However, the card offers little value after the introductory APR offer expires. not taking advantage of the balance transfer opportunity. And, you'd pay only $350 in interest, saving $1,562 vs. If you transferred your balance to the Chase Slate card within the first 60 days of opening an account, kept the same minimum monthly payment, and qualified for 14.99% APR after the promotional offer ended, you'd repay your debt in 32 months (the initial 15 months at 0% APR and then an additional 17 months at 14.99% APR)-eight months ahead of schedule. If you had $6,028 in credit card debt on a card that charged 17.14% APR with a minimum monthly payment of $200, it would take you 40 months to pay off your debt, and you’ll pay $1,912 in interest charges. The Federal Reserve reported that the average interest rate on all credit card accounts assessed interest was 17.14%. To put that in perspective, consider that the average credit card balance in 2019 was $6,028, according to Experian. And, if you complete the transfer within the first 60 days of opening an account, you won’t have to pay a balance transfer fee. It has no annual fee, and you’ll get 0% APR for 15 months, giving you over a year to pay down your balance without paying interest fees. If you have high-interest credit card debt, completing a balance transfer with the Chase Slate credit card makes a lot of sense. Tends to pay less than balance in full and so accumulates debt on card If you are going to be traveling outside of the United States, consider applying for a different credit card, potentially like the Capital One Quicksilver Rewards Card, which doesn't charge a foreign transaction fee. During the course of your trip, that fee can add up, costing you hundreds over the length of your vacation. 3% foreign transaction fee: If you plan on traveling abroad, be aware that this card charges a 3% foreign transaction fee every time you make a purchase outside the U.S.And, you'll still get an introductory 0% APR offer on purchases for 15 months, after which the regular APR is 15.49–25.49% variable. Plus, you'll get $150 as a cash bonus if you spend at least $500 within the first three months of opening an account. For example, the Quicksilver card from Capital One allows you to earn unlimited 1.5% cash back on every purchase you make. That's a big drawback, as many other balance transfer cards offer valuable rewards and bonuses for new card members. No rewards or one-time offer: The Chase Slate doesn't have a rewards program or bonus.Many credit cards will boost your APR indefinitely if you miss a payment, so this feature is a useful added benefit. No penalty APR: If you miss a payment with the Chase Slate card, you won’t be subject to a penalty APR.But if you completed the balance transfer within the first 60 days of opening the account, you’d pay $0-a substantial saving. If you transferred that balance to the Chase Slate card, you'd normally have to pay $250-5% of the account balance-in balance transfer fees. For example, let's say you had $5,000 in credit card debt. After the 60 days are up, you'll pay 5% of the amount transferred, with a minimum charge of $5. $0 introductory balance transfer fee: Balance transfer fees, a percentage of the overall sum you're moving to a new card, can add a lot to your overall cost. The Chase Slate card has a strong advantage over other balance transfer cards balances transferred within 60 days after opening an account incur absolutely no transfer fee.After that, the APR will be 14.99% to 23.74% variable, depending on your creditworthiness. With the 0% APR offer, you’ll have over a year to pay down high-interest credit card debt or finance a big purchase without having to pay interest charges. You'll pay no interest on either for 15 months after the account’s opened. But its generosity extends beyond the common 12-month mark, for both balance transfers and new purchases. Relatively long APR-free period for balance transfers and purchases: Like many credit cards, the Chase Slate card offers introductory APR terms.
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