidate their credit card debt. This card is also particularly aimed at those who want to have a break on the accumulation of interest in their credit cards.
Chase launched its Slate Edge card when the pandemic started. It was also the time when Chase stopped offering the Chase Slate credit card to consumers. So, the Slate Edge card is practically the replacement of the Chase Slate card. Its benefits are simple, but it is a good option for those looking for flexibility in spending.
Read on to learn more about the Chase Slate Edge credit card, its background, its benefits, its requirements, and its pros and cons.
About Chase Slate Edge Credit Card
The Chase Slate Edge credit card is the latest credit card from JPMorgan Chase & Co., the biggest bank in the United States in terms of total deposits. Chase introduced it when the pandemic started and when the company pulled out its Chase Slate card from the market.
This card comes with several unique features that distinguish it from other cards in its class. With this card, you can earn a limited-time bonus credit when you use it for your purchases. You can also lower your APR and be qualified for an increase in your credit line if you satisfy its on-time payment and minimum spending requirements.
The Chase Slate Edge credit card is also a better option for those looking to pay off their big purchases gradually and slowly. It is also ideal for consumers who do not need to make balance transfers. This card also offers an extended warranty and purchase protection.
Credit Card Features
Here are some of the features of this credit card that are worth mentioning at this point:
- There is no annual fee.
- You can lower your interest rate by 2% every year. When you make timely payments regularly, and use your credit card for a minimum of $1,000 in purchases on or before your first year anniversary, you will be considered automatically for an APR reduction.
- You will receive a $100 bonus on your account statement if you will spend $500 during your first six months from the opening of your account.
- For your purchases and balance transfers, you will enjoy a 0% intro APR during the first 12 months of your account opening. Thereafter, you will get a variable APR ranging from 14.99% to 23.74%.
- You will be able to increase your credit limit. If you will make timely payments and spend $500 in your first six months, you will be entitled for an automatic review to increase your credit limit.
For Consumers Who Want to Consolidate Their Credit Card Debt
JPMorgan Chase & Co. launched its Slate Edge credit card when it pulled out its Slate credit card from the market at the time when the pandemic started. The issuer claims that this latest card was targeted at consumers who want to consolidate their credit card debt.
Good Option for Those Who Want a Break from Credit Card Interest Rates
This card is also a good option for those who want a break from their credit card interest rates. The benefits offered by this card are simple. But for those who are after the flexibility in their credit card spending, it is something to consider.
Falls Short in Its APR Offering
However, some say that the Chase Slate Edge credit card falls short in its intro APR offering. To some consumers, the intro APR is what counts the most.
They say that although you can do the math and create a plan to pay off your credit card debt, the advantages of this card can’t make up for its limited long-term value and its short intro APR period. The cash bonuses and chances of reducing your ongoing APR can’t make up for this deficit.
Still, the Chase Slate Edge credit card is a good option for those after simplicity and reducing their accruing card interests. But this card is not for those who plan to use it for their regular purchases. Other credit cards are more practical for such purposes.
Benefits of Having the Chase Slate Edge Credit Card
The Chase Slate Edge credit card is not your ordinary credit card. It is specifically designed for those with certain financial considerations, such as those looking to combine their credit card debts, those who want to avoid accumulating credit card interests, and those with similar concerns. That said, here are the perks that you can get from this credit card:
1. Three Main Benefits
This credit card offers three main benefits:
You can combine all your credit card debt with this one card. So, you will be able to pay off your credit card debt using only this one credit card. That is advantageous because this Slate Edge card offers longer payment time periods.
Reduce Credit Card Interest
This credit card gives you the ability to reduce your APR over time. It is ideal for those who are forced to carry balances from month to month.
Improve Credit Score
If you always make your payments on time, this card will help you improve your credit score.
2. Automatic Increase in Credit Line
The Chase Slate Edge credit card has a clear-cut method of how you can increase your credit line. If you spend $500 during your first six months from account opening and your payments on time, you will be automatically qualified for a higher credit limit. It is also very likely that you can lower your credit utilization ratio in this way.
