Chase Slate®

10-second breakdown:

When it comes to credit cards, Chase has several to choose from for both individuals and businesses, each of them tailored with features and services for specific purposes and needs. In this review, we be focus on one of their best personal credit cards, Chase Slate.

Key benefits:

• Monthly FICO score is provider to all Slate cardholders.
• Paying your bill late won’t increase the APR (extremely unique feature).
• There is 0% APR for the first 15 months on purchases and balance transfers.

Who it’s for:

If you’re looking to earn rewards on purchases and gather points to use in Chase’s Ultimate Rewards program, then sadly this is not the card for you. This card was made with the specific intent of aiding cardmembers in ‘jumpstarting their financial fitness’. This card helps to accomplish that in a number of ways, including saving on interest and obtaining a free monthly FICO credit score. If you’re looking to rollover your balances and improve your overall credit and FICO scores, the Chase Slate card may be just what you are looking for.

This card is for individuals with good credit (from 700 to 749).

The details:

JPMorgan Chase is well known as one of the oldest financial institutions in the United States. With over 200 years in business,and operating in over 100 countries, JPMorgan Chase has earned respect worldwide and has become a household name.

The Chase Slate card has won awards from CardRatings.com for six consecutive years, from 2012 to 2015 those awards have been for best in balance transfers – and it’s for good reason. New cardmembers can partake in their nice ‘intro balance transfer offer’. With this offer, during the first 60 days after opening your account, you don’t have to pay any transfer fees when transferring a balance. Following those blissful fee-free 60 days, all future balance transfers will incur a 5% fee of the amount transferred, with a minimum fee of $5.00.

You’ll also get 0% APR on purchases and balance transfers for the first 15 months after opening your account. After that grace period, it’s 13.24% – 23.24% variable APR, and 25.24% APR on cash advances. Were you late making a payment? Though you’ll naturally have to pay a fee, there is no penalty APR with Chase Slate, meaning a late payment won’t raise your interest rate.

The cherry on top is that this card has no annual fees. A lot of competitors focusing on repairing your credit will charge an annual fee for the convenience, it’s nice to see Chase cut you a break.

What about services and security? Chase Slate offers comprehensive fraud protection that helps to safeguard all cardmember accounts with sophisticated Real-Time Fraud Monitoring. Day or night, all transactions on your Chase Slate card are being monitored for any signs pointing to fraudulent activities. If any suspicious activity is detected, Chase will notify you via phone, text or email so that you can take action.

Each Chase Slate card features an embedded chip, and that small little device will give you an extra layer of security by requiring that the chip produces a single-use code to validate transactions each and every time you use a chip card reader. It also means that you can take the credit card abroad on your next vacation – other countries are already use chip technology.

Your card will provide you with purchase protection, a service that covers new purchases against theft damage for 120 days for up to $500 per claim and $50,000 per account. Lastly, your card offers price protection, a very handy money saving service that savvy bargain shoppers will appreciate. Have you ever gone shopping and felt so satisfied with your purchase, only to go to another store and see the same item offered for a better price? With Chase Slate’s price protection you can avoid the resulting frustration. If you’ve made a card purchase in the Unites States, if within 90 days you find it advertised for less in print or online, you can be reimbursed the difference up to $500 per item, and $2,500 per year.

If you’re in need of any assistance, the Chase’s customer service team can be reached 24/7 through a range methods including secure email, twitter for those short sweet inquiries, and even traditional snail mail. Of course, if you prefer to pick up the phone, you can easily talk to a live representative by calling the number on the back of your Chase Slate card.

While Chase Slate has a lot to offer, it’s not without some drawbacks. For both the purchase protection and price protection, there are some restrictions, exclusions, and limitations that do apply. The amount you transfer can’t exceed $15,000 or your credit limit, whichever is lower, and that includes your fees and interest. The biggest drawback, however, is that you need good credit to qualify for this card, we’re talking in the range of 700 and up. If your credit isn’t in such good standing, then you may have to seek other alternatives.

While it may not be as glamorous as other reward-granting cards in the Chase lineup, the bottom line is that if your credit is good, and you’re dealing with debt, Chase Slate is without a doubt a powerful and low-cost tool that can help you pay down your debt, getting you out of the red and back to black.

For complete rankings of all personal credit cards, go here.

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