One Card I Don't Understand: Chase Slate

[Anonymous]

I happened on to  the Slate because I have become a  pre-approval junkie  bouncing from every major card site seeing if I pre qualify.    I started with a 471 average fico scores on 6/24/14.   So in  1.5 years and this sites help im up to 670 average.   Shooting for 800!       But I filled in the Chase pre-qual site and it said im good for Slate.  So i app'd and to my surprise i got a Slate with $5k limit.    I am going to use the no interest for 15 months to buy some much needed equipment for my business.   This will save me some interest and im very happy about it.  Im thinking after that I could change to a better Chase card or I may stay  with the Slate out of loyalty for helping me get started with some credit.    Presently im building with two Cap1 cards, Home depot, Sunoco gas, Walmart.   

[Anonymous]

Okay, PCing Slate to Freedom could make sense with the 5/2 rule...especially if the next year's categories would be useful.

[ddemari]

I have a slate visa that's 15 month BT offer is ending in a few weeks. Move CL over to freedom and ask for visa signature up grade on it. I'll feel happy about that and I got 0 percent for 15 months on the card lol. I agree what someone else said, card is plain vanilla and a lot of banks offer them. It wouldn't be bad if it came with real interest and not the 22.9% it has lol

[ddemari]

Real low**

[Anonymous]

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@Discover2016 wrote:

Yea I don't get the Slate either, especially since the Freedom usually has intro 0% offers also. The design is also very ho hum, it was a distinctive looking card when it had the vertical design

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I preferred the vertical design too!

[Anonymous]

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@UncleB wrote:

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@Anonymous wrote:

It's the combination of an intro 0% APR and no BT fee. Most cards have one or the other.

It's meant for balance transfers, not for rewards.

Sure, it's lousy after 15 months. When someone gets a Slate, the idea is simply to get time (15 months) to pay the balances off without any additional interest or fees.

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+1 to everything that's already been said. 

I'll just add that for folks with additional Chase cards, moving the credit line from an 'expired promo' Slate card is a way to get a no-HP credit line increase on the other card... especially since Chase is well known for being stingy with their CLIs.

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Ugh! Tell me about it.

[Anonymous]

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@mongstradamus wrote:

didn't slate have free ex fico score also,  i don't think there are any other major credit cards that offer that perk?

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Yes. They now offer free EX FICO score.

[Anonymous]

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@UncleB wrote:

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@Sharingan wrote:

Most banks have a no-frills, bare-bones credit card available for their customers who want it. Alternatively, it can also serve the purpose of being an entry level card for customers. BoA, 5/3, U.S. Bank, Wells Fargo, Citi, and many credit unions have products that fit this purpose. I'd say that the Slate is a bit more useful than a lot of competing products because it offers the 0% BT fee as well as an EX score. I'm sure that banks are happy to offer cards like the Slate because they don't have the burden of rewards programs to deal with. 

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+1

Although not a perfect analog, many people consider the Amex Green card to be similar... only basic 'frills', and not a lot of bells and whistles when compared to the other Amex offerings.  While the Green card does offer MR points, it's generally considered to be the most 'basic' of the current American Express lineup.  It's not for many people - after taking it for a 'trial run' the last few months I've realized it's not for me - but there is a market for it.

This being said, I'm sure Amex won't be doing away with the Green card anytime soon, and it's likely Slate is safe over at Chase as well.

(I still say after the BT promo, Slate could be useful to some as a 'donor' to raise the credit line on another Chase card, i.e. Freedom, CSP, etc.)

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That's why I've been holding onto mine. I'm not sure it's possible, but after my 15 months promo runs out I'm going to see if they send out another BT offer.

[Anonymous]

I got one December 14. I found myfico March 15. I learned here that I wanted to lower the number of cards carrying balances, 0% or not, since I was working on a HELOC/refi/car loans. So I burned my 15 month BT and paid it off early. I figured I'd move the limit to another Chase, but never did. Then I came into a time when it made sense to move another balance. I moved CL to increase my Slate limit to something useable and that wouldn't be over 40%.  I figured the 3% was a deal given alternatives, but I didn't realize until AFTER initiating and setting things up to make this happen, that it was only a 6 mo 0% on this subsequent BT. I went ahead with it. I'll pay over min but take my sweet time and pay it by April. I'll then move my limit to some other Chase card and close it. Makes no sense long term for me. 

[Anonymous]

This was my first Chase card 15 years ago.  I had it for 7 years before closing it with a balance.  (long story). It was a good card in that after the 0% promo ended, for YEARS,  I continued to be offered great balance transfer deals.--such as 2.99% until paid off.