topic Re: One Card I Don't Understand: Chase Slate in Credit Cards

One Card I Don't Understand: Chase Slate

Anonymous — Fri, 30 Oct 2015 03:29:15 GMT

Hey guys! All in 1.5 years, I have grown in the credit world. I have learned so much from the forum and made some awesome rewards thanks to my knowledge from you guys.

I've been hearing some folks on here talk about a Chase Slate card and I've always been curious as to WHY it is so special.

Okay, let's break it down:

0% balance transfer fee = Great, that's a first.. Saves someone with a $2,000 balance some $60 (compared to transfer fees on other cards for 3%).

No interest for 15 months. = Nothing special here. Majority of credit cards will come with a 12/15/18/21 months no-interest period for their sign-up promos.

No annual fee = Another common feature on a lot of new credit cards today.

What's so great about it after those 15 months? Is the card basically useless to have after the no interest period? Can you put a new balance on it after those 15 months and start a new 0% interest promo? I just simply do not understand this card.

Re: One Card I Don't Understand: Chase Slate

Anonymous — Fri, 30 Oct 2015 03:25:03 GMT

I've always wondered the same! Seems wonderful for the first 15 months and then virtually useless. No 0%, no rewards...

Following!

Re: One Card I Don't Understand: Chase Slate

Discover2016 — Fri, 30 Oct 2015 03:36:49 GMT

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

Re: One Card I Don't Understand: Chase Slate

Anonymous — Fri, 30 Oct 2015 04:01:09 GMT

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.

Re: One Card I Don't Understand: Chase Slate

UncleB — Fri, 30 Oct 2015 04:45:16 GMT

@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.

+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.

Re: One Card I Don't Understand: Chase Slate

TekkenQQ7 — Fri, 30 Oct 2015 05:29:23 GMT

@Anonymous wrote:
Hey guys! All in 1.5 years, I have grown in the credit world. I have learned so much from the forum and made some awesome rewards thanks to my knowledge from you guys.

I've been hearing some folks on here talk about a Chase Slate card and I've always been curious as to WHY it is so special.

let me tell you why:

slate (slāt)
n.
1. A fine-grained metamorphic rock that splits into thin, smooth-surfaced layers.
2.
a. A piece of this rock cut for use as roofing or surfacing material or as a writing surface.
b. A writing tablet made of a similar material.
3. A record of past performance or activity: start over with a clean slate.
4. A list of the candidates of a political party running for various offices.
5. A dark or bluish gray to dark bluish or dark purplish gray.
adj.
1. Made of a fine-grained metamorphic rock: a slate roof.
2. Of the color slate.
tr.v. slat·ed, slat·ing, slates
1. To cover (a roof, for example) with slate.
2. To put on a list of candidates.
3. To schedule or designate

Re: One Card I Don't Understand: Chase Slate

jsucool76 — Fri, 30 Oct 2015 05:44:18 GMT

As others have said (and I will echo) the card is great for the first 15 months. The lack of a BT fee for the first 60 days is fantastic, especially now that chase is increasing the fee on some of their cards to 5% (from 3%).

Afterwards, the card was pretty much a waste. We at least get a free fico score now though.

Re: One Card I Don't Understand: Chase Slate

mongstradamus — Fri, 30 Oct 2015 05:46:07 GMT

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

Re: One Card I Don't Understand: Chase Slate

Anonymous — Fri, 30 Oct 2015 10:24:47 GMT

I signed up for mine for the balance transfer and at the time I had an account with Chase.

I was considering canceling it because of it having no perks, but you never know I guess. I've countered it with having cards with perks and such but now I just use it for emergencies.

Re: One Card I Don't Understand: Chase Slate

Sharingan — Fri, 30 Oct 2015 10:41:35 GMT

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.

Re: One Card I Don't Understand: Chase Slate

UncleB — Fri, 30 Oct 2015 10:54:12 GMT

@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.

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.)

Re: One Card I Don't Understand: Chase Slate

jacetx — Fri, 30 Oct 2015 12:21:04 GMT

@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?

Amex gives you a free ex fico as well.

