Chase Slate Edge review: Lengthy 0% intro APR can knock out debt

The Chase Slate Edge℠ offers a long introductory APR period on purchases and balance transfers and a chance to decrease your APR annually. But after that promo period, there are better choices.

About the Chase Slate Edge card

The Chase Slate Edge credit card isn’t a rewards credit card, so don’t expect cash back or travel rewards. However, it offers a lengthy 0% intro APR for the first 18 months on purchases and balance transfers, then a variable APR of 20.24% - 28.99% applies. An intro transfer fee of either $5 or 3% of each transfer, whichever is greater, applies on transfers made in the first 60 days. After that, a fee of either $5 or 5% of each transfer, whichever is greater applies.

This card is only a fit for customers with great credit, and works best for those who plan to carry a balance but don’t want to pay interest. Thanks to the promotional period, consumers have a year-and-a-half to pay off a transferred balance or finance a big-ticket purchase.

When you’re not in a 0% APR period, it’s best to avoid carrying a balance. However, if you occasionally find yourself needing to roll over a balance month-to-month, you may appreciate this card’s unique feature: With on-time payments and at least $1,000 made in purchases, Chase will lower your APR by 2% each year, the lowest rate being 9.74% plus the prime rate. 

Credit card companies are allowed to increase your APR as long as they provide a 45 days notice, so it’s nice to see a card that offers a clear route to a lower APR. For some cardholders, this benefit may outweigh the fact that the Slate Edge doesn’t offer any rewards.

Because a great credit score is recommended to apply for this card, and most people with excellent credit want to take advantage of rewards such as cash back or points that transfer to travel partners, the Slate Edge won’t make sense for everyone. However, if you want to use a credit card for large purchases and pay the balance down slowly, it may be a good option.

Chase also offers the ability to create a My Chase Plan, which is an installment plan for your balance. You won’t pay interest on the balance, but there is a fixed monthly fee, usually equal to 1.72% of the balance, except during the 18-month introductory period when you’ll pay no fees. This feature could be helpful to those who often carry a balance and want a break on high interest.

Each My Chase Plan purchase requires a different plan and may incur additional fees.

Chase Slate Edge basics

• Annual fee: $0.
• Welcome bonus: None.
• Rewards: None.
• Regular APR: 0% intro APR for the first 18 months on purchases and balance transfers, then a variable APR of 20.24% - 28.99% applies. An intro transfer fee of either $5 or 3% of each transfer, whichever is greater, applies on transfers made in the first 60 days. After that, a fee of either $5 or 5% of each transfer, whichever is greater applies.
• Perks and benefits: Possibility to lower APR by 2% each account anniversary year with good credit use, and the option to put balances on a fixed monthly installment plan with no interest.
• Does the issuer offer a pre-approval tool? Yes.
• Recommended credit score: Good to excellent.

Chase Slate Edge other details

Chase Slate Edge rewards

The Chase Slate Edge card does not offer rewards or a welcome offer.

Chase Slate Edge APR

All cardholders get a 0% intro APR for the first 18 months on purchases and balance transfers, then a variable APR of 20.24% - 28.99% applies. An intro transfer fee of either $5 or 3% of each transfer, whichever is greater, applies on transfers made in the first 60 days. After that, a fee of either $5 or 5% of each transfer, whichever is greater applies. However, with on-time payments and spending at least $1,000 by your anniversary date, you have a chance to reduce the APR by 2% yearly until you reach the prime rate plus 9.74%. 

Chase Slate Edge pros

• Automatic review for higher credit limit: Cardholders may qualify for a credit limit increase if they spend at least $500 in the first six months and make on-time payments. 
• Access to Chase Credit Journey: Chase Credit Journey offers free credit monitoring, real-time alerts, and free access to your credit score.
• Long introductory low APR: Cardholders can take advantage of a lengthy introductory APR period of 18 months.
• Purchase protection: New purchases are covered against damage or theft for 120 days (maximum payout of $500 per claim and $50,000 per account).
• Extended warranty: Get up to an additional year on the manufacturer’s warranty (on eligible warranties of three years or less).
• Auto rental collision damage waiver: Receive secondary coverage when you decline the rental company’s insurance at the counter.
• Roadside dispatch: Call 1-800-847-2869 for help with roadside emergencies. Note that the cost of any services used will be billed to your card.

Chase Slate Edge cons

• No rewards or welcome offer: Cardholders don’t get any rewards or welcome offer beyond the long intro APR period and the chance to lower the APR by 2% annually. 
• Good to excellent credit required: Even though it isn’t a rewards credit card, you’ll likely need between good and excellent credit to qualify.
• There’s a foreign transaction fee charged: Purchases made outside of the United States are subject to a 3% fee.

How the Chase Slate Edge compares to other 0% intro APR credit cards

Chase Slate Edge vs. Chase Freedom Unlimited®

The Chase Freedom Unlimited offers elevated rewards across a wide expanse of categories. Cardholders earn 5% per dollar spent back on travel booked through Chase Ultimate Rewards®, 3% back on dining and drugstore purchases, and 1.5% back on other spending. 

This credit card also comes with a generous welcome bonus of 1.5% back on everything bought in the first year on up to $20,000 in spending, which is worth up to $300.

There’s an intro APR offer as well: 0% intro APR for the first 15 months on purchases and balance transfers, then a variable APR of 20.24% to 28.99%. An intro transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies in the first 60 days. After that, a fee of either $5 or 5% of each transfer applies.

The Chase Freedom Unlimited charges no annual fee.

Chase Slate Edge vs. Capital One Quicksilver Cash Rewards Credit Card * The information for the Capital One Quicksilver Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

The Capital One Quicksilver Credit Card charges no annual fee and earns a flat 1.5% cash back on purchases and 5% cash back on hotels and rental cars booked through Capital One Travel. Cardholders don’t have to worry about managing categories or determining which card is best for certain purchases. Plus, new cardholders can earn a $200 cash bonus after spending $500 on purchases within the first three months of account opening. 

The Quicksilver also offers a 0% intro APR on purchases and balance transfers for 15 months then a 19.99% to 29.99% variable APR. There is a 3% fee on the amounts transferred in the first 15 months.

Chase Slate Edge vs. Citi Simplicity® Card * The information for the Citi Simplicity® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

If you’re looking for a longer balance transfer period, consider the Citi Simplicity® Card * The information for the Citi Simplicity® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. . Although it doesn’t offer rewards, it comes with a 0% intro balance transfers APR for 21 months from the first transfer and 0% intro purchase APR for 12 months from account opening. After that, the variable APR will be 19.24% to 29.24%. There is an intro balance transfer fee of $5 or 3% of the transfer, whichever is greater, for transfers made in the first four months. After that, a balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies.

In addition, the Citi Simplicity doesn’t charge a late fee or assess a penalty APR for paying late (though you should always pay on time anyway, because late and missed payments can severely damage your credit score). There’s no annual fee to carry the Simplicity.

Should you get the Chase Slate Edge Card?

If you want a credit card with an affordable APR, have excellent credit and aren’t interested in rewards, the Chase Slate Edge Card can be a good option to consider. If you pay your bill on time every month and spend at least $1,000 on your card in an account anniversary year, your regular APR could decrease annually — a feature not typically found on most credit cards.

While it’s never ideal to carry a balance, it’s nice to know the Chase Slate Edge rewards you with a lower APR for on-time payments (if you also meet the annual spending requirement). With no annual fee and the chance to keep your interest charges to a minimum, it can be a good credit card to have in your financial toolbelt to reach your money goals.

Chase Slate Edge summary