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Chase Slate: 2 Ways to Manage Back-to-School Debt

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Chase Slate: 2 Ways to Manage Back-to-School Debt

The Chase Slate® is one of the best 0% APR cards on the market, making it a great choice for back-to-school shoppers who want to pay off their purchases with as little interest as possible.

While it’s always best to avoid going into debt, it may not be possible in every case. If you find yourself unable to cover all your back-to-school expenses, the Chase Slate® can help you get the debt paid off before interest kicks in.

Back-to-school options with Chase Slate®

1. Apply for it before going shopping

The Chase Slate® offers cardholders an introductory APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 15.99% - 24.74% Variable APR. Any purchase you make during that time carries the 0% APR until the introductory period is over. After that, the ongoing APR will apply to the remaining balance. Having extra time to pay off necessary expenses can help you maintain financial flexibility and prepare for the holiday shopping season without the fear of becoming overwhelmed.

2. Transfer your balance after you shop

If you’ve already incurred some credit card debt from back-to-school shopping or you have other existing credit card debt, the 0% introductory APR on Chase Slate® also applies to balance transfers. What’s more, if you transfer a balance from another credit card to your Chase Slate® within 60 days of opening the account, there’s no fee. For example, if you have a $1,000 balance on a card with an APR of 18%, you can save $124.17 in interest if you transfer the balance to the Chase Slate® and pay it off within 15 months. Click here to read our full review of the Chase Slate®.

Nerd note: After the initial 60-day period, the balance transfer fee is 5% of the transferred balance or $5, whichever is greater.

Smart back-to-school shopping

Having a long period to repay debt without interest is great — but there’s a chance it could subconsciously influence you to spend more. To avoid overspending, keep these tips in mind:

Create a budget: Whether you already keep a monthly budget or not, the Nerds recommend deciding how much you’ll spend on back-to-school shopping before you hit the stores. With a reasonable budget in mind, it will be easier to say no to superfluous purchases.

Take inventory of what you have: Before you start shopping, find out whether your children have clothing or supplies they can keep using. This will give you a better sense of what your kids need and what they don’t.

Take advantage of sales, but don’t overdo it: As the school year nears, retailers announce big back-to-school sales. While you should certainly take advantage of deals, avoid spending money for the sake of the discount. Instead, focus on what you need, and use discounts to get those things for less money.

Shop practically: Depending on the age of your children, they may outgrow new school clothes in a few months. Instead of paying a premium for name-brand clothes, look for inexpensive yet fashionable clothing so you can prepare for the next growth spurt.

What’s next?

Once you have your back-to-school shopping plan in place, consider whether you should apply for the Chase Slate® or one of the other top 0% credit cards to help you keep your debt in check.

Ben Luthi is a staff writer at NerdWallet, a personal finance website. Email: bluthi@nerdwallet.com. Twitter: @benluthi.


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