BEST CREDIT CARDSBEST CREDIT CARDSCHASE SLATE EDGE CARD REVIEW: 0% PERIOD MADE SWEETER

Chase Slate Edge Card Review: 0% Period Made Sweeter

The card features a lengthy 0% intro APR period, and cardholders have the opportunity to lower their ongoing interest rate and increase their credit limit.
Funto Omojola Author Avatar
Jun 19, 2024 10:13 a.m. PDT
Edited by
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The Bottom Line

4.8

NerdWallet rating

This is a solid option for financing a major purchase or paying down existing credit card debt without interest. If you're looking for rewards, though, this isn't your card.

Chase Slate Edge℠ Image
Chase Slate Edge℠
Annual Fee
$0
Rewards Rate
N/A
Intro Offer
N/A
Recommended credit score
Intro APR
0% intro APR for 18 months on purchases and balance transfers
Regular APR
20.49%-29.24% Variable APR
Recommended credit score
Chase Slate Edge℠ Image
Chase Slate Edge℠
Annual Fee
$0
Rewards Rate
N/A
Intro Offer
N/A
Recommended credit score
Intro APR
0% intro APR for 18 months on purchases and balance transfers
Regular APR
20.49%-29.24% Variable APR
Recommended credit score
  • Annual fee

    $0

  • Rewards rate

    N/A

  • Bonus offer

    None

  • Intro APR

    0% intro APR for 18 months on purchases and balance transfers

  • Ongoing APR

    APR: 20.49%-29.24% Variable APR

    Cash Advance APR: 29.99%, Variable

    Penalty APR: 29.99%, Variable

  • Balance transfer fee

    Either $5 or 5% of the amount of each balance transfer, whichever is greater.

  • Foreign transaction fee

    3% of each transaction in U.S. dollars

  • Start off strong with 0% Intro APR for 18 months from account opening on purchases and balance transfers. A variable APR of 20.49% - 29.24% on balance transfers and purchases after the introductory period ends.
  • Lower your interest rate by 2% each year. Automatically be considered for an APR reduction when you pay on time, and spend at least $1000 on your card by your next account anniversary.
  • Raise your credit limit. Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first six months.
  • All for no annual fee - You won't have to pay an annual fee for all the great features that come with your Slate Edge℠ card
  • Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more
  • Member FDIC

Pros and Cons

Pros

Intro APR period

No annual fee

New cardholder bonus offer

Cons

Requires good/excellent credit

Has balance transfer fee

No rewards

Detailed Review

Although it was underwhelming when it first hit the market in mid-2021, the $0-annual-fee Chase Slate Edge℠ has undergone a revamp that makes it one of the better balance-transfer cards available.

The Chase Slate Edge℠ also provides opportunities for cardholders to lower their ongoing interest rate as well as increase their credit limit. But the people who would perhaps stand the most to gain from those features — those working to build their credit — might not qualify for card. Potential applicants will need good to excellent credit (a FICO score of 690 to 850) to qualify.

🤓Nerdy Tip

The Chase Slate Edge℠ is different from the original Chase Slate®, which closed to new applicants in 2020. The original Slate was one of the rare balance transfer cards you could qualify for with fair credit (a FICO score of 630 to 689). Plus, it was a “triple-zero” card: It offered a promotional $0 balance transfer fee, a $0 annual fee and a lengthy 0% intro APR period. The Chase Slate Edge℠, meanwhile, has a balance transfer fee and requires good to excellent credit.

Chase Slate Edge℠: Basics

Card type: Balance transfer and 0% APR.

Annual fee: $0.

Sign-up bonus: None.

Ongoing rewards: None.

APR: 0% intro APR for 18 months on purchases and balance transfers, and then the ongoing APR of 20.49%-29.24% Variable APR.

Foreign transaction fee: 3%.

Balance transfer fee: 3% for the first 60 days of account holding, then $5 or 5% of the amount of each balance transfer, whichever is greater.

Other benefits:

  • Automatic consideration for a 2% APR reduction when you spend $1,000 by your next account anniversary and make timely payments.

