Chase Slate vs. Chase Freedom Flex

As one of the top rotating category cash back cards on the market, the Freedom Flex is the easy welcome bonus winner. New cardholders can earn $200 cash back after spending just $500 in the first three months.

The Slate Edge doesn’t offer a welcome bonus. But cardholders will be automatically reviewed for a credit limit increase if you pay on time and spend $500 in the first six months.

Keep in mind that the Freedom Flex accrues that cash back in the form of Chase Ultimate Rewards points. So the welcome bonus can be viewed as either $200 cash back or 20,000 Ultimate Rewards points.

The Freedom Flex is the only option here if rewards are your main goal, as the Slate Edge doesn’t offer rewards.

And the Flex’s rewards aren’t too shabby.

You can earn 5 percent cash back on up to $1,500 spent in categories that rotate each quarter, then 1 percent. Activation is required for the rotating categories. Cardholders can also earn 5 percent back on Chase Travel purchases, 3 percent back on dining and at drugstores and 1 percent back on other purchases.

Freedom Flex’s cash back calendar typically includes popular categories like grocery stores and online shopping. Other categories like streaming services can make it tough to spend $1,500 and get the full rewards value. Even so, Freedom Flex can be a great all-purpose rewards card to have in your wallet.

Not only does the 5 percent cash back rate on Chase Travel℠ rival some of the best travel credit cards, but the Freedom Flex also pairs well with premium Chase cards like the Chase Sapphire Reserve®. That’s because your Ultimate Rewards are worth 50 percent more when you combine points with the travel card and book through Chase Travel or with transfer partners.

These are both no-annual-fee credit cards, which makes this category a tie.

But if you want to wring more value out of your Freedom Flex’s rewards, you’ll want to combine your rewards under a Chase premium card such as the Chase Sapphire Preferred Card®, which does carry a $95 annual fee. Similarly, the Chase Sapphire Preferred® Card lets you get 25 percent more when redeeming points for travel, as well as the ability to transfer your rewards to hotel and airline loyalty programs.

Perhaps we should call both cards losers in this category. Both the Slate Edge and Freedom Flex charge foreign transaction fees. So it’s best to also have a card with no foreign transaction fees when you travel abroad or shop online in a foreign currency.

If you need to hit pause on interest charges while paying off credit card debt, the Slate Edge is the best choice. It comes with a 0 percent intro APR for 18 months on both purchases and balance transfers — one of the longest balance transfer offers on the market. Then, the APR bumps to between 20.49 percent and 29.24 percent.

However, it also offers a unique APR reduction opportunity. If you pay your bill on time and spend at least $1,000 on your card by your first account anniversary, Chase will automatically reduce your ongoing APR by 2 percent. Ideally, you’ll be able to pay off your balance in full before the regular APR kicks in, but any option to reduce that ongoing APR could come in handy down the road.

Like many balance transfer cards, the Slate Edge charges a 3 percent or $5, whichever is greater, balance transfer fee within the first 60 days. After that, there’s a 5 percent or $5 fee on each transfer, whichever is greater.

You’ll want to have a plan to pay off the balance you transfer within the 18-month introductory period, because once the interest kicks in, it becomes like any other card balance. Bankrate’s balance transfer calculator can show you how long it will take to pay off your debt based on your monthly payment.

The Freedom Flex offers a 0 percent intro APR for only 15 months before a 20.49 percent to 29.24 percent variable APR applies. Still, if you want to continue using the card and earning rewards after the balance is paid off, you might opt for this cash back card.

Both of these cards can help you chip away at a large expense, like a home repair, rather than spend a lot of cash upfront. Since both cards have a similar intro offer on new purchases, you should choose one based on your other priorities.

If you can make a shorter intro period work, the Freedom Flex not only allows you to finance your purchases for the first 15 months with no interest, but it also allows you to earn rewards on those purchases. You may even be able to time your purchases with one of the card’s rotating categories to earn 5 percent back on the first $1,500 you spend when you activate (and 1 percent on anything above that).

The card also comes with perks like purchase protection and extended warranty coverage, which can give you peace of mind.

But if you need more time to finance new purchases, the Chase Slate Edge gives you a few extra months. Just keep in mind that you won’t earn rewards.

When applying for either of the cards through Bankrate, 34.3 percent of Bankrate users were approved for the Freedom Flex, compared to 28 percent who were approved for the Slate Edge.

It’s worth noting that, because of the Slate Edge’s long intro offer, the card might receive more applications. It also might attract more debt-carrying applicants, whose credit scores may reduce their chances of being approved.