Are you on the hunt for the perfect credit card? With so many options available, it can be overwhelming to make a decision. But fear not, because we’re here to introduce you to the Chase Slate Edge Credit Card. This no-frills credit card is all about rewarding responsible use and on-time payments. If you’re interested in learning more, keep reading!
TIME’s Take
The Chase Slate Edge Credit Card has a lot going for it. It offers a relatively long introductory APR period, with diminishing APRs each year if you pay your bills on time. Additionally, there’s the possibility of a credit limit increase after six months. However, it’s worth noting that this card doesn’t have a rewards program, which may not appeal to customers looking for cashback benefits. Ultimately, whether the Chase Slate Edge Credit Card is the right choice for you depends on your priorities and whether you’re okay with no rewards.
Who is the card for?
The Chase Slate Edge Credit Card is an excellent option if you’re looking to build good financial habits and improve your credit score. To apply, you’ll need a “good” or “excellent” credit score. If you qualify, Chase offers several benefits such as an introductory APR rate and the opportunity to decrease your APR each year by using the card responsibly. After six months and at least $500 in spending, you’ll be eligible for an automatic credit line increase.
Rewards structure
Unlike many of its competitors, the Chase Slate Edge Credit Card doesn’t offer rewards or cash back. Instead, its benefits come in the form of rewards for good financial habits. For example, if you make consistent on-time monthly payments and spend at least $1,000 on the card before your next card anniversary, you could have your APR reduced by 2% each year until it reaches the prime rate plus 9.74%. This feature can be particularly useful if you want to pay down your balance and minimize interest charges.
Another perk is the automatic review for a credit line increase. If you spend at least $500 and make timely payments in the first six months of account opening, you’ll be automatically considered for a credit limit increase.
Additional hidden perks
Cardholders of the Chase Slate Edge Credit Card can take advantage of Chase Credit Journey, a credit monitoring tool that helps track your credit score and alerts you to potential identity theft. This feature is valuable if you’re looking to boost your credit score, and it’s available to all, even those without a Chase account.
Furthermore, the My Chase Plan payment plan allows you to break up your card purchases into smaller, interest-free payments. While there is a small monthly fee after the 0% introductory APR period ends, it’s relatively low at 1.72% of the eligible purchase amount.
What could be improved?
The Chase Slate Edge Credit Card’s most significant drawback is the absence of rewards or cash back. For some, this may be a deal-breaker, as many credit cards offer rewards that help save money.
Alternatives
If you’re seeking a credit card with cash back benefits, there are several alternatives to consider:
- Card 1: Up to 5% cash back on purchases after spending $1,500 in the first six months.
- Card 2: Up to 5% cash back on purchases.
- Card 3: Introductory APR rate and duration.
- Card 4: Introductory APR rate and duration.
A simple card without a lot of fuss
While the Chase Slate Edge Credit Card may not be the best option for those wanting a rewards credit card, it offers several advantages. From its introductory APR rate and duration to the potential to decrease your APR over time, it’s a straightforward and no-fuss credit card choice.
Frequently asked questions (FAQs)
Q: What’s the starting credit limit for the Chase Slate Edge Credit Card?
A: The credit limit will depend on your credit history, with a minimum of $500. If you maintain on-time payments and spend at least $500 within the first six months, you’ll be considered for a credit line increase.
Q: What are the best promotions for the Chase Slate Edge Credit Card?
A: Currently, Chase offers an introductory APR rate, followed by a regular APR rate.
Q: Is the Chase Slate Edge Credit Card a good first-time credit card?
A: The card requires applicants to have a “good” or “excellent” credit score, making it less suitable for first-timers. Instead, individuals building credit may want to consider secured credit cards as a starting point.
Q: Is the Chase Slate Edge Credit Card a cash back credit card?
A: No, the Chase Slate Edge Credit Card does not offer any rewards or cashback benefits.
Q: Is the Chase Slate Edge Credit Card made of metal?
A: No, the card is made from plastic, like most traditional credit cards.
Q: What is the foreign transaction fee for the Chase Slate Edge Credit Card?
A: The foreign transaction fee is a percentage of each transaction amount in U.S. dollars.
Q: Is the Chase Slate Edge Credit Card hard to get?
A: It depends on your credit score. If you have a “good” or “excellent” credit score, you’re likely to qualify easily. For those with a “fair” or “poor” credit score, approval may be less likely.
Remember, the information provided here is independent of the TIME editorial staff. To learn more, visit the Personal Finances Blog page.
