Chase has launched its newest credit card product, the Chase Slate Edgeâ„ card, which is built for consumers trying to pay off credit card debt and build up their credit score. With a introductory APR offer and no annual fee, the Slate Edge gives consumers purchasing flexibility.
And, according to Chase's Slate Credit survey, 81% of consumers say improving their credit score is a top priority, and the Slate Edge was designed to do exactly that.
Chase introduces Slate Edge credit card
The Chase Slate Edge is the new version of the older Chase Slate card. Chase still serves existing Slate cardmembers and markets that card to some prospective customers in select channels, although the card is not currently available to the general public.
Chase Slate Edgeâ„
Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
0% for 18 months from account opening on purchases and balance transfers
Regular APR
20.49% - 29.24% variable
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3%
Credit needed
Excellent/Good
Member FDIC. See our methodology, terms apply.
Pros
- No annual fee
- Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first six months.
- Lower your interest rate by 2% each year: Automatically be considered for an APR reduction when you pay on time, and spend at least $1,000 on your card by your next account anniversary
Cons
- 3% foreign transaction fee
- No rewards program
The Chase Slate Edge offers a compelling suite of benefits, including:Â
- Introductory APR: 0% Intro APR on purchases and balance transfers for 18 months from account opening; 20.49% - 29.24% variable thereafter
- APR reduction: Automatic consideration for annual 2% purchase APR reduction when you pay on time, and spend at least $1,000 by the next account anniversary until your APR reaches the Prime Rate plus 9.74%
- Increased credit line: Automatic one-time evaluation for a credit line increase when you pay on time, and spend $500 in the first 6 months
- Access to Chase's digital tools to manage your personal finances like Credit Journey and My Chase Plan
The Slate Edge can be beneficial for consumers trying to build their credit score and/or trying to get lower interest rates on their revolving credit balances. However, it's best to not pay any interest, since you'll usually pay much higher rates on credit cards than any other financial product.
In addition, the one-time evaluation for a credit line increase can improve your credit utilization ratio, which can improve your credit score.
Now, this is not the only 0% APR credit card on the market. There are several other cards readily available giving consumers a break on pesky credit card interest charges. But which card matches up best with the Chase Slate Edge?Â
The Wells Fargo Active Cash® Card offers a slightly better introductory APR term, a $200 cash reward bonus after spending $500 in purchases in the first 3 months and the ability to earn cash rewards on your purchases. This card was launched a few days prior to the Slate Edge and provides great value to consumers.
Wells Fargo Active Cash® Card
Rewards
Unlimited 2% cash rewards on purchases
Welcome bonus
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual fee
$0
Intro APR
0% intro APR for 15 months from account opening on purchases and qualifying balance transfers; balance transfers made within 120 days qualify for the intro rate
Regular APR
20.24%, 25.24%, or 29.99% variable APR on purchases and balance transfers
Balance transfer fee
Introductory fee of 3% for 120 days from account opening, then up to 5% ($5 minimum)
Foreign transaction fee
3%
Credit needed
Excellent/Good
See rates and fees and our methodology, terms apply.
Pros
- Unlimited cash rewards
- $200 cash rewards welcome bonus
- No annual fee
- Introductory APR period for first 15 months
- Access to Visa Signature Concierge
- Get up to $600 cell phone protection (subject to a $25 deductible)
Cons
- 3% fee charged on foreign transactions
Because the Slate Edge does not provide any rewards for spending, the Wells Fargo Active Cash card is automatically the better choice for those looking to earn cash rewards. However, if your sole focus is to mitigate credit card interest and build your credit score up, the Chase Slate Edge card may be a great choice for you.
Bottom line
The Chase Slate Edge card is a great choice for consumers interested in purchasing flexibility without accumulating credit card interest in the initial year of card membership. Plus, keeping the card long term may be advantageous for some consumers looking to take advantage of the annual 2% APR reduction.
As always, when selecting a credit card for your wallet, be sure to consider your entire financial picture.
