Chase Slate overview

The Chase Slate® (see rates and fees) is designed for consumers who want to’reduce their financial profile by cutting down credit card debt or increasing the credit score of their consumer. A long annual percentage rate period is included in this card for a brief introduction, to prevent you from interest for 21 months (then an APR of 18). 24%-28 per cent. You make regular on-time payments, and you’re able to get many other incentives after you pay 24 per cent of the money. **Card rating*** * ** Card rating,***.

* Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

At TPG we tend to look at card-based cards that earn good rewards, but not all credit is designed for points and perks. The most important of these cards are the ones that help you get your money back on track, such as helping you keep your finances in check-ups.

A good change can be made if you’re carrying a balance and/or working to improve your credit score by choosing the right card. There are no-annual-fee alternatives that include features such as short-term interest free periods and built in credit tracking tools to help you avoid debt while developing healthy long-lasting habits.

The Chase Slate is one of those cards that s are. This is aimed at consumers who want an easy way to cut interest charges, simplify payments and gradually build up their credit profile. For those applying for a credit score of 670 or above, applicants will need to be considered for the qualification but as long as they are right, it can be essentially stepping stone towards more lucrative cards in the future.

The Chase Slate is a good option for s, so let’s look at it more closely to see when it makes sense and when another one might be better.

Chase Slate pros and cons

| Pros | Cons |
| — | — |
| * No annual fee * 0% APR for a 21 month period for purchases and balance transfers (then a variable APR of 18.24%-28.24%) * Access to Chase credit-monitoring and payment-planning tools * Potential for a credit line increase with responsible use | * Does not earn rewards, cash back or points * Balance transfer fee applies * Requires good credit to qualify * Limited long-term value once debt is paid off |

Chase Slate welcome offer

The Chase Slate doesn’t have a traditional welcome offer, which isn’T unusual for cards that are about credit building and debt reduction rather than rewards. The card’s primary value is its financing features and the ability to improve your credit profile with responsible use, rather than points or cash back.

THE POINTS GUY

If you show consistent, on-time payments during the first several months of account ownership, new cardholders may also be considered for a credit line hike. While this isn’t a flashy perk, you should be less likely to use credit more than your average limit (which plays an important role in your credit score).

Chase Slate benefits

The Chase Slate is a function-oriented, not flair-based model of the Chase. While you won’t get rewards for spending, the card offers a number of practical tools to manage debt and build up your credit over time.

A key feature of it is its introduction to the interest-free period on both purchases and balance transfers. Cards are 0% APR (introductory) period for cardmembers on purchases and balance transfers for the first 21 months from account opening (then variable A PR of 18). , 24 per cent-28 per. One in four (24%) s are. It can also give a meaningful breathing room to reduce existing balances without further interest piling up any more, such as in the window of . That is the way you can transfer your account balance from your current credit cards to the Chase Slate and enjoy a sweet 0% interest rate.

Just remember that a balance transfer fee of $5 or 5% of each transfer (whichever is more) still applies, and any remaining balance after the promotional period will accrue the standard variable APR.

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Beyond financing, Chase includes a few helpful account-management features:

• Credit Journey: Free access to your credit score and monitoring alerts
  ********Chase Pay Over Time** A tool that allows you to break eligible purchases into fixed monthly payments for’set fee,’ which is used by .
• Automatic account reviews: Responsible use may lead to a higher credit limit over time

The Chase Slate isn’t meant to be the most powerful spending power or travel perks, in short “The Chases” are not intended for maximum use of money. Its strength is in providing structure, visibility and short-term financing options that can help cardholders retake their finances and develop healthy credit habits.

Related: 6 things to do to improve your credit score

Which cards compete with the Chase Slate?

Chase Slate is a debt-reduction and credit improvement model for the Chase, but it’s not just that in this space. Long term fit Another no-annual–fee card may be better for a long-term fit, depending on your goals.

• For earning rewards while paying down balances: The

Citi Double Cash® Card

(see

rates and fees

When you buy something, 1% when you make it and another 9% when paying off your balance for those purchases), s get 2% cash back on all purchases (1% of the money that you pay to purchase) It may be a shorter term for its first loan to finance, but the long-term rewards structure can offer more value once your balance is under control. For more information, read our review of paraphrasingr.

full review of the Citi Double Cash

.

• For rebuilding from a low credit score: A secured credit card like the

Capital One Platinum Secured Credit Card

is easier to qualify for . You’ll give a security deposit (up to $1,000) that is usually your credit limit, so it’s logical starting point for setting up or repair credit history. For more information, read our review of paraphrasingr.

full review of the Capital One Platinum Secured

.

• For cash back and flexibility: The

Chase Freedom Flex®

(see

rates and fees

This includes rotating bonus categories and daily earning rates, combining with . It’s better for cardholders who want to earn rewards immediately and don’t need long financing. If you want to know more, read our review of .

full review of the Chase Freedom Flex

.

For additional options, check out our full lists of the best secured cards and best starter cards.

Read more: What is a secured credit card?

Is the Chase Slate worth it?

The Chase Slate can be worthwhile if your primary goal is to reduce high-interest debt or establish healthier credit habits.

A good short-term financial tool is the Chase Slate, if you have one of your immediate goals for that goal being to reduce credit card debt. Nevertheless, once your balances are paid off and your credit is higher, you may outgrow the card. But then, if you switch to a rewards card, it could be much more long term value.

Bottom line

Instead of earning points or cash back, the Chase Slate is a practical option for consumers who are interested in debt reduction and credit improvement. The APR period, which has a lengthy term and no annual fee (and built-in credit monitoring tools) is well established for those who want to stabilize their finances.

Although the Slate will not offer travel perks or bonus categories, it is an example of how future cardholders can become more responsible in their life and place themselves on higher credit cards that are likely to be awarded later.

Related: Credit cards 101: The beginner’s guide

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