The content is accurate at the time of publication and is subject to change.
The new Slate Edge credit card is the same non-rewards credit card as the previous Chase Slate card but with a different approach to encouraging credit card debt repayment.
One can call the new Chase Slate Edge card a revamped version of the old Chase Slate card. However, the new card does not have all peculiarities of the old version and definitely got some of its own. The Slate Edge card offers 12 months of 0% intro APR on purchases and balance transfers (14.99%-23.74% variable APR thereafter). That's three months shorter than the introductory period on the original Slate card.
The Slate Edge card does offer an intro fee on balance transfers, but it's not 0% as it was with the Chase Slate card. If you decide to transfer balances to the Chase Slate Edge card, you will have to pay either $5 or 3% of the amount of each transfer made within 60 days of account opening. When the promo balance transfer fee ends, all transfers will cost either $5 or 5% of each amount of each transfer (whichever is greater).
As we've mentioned, the card offers no rewards but comes with other benefits. Thus, new cardmembers can earn a $100 bonus credit for spending $500 on purchases in the first six months. If you make all payments on time in addition to spending $500 in the first six months, you may also qualify for an automatic credit limit increase.
What's more, you can lower your interest rate by 2% each year until your APR reaches the Prime Rate plus 9.74%. So based on the current Prime Rate, your interest rate can be as low as 12.99%, which is considerably lower than the current average card APR of 16.22%. To qualify for the rate reduction by 2%, you need to pay on time and spend at least $1,000 on your card by your next account anniversary.
Here are the Chase Slate Edge card benefits at a glance:
- 0% intro APR for 12 months on purchases and balance transfers (14.99%-23.74% variable APR thereafter)
- $0 annual fee
- $100 bonus credit for spending $500 on purchases in your first six months
- Lower your interest rate by 2% each year
- Raise your credit limit when you pay on time, and spend $500 in your first six months from account opening
- Purchase Protection
- Zero Liability Protection
- My Chase Loan.