Review: Slate From Chase

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I review dozens of credit card offers each week to find the best deals. Check out more on our credit card page

With most credit cards, it’s hard to put a value on them – one might offer a unique set of features or benefits, while another card has slightly lower rates. But I can tell you without a doubt that the Slate card from Chase is the best credit card for those trying to get out of debt.

It’s currently the only card on the market that offers zero-percent balance transfers with no balance transfer fees. Used properly, you’d transfer high-interest debts from other cards, then pay off the balance during the zero-interest period. Just be sure you’re fully committed to getting it done: adding any credit card is folly if you’re just going to use it to borrow more.

Advantages

  • No-fee balance transfers. You get 15 months of zero-percent APR on balance transfers with no fee. Other cards charge 3 percent or more of the amount transferred. But note: This offer applies only to transfers made within the first 60 days of opening an account.
  • 15 months of interest-free financing on new purchases.
  • No annual fee.
  • Access to Blueprint. Blueprint is a powerful financial tool that Chase includes with this card. It allows you to pay some items in full while carrying a balance on others. It also lets you set goals to pay off your balance more quickly and easily.

Disadvantages

  • No rewards. But if you’re carrying debt, zero-percent interest on new purchases and balance transfers should be all the reward you need.
  • Uncertain interest rate. New applicants will receive a rate of 11.99, 16.99, or 21.99 percent depending on their creditworthiness. You won’t know which rate you’ll get until your account is opened.
  • Foreign transaction fees. Chase charges a 3 percent fee on all transactions processed outside the United States. While they’ve waived this unnecessary fee on many of their travel reward cards, it still persists on some of their other products.

Final word

Credit card experts argue all day about which product combines the best qualities for a particular type of customer. But for anyone who is trying to use a balance transfer offer to get out of debt, the Chase Slate is easily the best card on the market.

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