Update: Looks like this isn’t actually new at all. Read comments for more information.
Chase offers one of the best no balance transfer fee, 0% APR offers on the market. You currently get 15 months of 0% APR on purchases and balance transfers and there is no balance transfer fee during the first 60 days of account opening. Unfortunately they have made some negative changes to the offer, previously you had been able to transfer across up to whatever your credit limit was. This is now restricted to your maximum credit limit or $15,000 whatever is lower. I suspect as interest rates rise the availability of these 0% APR/no BT offers will shrink.
Hat tip to reader Sly one
Pretty late, but just so everyone knows, I can confirm that the $15,000 limit is just per rolling 30 day period, like it has always been. I was approved for this card early last month, reallocated my credit limits to get over $30k, and completed $30k worth of balance transfers ($15k last month, $15k this month.)
Hey Dave, when you BTed, were you transferring an actual balance or just trying to get cash to invest somewhere? If the latter, how did you get them to transfer as cash?
Wish Slate was useful after the initial zero fee BT timeline. I have a high CL tethered to this card but cannot come up with something useful other than sock drawer FICO score hold; Which would happen if the CL was only $5k with no spending.
Why not product change it to a Freedom/Freedom Unlimited!?
Does Chase actually grant large credit limits on this card? I’ve heard/read that they’re very stingy with Slate credit limits.
Whatever your initial limit you always have the ability to move available credit ( reallocate) from other Chase cards you have to the Slate card which is how people got over 15k limits.
Which can happen without an HP, but the financial info review that is required by the rep is concerning. The info is definitely “shared” somewhere.
Afaik this was thecase atleast past 18 months. Its 15k per 30 day period.
1) It’s not a $15,000 limit on BTs. It’s a $15,000 PER 30 DAYS limit on BTs. I opened my Slate on 6/11 transferring $15k to it. Then transferred another $15k on 7/27. Essentially I received a $900 SUB since I needed to transfer that $30k somewhere regardless.
2) While this may be news here, this isn’t a new limitation. Here’s a post from July 2015 that mentions it https://ficoforums.myfico.com/t5/Credit-Cards/Chase-Slate-BT-Better-way/m-p/4153650
+1
And an even earlier DP from March 2014 https://ficoforums.myfico.com/t5/Credit-Cards/Balance-Transfer-Accepting-a-balance-from-parents-card/m-p/2961356/highlight/true#M839696
+2 this isn’t new has always been this way since i have been aware of card back in 2014 or 2015
+1
It’s on all there balance transfer offers. I have 0% APR 3% transfer fee same 15k per 30 days.
Chuck, I might be behind on info for this product so, here are my questions: Is this card considered in the 5/24 rule? Have you seen anyone get this card offered after 18 months if opened same product previously? I read your “things to know about Chase cards.” but I have not read the T&C on the application….That’s why I’m curious. Two of these cards approved on the same day will be a deal for Stoozing on CDs.
> : Is this card considered in the 5/24 rule? Yes
2. I think you still need to wait 24 months in between getting this card a second time but not 100% sure.
I mean you shouldnt be carrying a balance to begin with, unless you are stoozing funds in a bank account.
I thought this was the equivalent to an interest-free loan.
Exactly
J. Grant , only thing that’s would make it better is if the zero fee BT would be if it was on a biz card, no utilization hit to FICO. But yes pretty much interest free working capital.
Let’s put it this way:
the only (good) reasons to use a 0% BT credit card is if you are leveraging the debt to either make you more money (put the funds in a bank account) or paying off existing debt at 0% interest.
These 0% BT credit cards should NOT be used for accumulating more consumer debt, as the vast majority of people use them for.
There is good debt and bad debt. Just make sure if you want to use debt, use it properly.