Is The Chase Slate Balance Transfer The Best Available?
Transferring a credit card balance to a new card can be a great financial strategy. There are many credit cards that allow consumers to transfer their balances. Selecting the best balance transfer credit card is key to taking advantage of this strategy. The Chase Slate Credit Card beats out competing cards for many reasons. Chief among them is the zero fee transfer opportunity when opening your new account.
Zero Transfer Fee – Chase Slate Credit Card
When consumers are approved for a new Chase Slate Credit Card they will have 60 days to transfer credit card balances with zero fees. This may sound like a standard feature but it is far from common. Most credit card that allow balance transfers have a significant fee when moving your balance. The typical fee is 3% for balance transfers. This means that a $10,000 balance would result in $300 in transfer fees.
The primary reason consumers take advantage of balance transfer offers is to receive a new, low interest rate. Zero percent balance transfer offers are not uncommon. Consumers often ignore the transfer fee in exchange for a zero percent APR. This can still be a good move but consumers stand to save hundreds of dollars if they can avoid the initial transfer fee.
Balance Transfers – Taking A Look At The Math
Let’s review the math to fully elucidate the savings a balance transfer can provide for a typical consumer. Let’s say you have $10,000 in credit card debt at an annual percentage rate of 20%. Paying this off in full in 15 months would result in nearly $1,400 in interest costs. Consumers would save tons of money even if they were subject to a 3% transfer fee. The net savings in this example would be $1,100 at a 3% transfer fee.
This is where the Chase Slate Credit Card shines. The Slate Card does not charge a transfer fee for the first 60 days of opening a new account. This means that consumers could fully capitalize on the $1,400 in savings instead of $1,100.
The Chase Slate Card – Features and Benefits
We have already mentioned the 60 day zero transfer fee offered to new cardholders. In addition, The Slate Card provides some other major feature worth mentioning:
- 0% transfer APR for the first 15 months
- 0% purchase APR for the first 15 months
- Free access to your monthly FICO Credit Score
- No APR increase due to late payments
- No annual fee
Consumers who need a good balance transfer credit card will find the Chase Slate to be one of their best options. Key to success: Make sure your balance transfer occurs within the first 60 days of opening your new account.
The downside to the Chase Slate Card is that it does not provide an impressive rewards program. Customers do not earn cash back or points when using their card. This, however, will not be a huge detraction for consumers who are primarily looking for the best balance transfer card.
When A Balance Transfer A Good Idea
It should be pointed out that the ideal use of a credit card is contingent on paying off your balance in full. With this said, most individuals will encounter a time when they are not able to do so and must carry a balance. Transferring a balance can be a great option when this situation arises.
The idea is a simple. Your existing balance will be paid off using your new card. The debt will then be reflected on your new cards balance. Consumers can save thousands of dollars if they transfer from a high interest rate to a zero percent rate. Zero percent rates are introductory and every effort should be made to completely pay off your debt. Failure to pay off your debt will simply leave you in the same position you were in before transferring your debt.
For more information about credit card balance transfer offers we recommend the CreditCards.com Credit Card Balance Transfer Guide. This guide is the result of over 1,000 credit card balance transfer offers which were analyzed to complete a succinct and inclusive review of many credit card balance transfer options.
Not Looking For A Balance Transfer Card? Check Out These Reward Cards!
- PenFed Rewards Pathfinder Credit Card
- Hilton Honors American Express Credit Cards
- Top Credit Card Picks – Reward Cards
Tips For Paying Off Credit Card Debt
There are many strategies consumers can use to pay off credit card debt. Paying off your debt is almost always going to make the most sense for long term financial success. Here are some simple strategies to pay down credit card debt more quickly:
- Cancel Unnecessary Subscription Services – Review all of your subscriptions and cancel or downgrade any non-essential services. Take this money and put it towards your credit card payment.
- Always Make Payments More Than The Minimum Payment – Making a minimum payment on your balance will only perpetuate your debt cycle. Any payment over your minimum balance will significantly decrease the time it takes to pay off your balance.
- Identify Areas In Your Life Where You Can Cut Expenses – Simple changes like cooking at home instead of eating out can add up big. Find specific changes you can make and put this cash towards your credit card balance.
Chase From Slate Now – Responding To A Chase Slate Mail Offer
If you have received a mail offer from Chase for the Slate Card you may be invited to apply online using an invitation code. In order to retrieve your offer you will need to provide the following information:
- Chase Slate Invitation Number
- Your 5-digit zip code
- Your last name
After completing the form you will be transferred to your application. Credit decisions are typically provided immediately after submitting your credit card application.
Final Thoughts – Chase Slate Balance Transfers
Overall, The Chase Slate Card is going to be our pick for the best balance transfer card. Avoiding the transfer fee is an enormous benefit. This is not a feature provided by most other credit cards. That said, there are much better reward cards if you are not in need of a balance transfer. Have you transferred a balance using The Chase Slate Card? Let us know what your experience was in the comments below!