The Chase Slate® is NerdWallet’s favorite credit card for consolidating and paying off high-interest credit card debt. But some readers of our consumer-finance website still have questions about how the card works and how they can take advantage of its features. Here are the top five questions the Nerds have received about the Chase Slate®.
Q: I’m looking into getting the Chase Slate® to pay off my credit card debt. If I don’t pay it all off within the introductory period, do they tack on the APR that was previously waived?
Some in-store promotional financing deals and even credit cards offer what’s called deferred interest. What this means is that you have a certain period of time to pay off the balance interest-free, but if you don’t, you’ll also owe all the interest you would have incurred during the promotional period.
The Chase Slate® doesn’t play this game. It offers an introductory APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 16.24% - 24.99% Variable APR. If you haven’t paid off a balance transfer before that period is up, you’ll be charged interest only on the remaining balance going forward. Other credit cards may use a deferred interest plan, however, so make sure to read the fine print before applying. In all situations, the Nerds recommend paying off the balance in full before the 0% period ends to avoid interest altogether.
Q: I just spoke to a Chase representative on the phone who told me that after 60 days there is a fee of 5% or $5 for balance transfers. Why should I choose the Chase Slate®? Everyone charges a balance transfer fee. Have I misunderstood?
What makes the Chase Slate® so impressive is that it gives cardholders a long introductory 0% APR period and no balance transfer fee for 60 days. As far as the Nerds can tell, no other card on the market offers this combination. Once you pass the 60-day mark, however, there is a balance transfer fee of 5% or $5, whichever is greater.
After you have taken advantage of the introductory $0 balance transfer fee to pay off your debt, the Nerds recommend doing what’s necessary to avoid racking up more.
Q: Is there a limit on how often I can transfer a balance, or how much I can transfer?
You can transfer a balance to your Chase Slate® up to six times a day, according to a Chase representative. And as long as it’s within the first 60 days, there’s no balance transfer fee. According to the Chase Slate® terms and conditions, “the total amount of your request(s) including fees and interest charges cannot exceed your available credit or $15,000, whichever is lower.”
Q: How do I access my free FICO score that the Chase Slate® offers?
In early 2015, Chase announced that it would provide a free FICO score for Chase Slate® cardholders. Although the issuer originally offered this benefit for new cardholders, the Nerds confirmed with a Chase representative that the issuer is also planning on rolling out the benefit for existing cardholders. If available, you can access your free FICO score through your online account.
Q: If I transfer a balance from the Chase Sapphire Preferred® Card to the Chase Slate®, will I still get the rewards associated with the purchases made on the Chase Sapphire Preferred® Card?
Unfortunately, the Chase Slate® doesn’t allow balance transfers from other Chase credit cards. If you do need to transfer a balance, the Nerds recommend checking out other top balance transfer and 0% cards.
If you transfer a balance from a credit card you have with another issuer, you will typically keep the rewards you earned on your purchases. It may still be a good idea, however, to contact the credit card company to make sure.
The Chase Slate® is straightforward in what it offers customers and how it works. If you have any other questions, you can check out our full review of the Chase Slate®.
Image via iStock.