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Chase announces Slate Edge card


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Chase has launched its newest credit card product, the Chase Slate Edge℠ 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 replaces the Chase Slate card, which was discontinued during the early months of the Covid-19 pandemic. Now, Chase has rebranded the card and brought it back with more robust features.

Chase Slate Edge℠

  • Rewards

  • Welcome bonus

    Earn $100 on your credit card statement when you spend $500 in your first six months from account opening

  • Annual fee

  • Intro APR

    0% for the first 12 months on purchases and balance transfers

  • Regular APR

    14.99% to 23.74% variable

  • Balance transfer fee

    Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days.

  • Foreign transaction fee

  • Credit needed

Pros

  • No annual fee
  • $100 welcome bonus
  • Interest-free period for the first 12 months on purchases and balance transfers
  • Lower your interest rate by 2% each year. Automatically be considered for an APR reduction when you pay on time, and spend at least $1000 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: 

  • Introductory APR: 0% Intro APR for 12 months upon account opening; 14.99 – 23.74% variable thereafter
  • Welcome offer: $100 statement credit when you spend $500 in the first 6 months
  • 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.

What makes this card unique from other balance transfer credit cards is many of them do not offer a welcome bonus. You can earn an easy $100 statement credit after spending $500 in the first 6 months.

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

The Wells Fargo Active Cash℠ Card is a brand new card from Wells Fargo, offering a slightly better 0% APR term of 15 months, a $200 cash reward welcome offer 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

On Wells Fargo’s secure site

  • Rewards

    Unlimited 2% cash rewards on purchases

  • Welcome bonus

    $200 cash rewards bonus after you spend $1,000 on purchases in your first 3 months from account opening

  • Annual fee

  • Intro APR

    0% APR on purchases and qualifying balance transfers for the first 15 months from account opening

  • Regular APR

    14.99% to 24.99% variable on purchases and balance transfers

  • Balance transfer fee



Read More: Chase announces Slate Edge card

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