The 10-second guide to the Chase Slate EdgeSM Credit Card
- 0% promotional APR on balance transfers and purchases for 18 months from the date you open the card.
- 3% (minimum $5) balance transfer fee for the first 60 days. 5% (minimum $5) afterward.
- Automatic consideration for credit line increases and ongoing interest rate reductions.
Chase Slate EdgeSM credit card review 2023
A balance transfer credit card can provide some temporary relief from a high APR if you’re carrying a balance on your credit card. But it pays to shop around. Some cards offer a shorter promotional APR and high balance transfer fees. Others offer only a 0% APR on balance transfers, meaning that you might end up paying a high interest rate on purchases you make using the card.
Chase Slate EdgeSM features one of the best balance transfer offers available: A 0% APR for 18 months from the date you open the card. (After that, it’s a variable 20.49%-29.24%.) The promotional APR applies to both purchases and balance transfers.
The card’s 3% (minimum $5) balance transfer fee during the first 60 days is the lowest among cards with this length of promotional APR, and the card offers both ongoing interest rate reductions and a credit line increase. (The balance transfer fee goes up to 5%, with a $5 minimum, after the 60-day intro period.)
If you’re looking to transfer a balance, the Chase Slate EdgeSM credit card should be on your shortlist. Here’s what you need to know.
- 0% promotional APR for 18 months from card opening date.
- Promotional APR applies to both purchases and balance transfers.
- Annual 2% interest rate reductions when you spend $1,000 during the year and pay on time (until you reach the card’s minimum APR).
- Automatic one-time consideration for a credit line increase after six months when you spend at least $500 total and pay on time.
- Extended warranty, purchase protection, and secondary auto rental collision damage waiver insurance.
- No annual fee.
Pros and cons
- 0% promotional APR applies to both balance transfers and purchases for 18 months.
- Annual interest rate reductions available.
- Automatic consideration for a credit line increase.
- Extended warranty and purchase protection.
- 3% (minimum $5) fee only applies during the first 60 days of having the card, and then it goes up to 5% (minimum $5).
- Ongoing APR range is higher than many cards from credit unions.
- No rewards.
Introductory 0% APR offer
Chase Slate EdgeSM offers a 0% introductory APR for 18 months from account opening on purchases and balance transfers. After the introductory period, a variable 20.49%–29.24% APR, applies.
If you transfer a balance within the first 60 days your account is open, you’ll pay a 3% (minimum $5) balance transfer fee on each transfer. After that, you’ll pay the standard balance transfer fee: 5% (minimum $5).
Chase Slate Edge credit card rewards
Chase Slate Edge is a balance transfer credit card that offers no rewards.
Perks and benefits of the Chase Slate Edge credit card
Lower your interest rate by 2% each year.
Chase Slate EdgeSM is unique among balance transfer credit cards because it offers an opportunity to lower your ongoing APR each year. If you plan on using the card to finance purchases after the first 18 months, once the promotional APR expires, this perk might give the Chase Slate Edge credit card a bit of additional relevance.
To earn a 2% annual APR reduction, you must spend at least $1,000 during your account anniversary year and pay your card on-time. You can earn an APR reduction each year until your APR reaches the Prime Rate plus 9.74%.
Of course, if you plan on financing a purchase for more than a few months, you’ll pay less in interest if you open a new balance transfer credit card and take advantage of another 0% APR promotion. But if you want a credit card with a relatively low interest rate for emergencies, Chase Slate EdgeSM could be a good option
Raise your credit limit
If you use your card for purchases, you can qualify for an automatic review for a higher credit limit. When you spend at least $500 within the first six months and pay on time, Chase will review your account and, if you qualify, raise the credit limit on your Chase Slate account. Note that balance transfers do not count toward the $500 — you must use your card to make at least $500 of purchases.
Other perks and benefits of the Chase Slate Edge
- Extended warranty – When you purchase an eligible item with your Slate Edge card, you get Chase’s extended warranty protection, which extends the original U.S. manufacturer’s warranty coverage by an additional year on eligible warranties of three years or less.
- Purchase protection – Your eligible new purchases are covered for 120 days against damage or theft, up to $500 per claim and $50,000 per year.
- Auto rental collision damage waiver insurance – When you rent a car with your card and decline the car rental company’s collision damage waiver insurance, you are covered for theft and collision. Your card’s collision damage waiver insurance covers most cars and is secondary to your personal insurance within the U.S.
- DoorDash – Get a complimentary three months of DashPass, the DoorDash subscription service that features unlimited deliveries with $0 delivery fees. After your complimentary DashPass subscription expires, get 50% off DashPass for the next 9 months. You must activate this benefit by December 31, 2024.
- Instacart+ – Receive a complimentary three month membership with Instacart+ and get $0 delivery fees and reduced service fees on eligible orders. After your complimentary membership expires, you will be enrolled in an annual Instacart+ membership unless you cancel. You must enroll by July 31, 2024.
Who it’s good for
If you’re paying a high APR on a credit card balance and you want a reprieve while you work to pay down your balance, get Chase Slate EdgeSM. It is one of the best balance transfer cards available and with good reason — the promotional rate period is longer than average, the balance transfer fee is modest, and the promotional APR applies to both transferred balances and purchases.
Although the card doesn’t earn rewards, it can even make sense to use for occasional purchases. By spending $1,000 on the card each year, you can eventually get interest rate reductions down to the card’s minimum interest rate, the Prime Rate plus 9.74%. Then you can have a card to use for emergency financing.
Who should look elsewhere
If you’re not carrying a balance on another card, there is little reason to consider the Chase Slate Edge credit card. The card offers no rewards and, while the interest rate reductions might offer you lower-cost financing in the future, you can always come back to the Slate edge or another balance transfer card if you carry a balance down the line.
Finally, if you’re a student and looking at the Slate Edge because of its automatic credit line increase offer, consider a student credit card. Many of these cards offer better perks, as well as similar credit line increases with responsible use.
Chase Slate EdgeSM is a great option if you’re looking for a way to reduce the interest you are paying on existing credit card balances. The card’s 0% promotional APR period is longer than average and applies to both purchases and balance transfers.
Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.
This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at [email protected].