3. 0% Intro APR
With the Chase Slate Edge credit card, you will enjoy 0% APR on your purchases and balance transfers during the first 12 months of your account opening. There is, however, a 3% fee for every balance transfer.
4. Automatic 2% APR Reduction
If you spend at least $1,000 on or before your next account anniversary and always make payments on time, you will be automatically considered for a 2% reduction of your APR.
5. Limited Time Benefit of $100
You will receive a $100 bonus statement credit if you spend $500 during the first 3 months of your account opening.
6. Additional Benefits
Here are some of the added benefits of using the Chase Slate Edge credit card:
Your credit card purchases will be covered against theft or damage for a period of 120 days.
Access to Digital Credit Tools
You will be able to use the digital tools of Chase, such as My Chase Plan and Credit Journey. My Chase Plan is a buy now, pay later service, which allows you to divide the cost of an item and set installments to pay it over time. Credit Journey will help you track your credit score.
Auto Rental Collision Damage Waiver
If you choose not to get a car rental company’s collision insurance and charge the whole rental cost to your credit card, you will have coverage for collision damage and theft.
Zero Liability Protection
You will not be held liable for any purchases that you have not authorized.
Extended Warranty Protection
This card extends the manufacturer’s warranty by 1 year on all eligible products.
24/7 Customer Service
You are provided with round-the-clock customer service.
Again, what is a Chase Slate Edge Credit Card? Chase offers Slate Edge credit cards for those who want their credit card debt consolidated. It’s also good for those who want to get a break from piling up credit card interests.
Chase Slate Edge Credit Card Requirements
As with all credit cards, you have to satisfy certain requirements for your account application to be entertained by Chase. Their requirements are as follows:
- Good or Excellent Credit Score – your credit score should at least be 670. Your chances of approval will increase if it is greater than 670. Still, Chase does not guarantee your account approval.
- No annual fee required.
- Age of Majority – you must be of legal age (age of majority), and a citizen of your country of origin.
Chase Slate Edge Credit Card Interest Rates
Here, in summary, are the interest rates connected to the use of the Chase Slate Edge credit card:
- Intro Purchase APR – 0% during the first 12 months from account opening, applied on purchases
- Intro Balance Transfer APR – 0% during the first 12 months from account opening, applied on balance transfers
- Regular APR – 14.99% to 23.74% variable
Chase Slate Edge Credit Card Fees
There are certain fees that you need to pay when using this credit card:
- Balance Transfer Fee – either 3% of the amount of every transfer or $5, whichever is higher during your first 60 days. After 60 days, the fee increases to 5%, with $5 still being the minimum.
- Cash Advance Fee – either 5% of the amount of every transaction or $10, whichever is greater.
- Foreign Transaction Fee – 3% of every transaction made outside the U.S., in U.S. dollars.
- Annual Fee – zero annual fee
Chase Slate Edge Credit Card Pros and Cons
So that you can better determine if the Chase Slate Edge credit card is the right card for you, I am giving you its pros and cons:
- $100 introductory bonus
- Zero annual fee
- No interest on purchases during the first 12 months from account opening
- Zero interest on balance transfers during the first year from account opening
- Automatic reviews for a higher credit limit when payments are made on time, and when $500 is spent during the first six months from account opening.
- Can lower interest rate by 2% every year and be considered automatically for reduction of APR when payments are made on time and $1,000 is spent by the next account anniversary.
- There is no rewards program
- Balance transfer fees are higher
- Foreign transaction fees are higher
Conclusion: Chase Slate Edge Credit Card
Chase came out with its Chase Slate Edge Credit Card to help consumers looking for a break in their credit card interests. This card was also designed for those who would like to consolidate their credit card debts.
Chase launched this card when the pandemic started. It was also the time when they stopped offering the Chase Slate credit card to the market. The benefits of the Slate Edge card are simple. But it is a good option for those who want to spend flexibly.