Credit Card Review: Chase Slate Edge


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Most credit cards don’t automatically reduce your rate as your credit score improves. But now, Chase has introduced a new card that does just that. The new Chase Slate Edge will lower your interest rate every year you make your payments on time and use it to spend at least $ 1,000.

Keywords

  • Welcome bonus: Get a $ 100 credit on your statement after spending $ 500 on purchases in the first six months
  • Awards: Nothing
  • Annual subscription : Nothing
  • APR: Variable APR from 14.99% to 23.74%. Get a 2% percentage point reduction for every year you make your payments on time and spend at least $ 1,000. (Minimum APR is Prime plus 9.74 percentage points, currently 12.99%)
  • Promotional financing offer: 12 months of 0% APR financing on new purchases and balance transfers.

How does this card work

While not a reward card, Slate Edge does offer new applicants $ 100 credit after spending $ 500 within six months of opening the account. New accounts also benefit from 12 months of interest-free promotional funding on new purchases and balance transfers.

After the first year, the standard interest rate will apply to your balances, which is currently 14.99% to 23.74% variable APR. What makes this card unique is that you can receive a 2 percentage point drop in your interest rate each year if you make your payments on time and make at least $ 1,000 in new fees. However, the rate will never drop below the prime rate plus 9.74 percentage points (currently 12.99% variable APR based on the 3.25% prime rate as of August 4, 2021).

You’ll also get an automatic review for a higher credit limit when you pay on time and spend $ 500 in the first six months of opening the account. This card comes with a number of valuable benefits, including collision insurance, purchase protection, and extended warranty coverage. There is no annual fee for this card.

Benefits

This card innovates by rewarding you directly for paying your bills on time. By automatically offering you a lower interest rate and higher credit limit, this card grows with you as your credit improves, so you don’t have to apply for a new card to get the rate. that you deserve.

This card is also unusual in that it offers a bonus of $ 100 for the new account, even though it is not a reward card. Other great features include 12 months of 0% APR financing on new purchases and balance transfers, as well as its travel insurance and purchase protection policies. And of course, it’s always nice when there’s no annual fee.

Disadvantages

This card has a 3% overseas transaction fee imposed on purchases processed outside of the United States, so it is a poor choice for use while traveling internationally.

Alternatives

PenFed Visa Gold card. The PenFed Gold Visa card offers new account holders a credit of $ 100 after spending $ 1,500 within 90 days of opening the account. It also has a 0% 12-month APR on balance transfers and a low purchase APR of 7.49% to 17.99%. There is no annual fee for this card.

Check out the Cash Back. This card offers new applicants 14 months of 0% APR on new purchases and balance transfers, and a standard APR of 11.99% to 22.99%. The Discover it Cash Back card offers rewards for spending, but not a lot of benefits. There is no annual fee for this card.

BankAmericard®. This Bank of America card offers 18 months of 0% APR on new purchases and balance transfers. It also offers a standard interest rate of 12.99% to 22.99%, depending on your creditworthiness. There is no annual fee for this card.

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A low credit score not only harms your chances of being approved, it can also affect your interest rate.

Credit repair experts can help you improve your credit score by identifying and disputing errors on your report.

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