Chase Slate is the most popular credit card with the highest number of new signups in 2016. The card has a high credit score requirement as you need to have at least an excellent credit score to be qualified for it. Chase Slate card is suitable for use in consolidating your credit card debt because it has a 15 months zero percent introductory program in place for balance transfer. The 15 months zero percent intro period Chase Slate also applies to all the purchases you make within this period. This mean that you don’t have to pay interest fee for balance transfer or purchases for over 1 year.
To take advantage of zero percent interest offer, you should do your best to pay off the credit card debt you transfer before the introductory period. You should only sign up for Chase Slate if you are able to be committed in paying the credit card bill every month promptly. You should come up with a payment plan that allows you to settle your credit card balance in full by the time the intro period promotional offer ends. For example, if you transfer $3,000 to the card, you must be committed in paying $200 per month.
Even though the intro period offer applies to purchases as well, it is advised that you don’t use the card for purchases as it will make it harder for you to pay back your debt in full. You must be disciplined and not think that the promotional APR means you can spend as much as you want. The 15 months zero percent purchase APR makes it suitable for use in making a large purchase. You have to be committed in paying the credit card bill for the major purchase you make so that you will be debt free in 15 months.
The card may become a pitfall for those who cannot commit to make the credit card repayment on time. This is because you will be charged with the regular APR in the range 15.49% – 24.24% as soon as the intro period is over. There is also a late payment fee for those who fail to make the repayment at the due date. Chase Slate does not provide a rewards point program so you won’t be able to earn rewards.
There is no fee to pay annually in order to keep using the credit card for your shopping ever year. Chase Slate runs a promotion where it waives the balance transfer fee if you transfer the balance in 60 days. This feature is very rare as most cards charge a balance transfer fee for balance transfers. If you fail to transfer the balance in 60 days, a 3- 5% fee will be charged onto your account every time you transfer your credit card debt.