Ok, let’s picture this…you’re in a stable profession/occupation, taking home a handsome 4/5 figure amount each month; your credit score is also well over 720, making you a darling of the lending companies. But, somehow you managed to dig a hole for yourself during the last holiday season. How? You bought $12k worth of gifts using your credit card. That’s a significant amount of credit card debt! What made matters worse is that the card you used to buy those $12k worth of gifts with, was a very high APR card.
Now if you don’t act fast enough, this debt may soon start eating big chunks from your monthly disposable income, and then quietly find its way into your savings. No-brainer that your credit score may take a hit too!
So, what do you do?
Keep paying your monthly dues in full and on time? Yes, that’d be great if you can afford that!
Dig into your savings/investments to pay back the amount in full? Yes, that’s an option too…but can prove to be an expensive one.
Look for a good balance transfer card and transfer your entire balance to it, buying yourself ample time to pay back the debt? This sounds like the most reasonable alternative. And this is where the Chase Slate Credit Card comes into the equation!
It’s alright to feel slightly skeptical about the Chase Slate at the first glance as it doesn’t earn you any reward points and comes with no sign-up bonus. However, its unique combination of features has everything to get even the seasoned debtors out of the red and back into the black over a period of time.
Chase Slate has one major USP: It helps its users in getting rid of their credit card debt in the easiest way possible. And it delivers on that promise very well. It comes with a 0% Intro APR on balance transfers and purchases for 15 months, giving you ample time to tide over your circumstances and take a good shot at your liabilities. What more, there’s no balance transfer fee if you get the transfer done within 60 days of opening the account! Let’s look at some pros which separate Chase Slate from the crowd.
0% Intro APR promotion – Chase Slate gives you a good 15 months’ time to shoot down your credit card debt. You’re not required to pay any APR on balance transfers and purchases during these first 15 months. You’ll be charged an ongoing variable APR of 13.24%, 18.24% or 23.24% thereafter, depending on the prevailing interest rates and your credit worthiness.
No balance transfer fee – The balance transfer option allows you to move expensive debt from any credit card to a newer, different one, at a lower interest rate. However, majority of credit cards charge a balance transfer fee of 3% to 5% for this facility. Not the Chase Slate! You don’t need to pay any balance transfer fee if you choose to move your high-interest debt from another credit card to Chase Slate within the first 60 days of account opening. However, please keep in mind that the other credit card should not be from Chase. If, for some reason, you’re late in availing this balance transfer option, and want it after the passage of initial 60 days fee-free period, you’ll need to pay a fee of $5 or 3% of the balance transferred, whichever is higher.
No Penalty APR – Chase understands that life can get busy sometimes! Unlike as in case of other credit cards, you’ll not be charged any penalty APR (raised APR) if you’re late in making your monthly payment for some reason. However, please note that other account related terms and conditions will still apply.
Chase’s Blueprint Program – When you buy a Chase Slate card, you get automatically enrolled into their Blueprint payment program. This is a unique program available at no additional cost, only to holders of different Chase credit cards. It allows you to effectively manage your account payments for accomplishment of different financial goals. Using this program, you can avoid interest on certain types of expenses, while continuing paying it on others, as per your convenience. For instance, the program’s Full Pay plan saves you from interest charges on day-to-day purchases like gas, groceries, prescriptions etc. You decide the categories you’d like to pay in full every month.
Free FICO scores – Your Chase Slate card gives you free-of-cost access to your FICO score derived from Experian data. You also get to use the Chase Slate online credit dashboard and get to know the reasons behind your credit score, view your credit report and learn different ways of managing your credit health.
No annual fee – Not only does the Chase Slate card saves you a lot of money on the balance transfer fees and interest payments, it drives the deal home by not charging you any annual fee at all!
Fee on foreign transactions – There’s a 3% fee charged on all transactions processed outside of the US. This is a bummer for many frequent international travelers. Similar card products like Capitol One Quicksilver and Citi Simplicity don’t have any such foreign transaction fees.
No Rewards – The Chase Slate doesn’t offer any cashback, travel or other types of rewards. This is a huge drawback compared to other cards like Discover it chrome, Discover it and BBVA Compass Rewards, that have reasonable fees and APRs, yet offer excellent rewards.
Steep ATM fees – The ATM fees is also pretty steep in case of Chase Slate credit cards. You’re charged 5% of the amount withdrawn or $ 10, whichever is higher.
Need good credit score to qualify – You need to have a good credit score to qualify for the Chase Slate credit card. This is a big problem for people who’re already under credit card debt and are looking for effective ways of overcoming it.
No sign-up bonus – You don’t get any sign-up bonus when you buy the Chase Slate credit card.
It’s highly likely that you may find Chase Slate a little boring compared to other card products. Well, it actually is, in some ways! Nevertheless, you need to remember that it’s a no-frills and highly-useful credit card that comes with an excellent balance transfer promo, straightforward fee structure and attractive introductory offers. Simply put, it’s a no-nonsense WYSIWIG card that doesn’t bother with the rewards or value-added perks. What you see is what you get!