Re: One Card I Don't Understand: Chase Slate

takeshi74 — Fri, 30 Oct 2015 12:39:16 GMT

@Anonymous wrote:
One Card I Don't Understand: Chase Slate

Cards are never one-size-fits-all. If you don't understand why anyone would get a given card then that card may not be you. As stated above, the Slate is just a BT card. IMO it shouldn't be difficult to understand why it would be popular with people carrying balances. However, don't rely on popularity to find cards (or anything for that matter) that suit you. Rely on your specific needs/wants.

@Anonymous wrote:
What's so great about it after those 15 months? Is the card basically useless to have after the no interest period? Can you put a new balance on it after those 15 months and start a new 0% interest promo?

Some people get additional 0% offers though I don't know if they come with not BT fee like the intro offer. Some PC it into another card. Some reallocate the limit on it to another Chase card and close it out.

Quite a few with high revolving utilization apply for it., end up with low limits because of their high revolving utilization and realize that the limit they qualified for isn't of much/any use to them.

Re: One Card I Don't Understand: Chase Slate

Anonymous — Fri, 30 Oct 2015 15:37:32 GMT

My other take on this slate Card is if you have other accounts with Chase and your credit health has gone up significantly… the starting limit on the new chase card may be higher and you can move your limit to the chase cards that are superior that you already have. that's what I'm counting on when I apply next year. the 0% is over in the spring on my carried balances so the timing will be almost perfect

Re: One Card I Don't Understand: Chase Slate

MTSN — Fri, 30 Oct 2015 16:25:41 GMT

Two big things (mostly already stated). No BT fee which can be huge - I transferred a balance of $11k with no fee onto my Slate a few years ago which would have been a minimum of $330 but could have been as much as $550. Also, when you're done paying off the balance, you can reallocate your credit line to another Chase card and close it, which is exactly what I did. Slate is a BT and CLI tool, but I think for any reason other than those two perks most other cards work better.

Re: One Card I Don't Understand: Chase Slate

mongstradamus — Fri, 30 Oct 2015 16:41:13 GMT

@jace8602 wrote:
@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?
Amex gives you a free ex fico as well.

should have clarified at the time chase slate was the only card offering an ex fico , amex came out later with theirs

Re: One Card I Don't Understand: Chase Slate

SunriseEarth — Fri, 30 Oct 2015 20:16:08 GMT

@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.

Indeed. Of course, you could always PC to a more useful product down the road. That would be my plan if I got a Slate.

Re: One Card I Don't Understand: Chase Slate

Anonymous — Fri, 30 Oct 2015 20:39:37 GMT

@SunriseEarth wrote:
@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.
Indeed. Of course, you could always PC to a more useful product down the road. That would be my plan if I got a Slate.

Move the CL? Sure.

But PC? It's hard to imagine that making sense. Chase signup bonuses are too good to miss out on.

ETA: I suppose someone could PC to another card, use it a bit, close the card while keeping the rewards, and reapply for the bonus on a new account. It would be odd, but conceivably the best option in unusual circumstances.

Re: One Card I Don't Understand: Chase Slate

SunriseEarth — Fri, 30 Oct 2015 20:42:39 GMT

@Anonymous wrote:
@SunriseEarth wrote:
@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.
Indeed. Of course, you could always PC to a more useful product down the road. That would be my plan if I got a Slate.
Move the CL? Sure.

But PC? It's hard to imagine that making sense. Chase signup bonuses are too good to miss out on.

ETA: I suppose someone could PC to another card, use it a bit, close the card while keeping the rewards, and reapply for the bonus on a new account. It would be odd, but conceivably the best option in unusual circumstances.

If you're trying to preserve AAoA or not take HPs, then a new app might not be worth the bonus. Everyone has different needs.

Re: One Card I Don't Understand: Chase Slate

Anonymous — Fri, 30 Oct 2015 22:41:04 GMT

@SunriseEarth wrote:
@Anonymous wrote:
@SunriseEarth wrote:
@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.
Indeed. Of course, you could always PC to a more useful product down the road. That would be my plan if I got a Slate.
Move the CL? Sure.

But PC? It's hard to imagine that making sense. Chase signup bonuses are too good to miss out on.

ETA: I suppose someone could PC to another card, use it a bit, close the card while keeping the rewards, and reapply for the bonus on a new account. It would be odd, but conceivably the best option in unusual circumstances.
If you're trying to preserve AAoA or not take HPs, then a new app might not be worth the bonus. Everyone has different needs.

And, since this is Chase, if you have opened too many cards in the last two years (including the slate) , apping for another might not be an option.