Chase Slate Edge℠ review: Is its reduced APR feature worth it?
With unique features and perks, Chase’s balance transfer card could be a viable option if you need to reduce your credit card debt.
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Snapshot
4.3
Bottom line
The Chase Slate Edge card’s introductory APR offer competes well with several comparable low-interest and balance transfer credit cards, making it a strong choice for the right cardholder. For people with a debt payoff plan, the Chase Slate Edge card could be a viable option if your top priority is paying off debt without too many distractions.
Balance transfer intro APR
0% Intro APR on Balance Transfers for 18 months
Regular APR
20.49% - 29.24% Variable
Rewards rate
N/A
Annual fee
$0
Bankrate Score
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*The information about the Chase Slate Edge℠ has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Chase Slate Edge℠ Overview
Before Chase’s recent launch of the Chase Slate Edge, prospective cardholders looking for a Chase balance transfer credit card had to visit a branch in person to request the original Chase Slate. The legacy Slate card’s signature benefit was that it didn’t charge a balance transfer fee — a tradition its successor has left behind.
However, the more accessible Slate Edge carries the torch with several other unique features, including opportunities to get a credit line increase and an annual 2 percent APR reduction. The card also increased the length of its intro purchase and balance transfer APR, making it more comparable to other top-tier balance transfer cards. This latest renovation to the Slate Edge makes it a more valuable choice, but since it removed its previous welcome bonus, another of its previous incarnation’s unique selling points, whether it provides enough incentives to choose it over another transfer card is called into question.
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Rewards
- This card does not offer rewards, which isn’t uncommon for balance transfer cards.
Expert Appraisal: Typical
See our expert analysis -
Welcome offer
- When you pay on time and spend $500 in your first six months, you will be automatically reviewed for a higher credit limit.
Expert Appraisal: Unimpressive
See our expert analysis -
0% intro APR offer
- 0 percent on purchases for 18 months
- 0 percent on balance transfers for 18 months
- 20.49 percent to 29.24 percent variable variable ongoing APR
Expert Appraisal: Good
See our expert analysis -
Rates and fees
- No annual fee
- 3 percent foreign transaction fee
- 3 percent intro balance transfer fee ($5 or 3 percent of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening)
Expert Appraisal: Typical
See our expert analysis -
Other cardholder perks
- Chase Credit Journey
- Discounts with Chase Offers
- 2 percent annual APR reduction feature
- Pay over time feature with My Chase Plan®
- Auto rental collision damage waiver and roadside dispatch
- Basic purchase, extended warranty and zero liability protections
- Complimentary DoorDash and Instacart+ memberships (for a limited time)
Expert Appraisal: Good
See our expert analysis
Chase Slate Edge Card pros and cons
Pros
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The card does not carry an annual fee, so your focus can remain on paying down debt instead of fielding extra costs.
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You can reduce your APR by 2 percent each year when you pay on time and spend $1,000 with your card before your next account anniversary, a unique perk for a balance transfer card.
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You can get an automatic, one-time credit limit increase review by spending $500 within your first six months.
Cons
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The welcome offer encourages spending, which could detract from cardholders’ debt-payoff goals.
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It has a 3 percent foreign transaction fee, which could prove expensive for international travelers.
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It has a standard 3 percent intro balance transfer fee ($5 minimum), which increases to 5 percent after 60 days, making transferring a balance after the intro window much more expensive.
Why you might want the Chase Slate Edge Card
The Chase Slate Edge has a few features that make it a worthy choice compared to other balance transfer cards, such as its intro APR period, issuer-specific perks and complimentary delivery service memberships.
Intro APR offer: Long intro offer and impressive annual reduction feature
The card offers an intro APR period on both balance transfers and purchases, which is comparable to many other top-tier balance transfer cards. The offer increased from its previously low 12-month intro APR period, which not only gives it more value now, but signals it could increase in the future. However, other balance transfer options like the Wells Fargo Reflect® Card and the Citi Simplicity® Card offer longer intro APR periods on balance transfers.
The Slate Edge also brings a fresh new feature to the table that will surely be valuable for cardholders who want to minimize the impact of carrying a balance from time to time.
If you charge $1,000 to your card and make on-time payments, Chase will automatically consider you for a 2 percent ongoing APR reduction each account anniversary year. Your reduction is still based on a variable rate, though, and could currently drop to 18.49 percent at most.
Perks: Great food delivery and Chase-specific perks
Like the issuer’s other credit cards, you receive Chase-specific perks. Chase Offers, a card-linked program to earn extra cash back on activated rotating offers, can squeeze extra value out of your spending and put it toward the annual APR reduction. My Chase Plan can help you keep your balance under control after the zero-interest ends by providing up to 18 months in predetermined installment payments toward eligible purchases of $100 or more (although there is a monthly plan fee instead of interest). Meanwhile, Chase’s host of Credit Journey features provide account management tools like free credit score checks and identity theft monitoring to keep your account safe.
Another nice perk that comes with this card is the complementary DoorDash DashPass membership (must enroll by December 31, 2024). You get the first three months free and then a 50 percent discount for the next nine months. You also receive Instacart+ membership for free for three months if you activate your membership by July 31, 2024. Even though these two perks are only available for a limited time, both memberships add extra value and savings to the Slate Edge.
