Chase Slate Edge^℠ Review

The Chase Slate Edge^℠ was launched to replace the formerly popular Chase Slate card. Chase has since rebranded the card and brought it back with more robust features. If you’re struggling with paying down your debt and would like the chance to get more favorable terms, this card could be a great fit for you.

This flagship feature of this card is the low APR rate, so if you’re struggling with paying off your credit card debt, this product could be ideal. The combination of consolidating your existing debt into a 0% APR introductory payment period for 18 months and having to opportunity to decrease your regular interest rate is extremely appealing. Furthermore, the potential to increase your credit limit could decrease your credit utilization ratio (if you keep your balance constant) and potentially have a net positive effect on your credit score. 

If you continue making on-time payments with your Slate Edge card, you would qualify for even better terms. Chase will continue providing positive information about your payment history to the credit bureaus—another plus for your credit score. All cardholders automatically get a lower interest rate of 2% each year provided you make your payments on time and spend $1,000 by your account anniversary. You can maximize this feature to lower your APR until it reaches as low as a 19.99% variable rate.

Being that your variable APR could be anywhere between 19.99% - 28.74% after the first 12 months of your account opening, your journey to reach the 19.99% variable rate could be sooner than you think. This would still be a phenomenal APR for any cardholder. If you see yourself desiring a low APR, the Slate Edge could help you reach your financial goals quickly.

The Slate Edge card incentivizes cardmembers to pay down their credit card debt fast. With this version of the card, help doesn’t just come by way of a low-interest balance transfer offer: There’s also potential to get a lower APR.

Put simply, the new Chase Slate Edge card is intended for consumers whose wish monitor and improve their credit score. With an introductory APR offer and no annual fee, the Slate Edge gives consumers lots of purchasing flexibility. This flexibility can be of great assistance for consumers who are attempting to pay off credit card debt, looking to make large purchases and pay off the balance over a period of a few months. This card also comes with some great credit health software to help make your credit jounrey easier. According to Chase’s Slate Credit survey, 81% of consumers say improving their credit score is a top priority, and the Slate Edge was designed to do exactly that.

On the other hand, if you are satisfied with your credit score, or are looking for a card which allows you to maximize the benefits and rewards you can earn, the Slate Edge Chase card might not be for you. If you are satisfied with your credit score, you might want to consider applying for one of Chase's flagship Sapphire rewards cards. These rewards cards allow you to earn richer rewards and benefits than the Slate Edge Chase card - albiet at a higher interest rate. 

Why Now?

After an uncertain year due to Covid-19, customers are seeking opportunities to improve their financial flexibility. Additional survey data indicated:

• Over 30% of all consumers said buying a car or home would motivate them to take action to improve credit score.
• 34% of Gen Z and Millennial consumers said understanding how to improve their credit score is a major challenge.
• 20% of all consumers say they are not taking any action to improve their credit score.

Slate Edge prompts customers to take simple steps to put their goals within reach. BestCreditCard does our best to help you become more knowledgeable about the benefits of your credit card options.

About the 2021 Chase Slate Credit Survey

The 2021 Chase Slate Credit Survey was conducted on behalf of Chase Card Services by TRUE Global Intelligence, the in-house research practice of FleishmanHillard. The 10-minute survey was fielded online from June 28 to July 6, 2021, among 1,000 U.S. consumers aged 18+, and included oversamples of 500 Black Americans, 500 Hispanic Americans, 500 Young Adults aged 18-34 and 500 active or retired military personnel for a total sample of 3,000 consumers. The general population sample was weighted by gender, age, race/ethnicity and geographic region to ensure a representative sample based on Census Bureau data.

The goal behind this was of course to design a new Chase card that would be beneficial to all Americans. Chase wanted to design a card that would be useful for the new generation of credit card users while making it easy to build up a solid credit score. Thanks to this survey, Chase was able to design a competitive offer in the low interest category.

Benefits 

The Chase Slate Edge offers a compelling suite of benefits, including: 

• Start off strong with 0% Intro APR for 18 months from account opening on purchases and balance transfers. A variable APR of 19.99% - 28.74% on balance transfers and purchases after the introductory period ends.
• Welcome offer: $100 statement credit when you spend $500 in the first 6 months
• APR reduction: Automatic consideration for annual 2% purchase APR reduction when you pay on time; spend at least $1,000 by the next account anniversary until your APR reaches the Prime Rate plus 9.74%
• Increased credit line: Automatic one-time evaluation for a credit line increase when you pay on time, and spend $500 in the first 6 months
• Access to Chase’s digital tools to manage your personal finances like Credit Journey and My Chase Plan

Conclusion

As with many decisions centered around your personal finances, picking a credit card is a personal decision. If you want to improve your own financial situation - maybe you have outstanding debt or believe you are paying too much in interest on that debt this is a great option for you.

If you care more about benefits, you should probably consider a different card as some cards intended for consumers with similar credit scores offer better rewards.

Looking for a credit card that fits your lifestyle? BestCreditCard finds your best 3 credit card offerings according to your own spending habits. Sign up for free to find out which cards are best for you.