Chase has relaunched its Slate credit card after pulling it in April 2020. The new Slate Edge card doesn’t have as strong a balance transfer offer as the original, but it does come with an introductory cash bonus plus a way to reduce your interest rate over time.
- The former Chase Slate card gets a new name and different perks, becoming the Slate Edge card.
- The card may no longer qualify as a top balance transfer credit card, but it does offer some new and interesting benefits.
- Cardholders who want decent upfront incentives plus long-term interest savings could find the new card appealing.
What’s New With the Chase Slate Edge?
Chase has revamped yet another of its flagship credit cards. After a makeover for the Chase Freedom card with the introduction of the Chase Freedom Flex last year, the card issuer has now turned to the Chase Slate.
The original Chase Slate card offered a 0% APR promotion for 15 months on purchases and balance transfers, plus no balance transfer fee for the first 60 days. But beyond that, the card didn’t provide much value.
Here’s what the new Chase Slate Edge credit card offers instead:
- Shorter introductory APR promo: You’ll get an introductory 0% APR promotion for 12 months on purchases and balance transfers.
- No balance-transfer fee waiver: The card now charges a 3% transfer fee for the first 60 days, then a 5% fee after that. The minimum transfer fee is $5.
- The chance to reduce your APR: Once the introductory 0% APR promotion ends, the variable APR ranges from 14.99% to 23.74%, depending on your creditworthiness. But here’s where it gets interesting: If you pay your bill on time every month and spend at least $1,000 per year, you may be able to get your APR reduced by as much as 2%. The minimum rate is based on the prime rate, so it can change over time, but it’s currently 12.99%.
- Cash bonus: The card offers a $100 bonus when you spend $500 on it in the first six months, but there’s no ongoing rewards program, so you won’t earn cash back on your everyday purchases.
- The chance to increase your credit limit: Spend at least $500 in the first six months and pay your bills on time, and Chase will automatically review your account for a higher credit limit.
With a shorter 0% APR promotion and no balance transfer fee waiver, it’s hard to consider this card a contender for the best balance transfer card. And while the new sign-up bonus does add more value than the original card, the lack of a rewards program beyond that weakens the offer compared with other cash-back and 0% APR credit cards.
The new card’s most interesting feature is the chance to reduce your interest rate over time. This could be beneficial to cardholders who tend to carry a balance from month to month but don’t have a high enough credit score to qualify for a low APR.
Still, it’s best to pay off your balance in full every month to avoid interest charges. If you don’t anticipate carrying a balance, this benefit may not mean much to you.