The Chase Slate Edge℠ offers a competitiveon purchases and balance transfers alike, along with a unique opportunity to lower your regular APR beyond the promotional period.
After the notably long promotional period is over, you can earn reduced APRs on an annual basis with on-time payments and moderate use -- activities that can help boost your credit score, too. But like most, the Chase Slate Edge doesn't offer a or traditional .
You'll needto qualify for this card -- typically a credit score of 670 or higher -- and there's no annual fee. Read on to learn how to get the introductory APR offer while keeping fees and interest charges at a minimum, and for suggestions of comparable cards for low-interest financing and balance transfers.
In this article
- Introductory APR
- Lowering your APR
- Other features
- Comparable cards
- Our approach to credit card evaluation
Chase Slate Edge℠
Introductory APR on balance transfers and purchases
The Slate Edge offers 18 months of 0% introductory APR on balance transfers and purchases alike (15.24% to 23.99% variable APR thereafter). That's a competitive offer for both.
For balance transfers, you need to pay attention to the timeframe. The time starts ticking as soon as you open your account, unlike other cards that offer a buffer window of 30-120 days. So, if you initiate a balance transfer after having the card for three months, you'll only be able to use the remaining 15 months of 0% introductory APR on that balance.
You'll also want to initiate your balance transfer within the first 60 days of account ownership. There is anof 3% with a $5 minimum -- the industry standard -- that jumps up to 5% ($5 minimum) after that initial 60 days.
The intro APR on purchases is more straightforward. You have 18 months from the date of account opening to enjoy 0% introductory interest on your purchases, as long as you make your minimum payments on time.
We recommend paying the balance off -- whether from balance transfer or purchases -- by the 18-month mark, so you avoid the regular variable APR of 15.24% to 23.99%. But if you can't avoid doing so, this card has a special feature that could help save you some money.
Lowering your regular APR
Most credit cards assign your regular APR based on your creditworthiness and the prime rate, or, base interest rate assigned for top credit scores based on the. However, the Chase Slate Edge makes it possible to lower your APR with good behavior.
You can qualify for up to a 2% reduction in APR per year if you pay on time and spend at least $1,000 on your card by your account anniversary date. You can earn this benefit until your APR reaches the prime rate plus 9.74%. Currently based on a 3.5% prime rate, that means you can potentially reach an APR of 13.24% variable, much lower than the currentof 19.55%.
The Chase Slate Edge offers more extras than most other introductory APR and balance transfer cards. You'll get, extended warranty protection and auto rental collision damage waiver.
With purchase protection, you can get reimbursed for damaged or stolen purchases. You may get up to $500 per claim, for a total of $50,000 per account -- but any claims must be made within 120 days of purchase.
Extended warranty protection similarly safeguards you from purchases gone awry. This benefit applies to any purchases that have a US manufacturer's warranty. In those cases, the Chase Slate Edge extends your warranty time period by a year on eligible warranties of three years or less.
If you book car rentals with your Chase Slate Edge, you can opt out of paying for collision insurance offered by the car rental company. The Slate Edge gives you the same protection for most car rentals in the US and abroad in the event of collision damage or theft. It's important to note, however, that this coverage is secondary to your main driver's insurance and won't pay out until after your primary insurance has done so.
Wells Fargo Reflect℠ Card
The Wells Fargo Reflect℠ Card offers a similar intro APR on qualifying balance transfers and purchases. This card offers a 0% introductory APR for 18 months from account opening on purchases and qualifying balance transfers, plus an intro extension period of up to three months with on-time minimum payments during the intro and extension periods, for a total of up to 21 months (13.74% to 25.74% variable APR thereafter).
Keep in mind that this offer also starts the day your account is opened, so you'll want to make planned large purchases or qualifying balance transfers right away to get the most value out of this offer. And make sure you initiate a balance transfer within 120 days to take advantage of the intro rate and introductory 3% balance transfer fee ($5 minimum). After that, the balance transfer fee shoots up to 5%, with a $5 minimum in both cases.
To learn more about what theoffers, check out our full review.
U.S. Bank Visa® Platinum Card
The U.S. Bank Visa® Platinum Card is another card withthat boasts a competitive intro APR.
You'll get 20 billing cycles of 0% intro APR on both purchases and balance transfers, and then are subject to a 15.24% to 25.24% variable APR. For balance transfers, there's a standard balance transfer fee of 3% with a $5 minimum. It won't jump up after a promotional period like with the Wells Fargo Reflect and Chase Slate Edge, but you'll have to initiate a balance transfer within 60 days of account opening to take advantage of the introductory APR.
How do balance transfer credit cards work?
Though balance transfer credit cards are technically credit cards, they're more like a debt-financing tool. They're better used to pay off existing credit card debt than as a payment method.
A balance transfer is when you take the debt, or balance, you owe on one card account and transfer it to another credit card account. Usually this is done with the goal of saving money by transferring debt from a high-interest account to one with lower or no interest.
While many credit cards allow balance transfers, those primarily designed for the purpose all share one main feature: an introductory 0% APR period on balances transferred to that account, typically applicable to transfers made within the first 60 to 120 days of card ownership. The introductory APR period generally lasts between 12 and 21 months, giving you a significant period of time to pay off your balance interest-free.
While a few credit cards offer no-fee transfers, most balance transfer cards charge a fee to transfer your debt, usually between 3% and 5%. Broadly speaking, the longer the introductory 0% APR period, the higher the fee, and vice versa. So the best cards without a balance transfer fee have a shorter introductory APR period, and those with the longest introductory APR period have a 3% to 5% transfer fee.
If I still have a balance after the introductory APR period is over, can I just keep transferring my debt to a new balance transfer card?
Technically, yes. In some cases, transferring your balance two or three times might even be what's necessary to finally pay off your debt. But unless you have a firm understanding of how you got into debt in the first place and a plan for getting out of debt, you won't be working toward a solution.
While transferring your remaining debt to a second balance transfer card may allow you to pay off your balance without monthly interest or a fee, it's important to note that there are too many variables for multiple balance transfers to be a failure-proof debt strategy.
For example, your card application could be denied, your credit limit could be much lower than you anticipated or your transfer request could be denied. Credit card offers could also change, making it difficult to plan ahead. For this reason I recommend selecting a card that allows you to pay off the full balance after one cycle if possible.
How long will it take to complete a balance transfer?
It could take anywhere between 10 days and six weeks to complete a balance transfer after you receive your new card and cardholder agreement. It's also important to note that some card issuers, such as Citi, make balance transfers available at their discretion, and could therefore decline a transfer request. You should probably still pay the minimum on the old card's balance until you've confirmed that the transfer was completed, so you don't run the risk of fees or penalties.
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