With the U.S. transition to EMV credit cards underway, many issuers are starting to embed smart chips in their plastic. One of our favorite balance transfer credit cards, the Chase Slate®, recently got a flashy new chip.
Ready to learn more, including some of the features the card has to offer? Let’s dig in.
The Chase Slate® now comes EMV chip-enabled
Beginning in November 2014, the Chase Slate® will be issued to customers with an EMV chip. It’s one of several credit cards from Chase that now offer chip-and-signature capability. The purpose of the chip is to allow for more secure credit card transactions; this technology is already widely used in other parts of the world.
It’s important to remember that you won’t be able to use the chip-and-signature function with your Chase Slate® until U.S. merchants begin installing EMV-capable payment terminals. Some already have, but wide acceptance of chip cards isn’t expected until we get closer to the October 2015 EMV deadline.
Why we love the Chase Slate®
It’s great news that the Chase Slate® is now coming chip-enabled, but there’s so much more to love about the card. If you’re trying to pay off high-interest debt on another credit card, the Chase Slate® is one of the best balance transfer options on the market.
With it, you’ll get an APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 15.74% - 24.49% Variable APR. That’s over a year at 0% to make your balance disappear faster. But what’s more, the card also waives its balance transfer fee if you move your debt onto it within 60 days of opening your account. This is a very hard deal to come by and could save you big bucks if you’re transferring a large balance.
Also, the Chase Slate® charges an annual fee of $0.
Nerd note: If you decide to do a balance transfer, it’s critical that you make your payments on time. Missing one could cause your 0% deal to be canceled, which means you’d have to start paying interest on your balance right away.
Looking for rewards? Here two other chip-enabled cards to consider
The Chase Slate® is great if you’re planning to do a balance transfer, but it doesn’t offer any other type of rewards program. If you’re looking to rack up points or cash back, here are two other chip-enabled cards from Chase to consider:
To sweeten the pot a little bit, the card will also get you started with a signup bonus: Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening. Since it charges an annual fee of $0, it’s definitely a good one to keep around.
Chase Sapphire Preferred® Card
However, you can also transfer your points to participating frequent traveler programs at a 1:1 ratio. If you’re an experienced travel hacker, there’s the potential to get a lot of value out of each point.
When it comes to a signup bonus, the Chase Sapphire Preferred® Card offers a generous one: Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®. Finally, it charges an $0 for the first year, then $95. Happy swiping!
Information related to the Chase Slate® has been collected by NerdWallet and has not been reviewed or provided by the issuer of this card.
EMV credit card image via Shutterstock