Why you might want a different balance transfer card
Like with other balance transfer cards, you shouldn’t expect glitzy perks since any additional features should take a backseat to paying off your balance. The Slate Edge’s credit line increase and yearly APR reduction benefits are part of the main appeal, but it doesn’t quite make up for its loss of a welcome bonus and lack of a rewards program. Plus, you could avoid a couple of its fees completely with other balance transfer cards.
Welcome offer: No longer carries a sign-up bonus
While the card improved its APR offer, it came at the cost of cutting its previous $100 cash welcome bonus. This update is unfortunate, as it may have covered 3 percent intro balance transfer fee ($5 minimum; increases to 5 percent after 60 days) for some cardholders.
Chase currently promotes its welcome bonus as the following: if you spend $500 on your card in the first six months and continue to make on-time payments, your account will automatically be eligible for a credit line increase. This boost could be a big help if you need to take on a big, unexpected expense or build up your credit, but it doesn't have the same value as similar cards that provide a monetary reward. It's a letdown compared to its earlier offer, but there's still optimism that Chase will make another comparable offer in the future.
Rewards: No cash back, points or miles
Previously, the Slate Edge’s most striking disadvantage from other balance transfer cards was its much shorter intro APR length. Most cards designed for consolidating debt bestow 18-month zero-interest periods, but now that the Slate Edge has matched that intro APR length, its only distinguishing features are its higher credit limit account review and APR reduction perks. These give it slightly more staying power than many of its rivals, but these features don’t offer much of a leg up over other cards that deliver ongoing rewards and similar balance transfer periods.
The reality is that many no-annual-fee rewards cards offer around a 15-month intro APR for both purchases and balance transfers around the same ongoing interest rate as well, so you can not only earn rewards on new purchases while paying down your transferred balance, but the card will be more valuable for longer once you've paid off your debt. But if you need the Slate Edge card’s extra three months to pay off your balance, you may be more comfortable with having a balance transfer card with a longer intro APR rather than a rewards card with a shorter intro APR.
Fees: Charges a balance transfer fee and foreign transaction fee
As a balance transfer card, the intro APR periods and the ongoing APR are the most important rates and fees to pay attention to outside the annual fee (which the Slate Edge doesn’t charge). You can keep interest at bay for an entire year and a half with its intro APR on both purchases and balance transfers.
But you will have a 3 percent or $5, whichever is greater, intro balance transfer fee on transfers made within 60 days of account opening. Then, this balance transfer fee jumps to 5 percent after 60 days. Plus, it has a 3 percent foreign transaction fee if you use your card abroad. There are a few cards with no balance transfer fee similar to the original Chase Slate, but they’re usually only available through credit unions, so you’ll have to decide if you want to tackle that fee or choose a different card.
How the Chase Slate Edge compares to other balance transfer cards
The Chase Slate Edge is among the most competitive balance transfer cards available, but it still lacks long-term value. However, it’s important to consider multiple factors when determining which card is best for your financial situation.
Chase Slate Edge℠
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
U.S. Bank Visa® Platinum Card
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Discover it® Balance Transfer
Annual fee
Intro offer
Rewards rate
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases-automatically.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Best cards to pair with the Chase Slate Edge Card
Any rewards credit card that fits your day-to-day spending will pair effortlessly with the Slate Edge since it doesn’t earn ongoing cash back, bonus points or travel miles. If you plan to hang onto the Slate Edge for its low interest rate in case you need to carry a balance occasionally, your rewards card can act as your primary credit card for all other purchases.
Who is the Chase Slate Edge Card right for?
Not every balance transfer card is right for everyone. Here are the type of people the Slate Edge is right for.
Bankrate’s Take — Is the Chase Slate Edge worth it?
The Chase Slate Edge offers more long-term value than the legacy Chase Slate as a low-interest credit card thanks to its annual 2 percent APR reduction feature for eligible cardholders and other unique features. However, the most recent update to the Slate Edge gave up one of its more competitive, identity-centric perks, as it was one of the rare balance transfer cards that previously offered a cash value credit welcome offer. Luckily, it still offers automatic eligibility for a credit line increase if you meet the criteria. This change traded the welcome offer for a much better intro APR offer.
How we rated this card
Our proprietary card rating system takes into account a mix of factors when scoring balance transfer and low-interest cards, including each card’s introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more.
While balance transfer and low-interest cards share a similar ratings rubric, we weigh features differently based on how a card is categorized. We categorize cards that carry an especially long intro APR offer on balance transfers as dedicated balance transfer cards, while cards that offer an especially low ongoing APR are considered general low-interest cards.
Based on its features, we assigned this card a primary category of balance transfer and tailored our ratings accordingly.
We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on how its key features stacked up against those of other cards in its category.
Here’s a breakdown of what gave this card its score:
*The information about the BankAmericard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Frequently asked questions
What cardholders think
Chase Slate Edge℠
In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate’s own reviews of these cards.
Community Reviews
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
