Chase has launched a new credit card called ‘Chase Slate Edge‘. Chase removed the ‘Chase Slate’ card from it’s card lineup in April 2020 and this is the replacement rebuilder/new to credit card from Chase. It offers the following:
- $100 statement credit after you spend $500 in purchases within the first six months
- 0% introductory APR for the first 12 months for purchases and balance transfers
- Balance transfer fee of 3%, with a minimum of $5. After 60 days, that fee becomes 5%, with a minimum of $5
- No annual fee
- Reduce APR by 2% every year that you spend $1,000 in a cardmember year
- Ability to increase your credit limit when you spend $500 0r more and pay on time for the first six months
I’m assuming that the Chase 5/24 rule applies to this card as well. It’s not clear what the balance transfer fee is currently as the pricing & terms page errors out. For most readers this card really isn’t that interesting as they have good credit and access to much better credit card sign up bonuses. How useful the 0% APR is will depend on what the balance transfer fee is. The card itself has some interesting features for people with no/bad credit (e.g ability to increase credit limit) but things like the 2% APR reduction really shouldn’t be that interesting as credit card APRs are so high that you want to avoid carrying a balance at all costs. I suspect we will start to see more and more 0% APR and $0 BT offers as we exit the pandemic and financial uncertainty.
Is it subject to 5/24?
Anyone know if this accepts people with zero credit history (or only an AU?) A friend of mine is starting off from nothing and I was going to point him to Discover but seems like this might be a decent option?
Discover secured card is a better option, if starting from scratch.
https://www.discover.com/credit-cards/secured/
Your friend can build credit history and increase credit limits slowly.
Wonder if the credit criteria is any more laid back for this card.
Was hoping I could spend $100,000 for a -85.01% APR loan.
Technically if you had qualifying expenses for PPP loans…
Chase’s APR is nothing to write home about as far as I have experienced. It does not matter how perfect your payment record and creditworthiness are. So having a card that reduces the APR by 2% every year that you spend $1K means Nothing.
Looking for remote to fast fwd.
I don’t know why they would use all their resources to launch a garbage card like this.
You’re probably not the target audience. Consider someone just starting out (or with wrecked credit): this is an entry-level starter card which can presumably be PCd to a Freedom down the road. The auto increase element is a big step up on most secured and credit builder cards.
True, but it allows Chase to keep a close eye on the Slate division. They know most people with Slates are going to be higher risk and Chase can plan accordingly. Mix all of them in with the Freedom crowd, and you have a lot more unknowns.
I wonder if 5/24 applies for this card?
Junk. Most CU cards will destroy the APR on this card and limit. BECU is a perfect example no BT fees, easy UW and good limits just got to join an association to be eligible. Just one of many CU’s
“For a limited time, enjoy a balance transfer fee of 3%, with a minimum of $5. After 60 days, that fee becomes 5%, with a minimum of $5.”
So yeah, this is garbage.