Chase Slate Card: Is It Worth Having in Early 2020?
Chase Slate Credit Card
Hello everyone. Welcome back. Today, I am going to visit the next credit card in our series of Chase credit cards and that is the Chase Slate card. This is a credit card with no real benefits and no rewards as it is a balance transfer card only but there is quite a bit of utility in this card. However, is this card worth getting in early 2020? Well, let’s take a look at the card and see what you get.
The Chase Slate card is a balance transfer card in that it allows you to transfer a balance of another credit card over to this card or balances of say a personal loan or other type of loan as long as you have the credit limit on this card. You may be asking, “Well, what good does that do? You still have a balance and you will still pay interest.” Well, that is true and it isn’t at the same time. The purpose of a balance transfer card is to take advantage of a lower interest rate or in most cases these days, a 0% interest rate.
The Chase Slate card offers a low intro balance transfer. New cardholders can transfer with an introductory fee of $0 during the first 60 days of account opening. Future balance transfers will cost just 5% of the amount transferred with a minimum of $5. There is a 0% introductory annual percentage rate (APR) for the first 15 months of account opening on purchases and balance transfers. After the introductory APR, you can expect to pay 16.49%-25-24% variable APR. The Chase Slate card has a $0 annual fee. There is also a no penalty APR meaning that if you pay late, your interest rate will not increase. Also included with obtaining this card is a free credit score through Credit Journey; unlimited access to your credit score and more.
Why get a balance transfer card?
So, why would you get this card? Well, there are a few reasons to do so. First reason, and one of the biggest, most important reasons is to help grow credit. With this card, you can transfer a loan balance from a personal loan to the card and pay 0% interest. So, if you have a $2000 loan with a 15% interest rate, you would pay $496 in interest over a 3 year period. However, if you were to transfer that balance to this card, you would pay $0 interest over the first 15 months which would save you a little over $270. So, as you can see, it could greatly benefit you to transfer your loan balance over, even with a low interest rate already, because of the amount of interest you save. Other reasons to get this card is to transfer credit card balances you may have accrued recently. For example, if you had an emergency come up and didn’t have the funds to pay so you used your credit card to pay for it. Well, most credit cards have interest rates upwards of 16%-25% or more and that would be a large chunk of cash you would be shelling out in interest. But if you transfer that balance to this credit card, you will be able to avoid those crazy interest rates and pay off that emergency balance quite quickly.
Should you get this card in early 2020?
So, should you get this card today in early 2020? Really, it depends on your situation. First, as this card is from Chase, you have to deal with their 5/24 rule which basically means you can only attain 5 Chase credit cards in a 24 month period. There are other Chase cards that I would go after before this one such as the Chase Freedom, Chase Freedom Unlimited, and Chase Sapphire Preferred/Reserve cards. Even with those cards, you could transfer loan and credit card balances and pay 0% interest for 15 months but you will pay a small fee for the transfer. Still, you would want to avoid getting this card and taking away from your 5 you could obtain in 24 months as there are more benefits to taking those other cards instead of this one as you will get rewards, reward points, and cash back with those other cards.
Will I be getting this card in early 2020?
Would I get this card? Well, I think I would. Let me explain. First, I only have a desire to get 4 other Chase cards: (1) Chase Freedom, (2) Chase Freedom Unlimited, (3) Chase Ink Business Cash, and (4) Chase Sapphire Preferred. I currently have a credit card through USAA that has a balance on it and even though the interest rate is just over 10%, I would still like to save the $200 or so of interest in the long run by transferring the balance to this 0% interest rate card. This card offers great utility at this point and like I said, since I only have my eye on 4 other Chase cards, this would be perfect for me. However, if I do decide I’d like to go after one of the airline rewards cards or the hotel rewards cards offered by Chase, I would forgo this card and just transfer the balance over to the Chase Freedom card and go from there. Now, there are rumors that the Chase hotel cards and potentially airline cards do not count in the Chase 5/24 scenario, thought I cannot confirm the validity or truth in that rumor.
AskSebby: Best Way to Use Balance Transfer Cards
Conclusion and Final Thoughts
In closing, this is a simple card with value and utility to it. It is a good way to save some money on interest and increase your credit standing; the greatest benefit is indeed saving money on interest, in my opinion. By all means, get the card if you have no desire to get any other Chase card or only want maybe one or two other Chase cards. In the long run, you will be happy with that decision and your wallet and bank account will thank you. Thanks for stopping by. Leave me a comment below and don’t forget to vote in the poll. I hope to see you again next time when we take a look at the Chase Sapphire Preferred card.
*I have no vested interest in Chase bank or any Chase credit card. I am not paid or reimbursed in any way for this review and I receive no monetary benefits from Chase Bank or any referral bonuses from my readers if they sign up for this card*