  • One time automatic review for a higher credit line increase when you spend $500 in the first six months of account holding and make timely payments.

  • Access to Chase’s digital credit tools Credit Journey, a free tool for tracking your credit score and monitoring your identity, and My Chase Plan.

Compare to Other Cards

ANNUAL FEE
$0
INTRO APR
0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases
REGULAR APR
18.24%-28.99% Variable APR
RECOMMENDED CREDIT SCORE
ANNUAL FEE
$0
INTRO APR
0% intro APR for 18 billing cycles on purchases and balance transfers
REGULAR APR
18.74%-29.74% Variable APR
RECOMMENDED CREDIT SCORE
ANNUAL FEE
$0
INTRO APR
0% intro APR on purchases and Balance Transfers for 15 months
REGULAR APR
20.49%-29.24% Variable APR
RECOMMENDED CREDIT SCORE
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Benefits and Perks

A long 0% intro APR period

When it first launched, the Chase Slate Edge℠ offered a 12-month introductory 0% APR period, which was fairly weak at a time when other cards regularly offered 15 to 18 months. In January 2022, Chase extended the intro period. Cardholders now get a 0% intro APR for 18 months on purchases and balance transfers, and then the ongoing APR of 20.49%-29.24% Variable APR.

There's a balance transfer fee that starts out at 3%, which is on the lower end of the typical range of transfer fees, then later rises to 5% (minimum $5).

Incentives for good credit card habits

Cardholders will automatically be considered for a 2% APR reduction each year (until it reaches the Prime Rate plus 9.74%) when they make their card payments on time and spend at least $1,000 by their account anniversary. While the card’s interest-free period can buy you some time as you pay down credit card debt, once that period ends, you’ll be charged the card’s ongoing interest rate — which will apply to new purchases and balance transfers that you don’t pay off, as well as to any unpaid balance left over from the introductory period. To this end, a 2% yearly APR reduction can go a long way in saving you money if you end up carrying a balance after the card’s promotional period. Plus, it can be a great tool for those whose credit scores aren't high enough to qualify for a lower APR.

Additionally, making timely payments with the card can potentially help to improve your credit score. Customers who spend $500 in the first six months of holding the card are automatically eligible for an automatic, one-time review for a credit line increase. A higher credit limit can potentially help to lower your credit utilization and in turn, positively impact your credit score by giving you more wiggle room with how much of your credit line you can spend.

Drawbacks and Considerations

No rewards

The card’s 0%-intro APR offer can help you save money in interest. But beyond this promotional period, the Chase Slate Edge℠ doesn’t offer much long-term benefit. There are no rewards, and the $100 bonus you once were able to earn with the card has been removed.

If your priority is paying off debt as cheaply as possible, a lack of rewards might not be a deal-breaker. However, there are 0% APR cards that offer benefits and rewards that incentivize cardholders to keep them after their interest-free window closes.

The Wells Fargo Active Cash® Card, for example, gives you a 0% intro APR on Purchases for 15 months and 0% intro APR on Balance Transfers 15 months from account opening on qualifying balance transfers, and then the ongoing APR of 20.24%, 25.24%, or 29.99% Variable APR. And it offers high ongoing rewards: Cardholders can earn an unlimited 2% cash back on all purchases. It has a nice bonus offer, too: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

Another option: The Discover it® Chrome. It has a 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 18.24%-28.24% Variable APR. You also earn 2% cash back at restaurants and gas stations, on up to $1,000 in purchases each quarter; other purchases earn 1%. And it qualifies for Discover's unique bonus, which the issuer describes this way: "INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.

If these cards don't quite fit the bill, see how they stack up against the best rated credit cards.

How To Decide If It's Right For You

The Chase Slate Edge℠ is a solid option for financing a major purchase or paying down existing credit card debt without interest. Just keep in mind that its usefulness doesn't go much farther than that.

Alternate Pick: Earn ongoing rewards
Interest-free period

This no-annual-fee card features a strong intro APR offer on balance transfers. Plus, cardholders can earn 2% cash back at restaurants and gas stations, on up to $1,000 in purchases each quarter; other purchases earn 1%.


Methodology

NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.

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