The bottom line:
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.
Pros & Cons
Intro APR period
No annual fee
New cardholder bonus offer
Requires good/excellent credit
Has balance transfer fee
Alternate Pick: Earn ongoing rewards
Discover it® Cash Back
This $0-annual-fee card features a 0% intro APR for 14 months on purchases and balance transfers. Plus, cardholders can earn 5% cash back on up to $1,500 in combined quarterly spending in rotating bonus categories (all other purchases earn 1% back).
Compare to Other Cards
14.99%-23.74% Variable APR
13.74%-23.74% Variable APR
14.49%-24.49% Variable APR
0% intro APR for 18 months on purchases and balance transfers
0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases
0% intro APR for 20 billing cycles on purchases and balance transfers
Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
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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.
Chase Slate Edge℠: Basics
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 14.99%-23.74% 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.
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.
Benefits of the Chase Slate Edge℠
Lengthy 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 14.99%-23.74% 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).
You’ll be rewarded 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 alternatives to consider
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 for 15 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 14.99%-24.99% 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 $1,000 in purchases in the first 3 months.
Another option: The Discover it® Balance Transfer. 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 11.99%-22.99% Variable APR. You also earn 5% cash back in quarterly categories you activate, on up to $1,500 per quarter in spending, and 1% cash back on all other purchases. And it qualifies for Discover's unique bonus, which the issuer describes this way: "INTRO OFFER: Unlimited Cashback Match – 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. You could turn $150 cash back into $300."
If these cards don't quite fit the bill, see how they stack up against the best rated credit cards.
Should you get the Chase Slate Edge℠?
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.
on Chase's website
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