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If you are paying huge finance charges on credit card balances and need a break to execute a plan to get out of debt, it will be difficult for you to do better than transferring the balances to the Chase Slate®.
The Chase Slate® is one of the few major credit cards that does not charge balance transfer fees for a limited period. It also has a long introductory period of 0% interest.
With that one-two hit, the Chase Slate® It essentially allows you to carry a balance for free while you develop a strategy to pay it off. However, it is only good for transfers from non-Chase cards and cannot transfer more than $ 15,000.
The Chase Slate® it has no sign-up bonus or expense rewards, but its annual fee is $ 0, so the advantage is what you do not pay, not what the card pays you.
So if you have the Chase Slate® or you are planning to achieve it, be sure to optimize the use of its main features and reap other benefits that the card has to offer.
Here’s how to get the most out of your Chase Slate®.
Make free balance transfers
The balance transfer fees charged by most credit cards are typically 3% to 5% of the transferred amount. On a $ 10,000 transfer, that would cost you between $ 300 and $ 500. Chase Slate®however it has a $ 0 initial balance transfer fee for the first 60 days and offers 0% on purchases and balance transfers for 15 months, then the ongoing APR of 16.49% – 25.24% variable APR.
After the 60-day mark passes, balance transfers incur a fee of 5% of the transferred amount, or $ 5, whichever is greater. So make transfers soon after opening the account. The dollar amount of the transfers cannot exceed your credit limit or $ 15,000, whichever is less.
It is relatively easy to add this card to your wallet, as it charges one $ 0 annual quota.
Create a debt freedom plan
Use the time afforded by the free balance transfer and 0% introductory APR to develop a debt elimination plan and discover ways to save money on your household budget to lower your card balance before the start of business. interests. simply to “navigate” by repeatedly switching balances to new cards without reducing them.
Chase offers help in developing a debt-free strategy with Flat, an online program that allows you to create a personalized plan to pay off your debt. It is available free for Chase Slate® card holders. You can monitor your progress online and through account statements, while tracking spending trends with the Track it tool.
Find your free FICO
Keep track of your creditworthiness with access to your FICO credit score, the data most lenders use. FICO scores, for which some providers charge a fee, are provided free each month to Chase Slate® card holders. Chase provides FICO scores based on information from Experian, one of the three largest credit bureaus in the United States. Also, the persecution Credit panel allows you to see the factors that influence your score.
Use temporary free money (if you must)
The Chase Slate® It also offers a long period of interest-free purchases, ideal for times of high spending and little cash. However, adding new fees that you cannot pay right away will increase your liability and slow down your progress towards debt free.
Consider the secondary benefits
While the Chase Slate® It doesn’t have the points, miles, or cash-back benefits of rewards cards, it does include a variety of benefits, including price, purchase, and extended warranty protections. Price protection refunds you for the difference in price when you purchase an item that goes on sale within 90 days of purchase, with a limit of $ 500 per item and a maximum of $ 2,500 per year. Purchase Protection reimburses you when your new items are damaged or stolen, with a limit of $ 500 per item and $ 50,000 per account in the first 120 days. The extended warranty adds an additional year to qualified manufacturer warranties of up to three years.
The Chase Slate® it is not suitable for everyone. It is a poor choice for people who pay their balance in full every month. But it is a useful tool for those struggling with debt and need a break from the crippling financial charges, especially if they use all the advantages that the card offers.
Information related to the Chase Slate® It has been compiled by NerdWallet and has not been reviewed or provided by the issuer of this card.