Why Chase Slate Is The Ultimate Tool For Paying Off Your Debt
June 15, 2017
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It can be incredibly hard to get out of credit card debt. As unsecured debt, credit card interest rates are generally much higher than those for a home or a car. Unlike a home mortgage or a student loan, the interest charges for credit card debt are never tax deductible. Finally, many people rely on their card’s line of credit to pay for everyday expenses, further increasing the debt that they are trying to pay off.
There’s one card that offers unique benefits that can empower you to pay off your debt. The Chase Slate is one of the only credit cards that offers 0% APR promotional financing on balance transfers, and includes innovative tools to let you manage your debt on your terms.
How Chase Slate Works
New applicants receive 15 months of interest free promotional financing on both new purchases and balance transfers. Whereas nearly all other credit card’s promotional financing offers require the payment of a 3% or 5% balance transfer fee, the Chase Slate has no balance transfer fee for transfers completed within the first 60 days that you account is opened. This gives you the ability to avoid interest charges for over a year, while potentially saving hundreds of dollars on balance transfer fees. After 60 days, a balance transfer fee of 5% applies, and after 15 months, the standard interest rate of 15.74% to 24.49% will apply, but there’s no penalty interest rate.
With Chase Slate, you also get a free monthly FICO credit score, so you can track how your credit improves as you pay off your debt. This is part of Chase’s Credit Dashboard that helps you monitor and understand the five main attributes that make up your credit score.
Other benefits include a purchase protection policy that covers your eligible purchases for 120 days against theft or damage, up to $500 per claim and $50,000 per account. You also get a price protection policy that will refund you the difference if a lower price is found on an eligible item within 90 days, up to $500 per claim and $2,500 per year.
There’s no annual fee for this card, but there is a 3% foreign transaction fee imposed on all charges processed outside of the United States.
What Makes This Such an Effective Way to Pay Off Debt
Having a 0% APR promotional financing offer for balance transfers opens up a world of possibilities. With no interest charges to pay, 100% of all your payments will go towards paying down your outstanding balances. Another great feature of this offer is the ability to transfer balances from multiple cards, consolidating your debt. Doing so allows you to save time paying multiple credit card issuers each month. When you consolidate your debt, there’s far less chance that you might accidentally pay one of your bills late, or even skip a payment. You can also see your progress in one place, rather than scattered through many accounts.
Yet the key difference between Slate and nearly all other balance transfer offers is that Slate has no balance transfer fee for transfers completed within 60 days of account opening. Other cards with this fee may offer interest free financing, but the transfer fees will still be added to your new balance, making the offer far from free.
Blueprint: Slate’s Hidden Feature
Chase doesn’t list it prominently, but it offers Slate cardholders a unique tool call Blueprint. Blueprint allows you to save money on interest charges by paying off some charges in full, while carrying a balance on others. It also contains powerful budgeting and goal setting tools.
There are four parts to Blueprint:
Full Pay. This allows you to avoid paying interest on a category of purchases that you choose.
Split. This allows you to pay off large purchases at a pace you determine.
Track It. This feature lets you view a summary of your recent purchases to see how you’ve been spending your money.
Finish It. This lets you create a plan to pay off all of your debt, either by paying a certain amount each month, or by setting a date to pay off all of your debts.
The Combined Power of 0% APR Balance Transfers and Blueprint
New applicants start out by enjoying 15 months of interest free promotional financing for their balance transfers, with no balance transfer fee. You can combine this offer with the power of the Blueprint program to do everything possible to pay off your debt before the financing expires. Even afterwards, you can continue to use Blueprint to pay less interest than you can with any other card. Finally, you can easily configure Blueprint to help them finish off their debt on whatever schedule they prefer.
By realizing what makes Chase Slate unique, you’ll realize that it’s the ultimate tool for paying off your debt.