The Chase Slate card is a credit card that looks like a great deal from the outside looking in. The card lures you in with 0% APR on balance transfers made within 60 days of opening the card, and a continued 0% APR for the first 15 months of your cardholder-ship. The Slate card comes complete with no annual fee, and it comes with fraud protection so that you are always guaranteed your money back should your card be compromised or stolen. It sounds like a great deal, but those who have this card say it’s anything but. For those thinking of using this great introductory rate card to save a little money on balance transfers, there are a few things you should know before you apply for this card; it might just save your credit.
Pay in Advance
One of the biggest complaints about the Slate card is the fact that paying your balance on the due date will accrue additional interest charges (after the 0% introductory period ends) as well as late fees and a hit to your credit. Payment processing for this particular card takes 5-7 business days, and many people complain that scheduling an online payment for the actual due date is not sufficient because their payment does not post for as long as a week.
Low Credit Limit Approval
One of the other complaints Slate cardholders have is that approval with this card often results in a low credit limit even for applicants with a high credit score. The reason for this is that many people already have another Chase card. To increase your credit limit, you can call the company and request your unused balance from another Chase-family card be applied to your new card. The company is happy to do this for good customers, which will allow you to have a higher limit and eliminate an old card from your account.
Small Balance Transfers
If you’re planning on applying for the Slate card to take advantage of the balance transfer 0% interest rate, be aware that your entire balance may not transfer. Many customers state they apply for the card looking to transfer a certain amount and end up approved at a much lower limit than they expected. When this occurs, only a portion of their balance transfer is moved over and they’re left paying two cards.
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