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Chase Slate Credit Card - Christmas Spirit

Community Leader
Senior Contributor

Re: Chase Slate Credit Card - Christmas Spirit

Definitely call Chase and ask for a payment amount that'll cause you to avoid any more interest than necessary on the purchase. I'd try to do that as soon as the charge posts.

Message 11 of 16
Moderator

Re: Chase Slate Credit Card - Christmas Spirit


@TverTrekker wrote:

@K-in-Boston wrote:

@TverTrekker so you've had the card for a long while but just never used it until last month for the BT?  Again, the BT counts as activity!  Now that you have already made the purchase, it's a little late but you're going to pay some (likely tiny) interest on it.




Got the card back in April made the Balance Transfer in October, first payment Nov then got the email. Made the small purchase today...


Yeah, that was just a delayed marketing email then to try to get you to use the card.  If the BT was done in October, then your purchase will begin to accrue interest on the day the charge posts and will continue to accrue interest until the entire statement balance (including the balance transfer) has been paid off.  However, since you just opened the card in April I'm assuming you also have a 0% introductory APR?  In that case, no harm done!  You accrue interest on the purchase but it's 0%.  Smiley Wink


Message 12 of 16
New Contributor

Re: Chase Slate Credit Card - Christmas Spirit


@K-in-Boston wrote:

@TverTrekker wrote:

@K-in-Boston wrote:

@TverTrekker so you've had the card for a long while but just never used it until last month for the BT?  Again, the BT counts as activity!  Now that you have already made the purchase, it's a little late but you're going to pay some (likely tiny) interest on it.




Got the card back in April made the Balance Transfer in October, first payment Nov then got the email. Made the small purchase today...


Yeah, that was just a delayed marketing email then to try to get you to use the card.  If the BT was done in October, then your purchase will begin to accrue interest on the day the charge posts and will continue to accrue interest until the entire statement balance (including the balance transfer) has been paid off.  However, since you just opened the card in April I'm assuming you also have a 0% introductory APR?  In that case, no harm done!  You accrue interest on the purchase but it's 0%.  Smiley Wink


Your assumption is correct. 18 months at 0% APR...Smiley Happy

Message 13 of 16
Established Contributor

Re: Chase Slate Credit Card - Christmas Spirit

Me too. Looks like I need to buy a pack of gum. It's one of my oldest cards with a higher CL, but worthless in my wallet. The semi-positive spin they put on using the card is humorus compared to the past letters of use or lose it. 

 

2018-12-07_104300.jpg

Message 14 of 16
Valued Contributor

Re: Chase Slate Credit Card - Christmas Spirit


@K-in-Boston wrote:

Chase (and others) have very delayed email and mail marketing.*  It sounds like you haven't used the card in a while, so that was a courtesy email that has likely been in the pipeline for a while (prior to your balance transfer) to warn you that your account may be closed due to inactivity.  Any activity counts as activity and as stated already that would include the balance transfer and the payments on it.  After doing a balance transfer, if a statement closes where you didn't pay your entire statement balance (including the full amount of the remaining BT amount, any fees, and new purchases prior to the statement closing date) you lose your grace period on new purchases and they will begin to accrue interest immediately, which doesn't matter if you have a 0% purchase APR but that's unlikely on an existing card.  Out of curiosity, when was the last time you used the card for anything?

 

* Edit: As an example, I got an email last month encouraging me to refer my friends on my Chase Sapphire Preferred card.  That card was changed to a Sapphire Reserve months ago.  I think you have nothing to worry about.


This makes a ton of sense.  Up until this point I had never heard of a balance transfer not counting as usage of an account.  I think this theory is a more logical explanation.  

                                 

Total Credit: $218,900Credit Utilization: 1%AAoA: 5 years, 5 monthsInstallments: Car Lease, Marcus LoanNegatives: 0


                                                                                              
                      DSC-27.1K | NFC-25K | ALI-25k | WAL-10k | BoA-22k | BB-12k | NFL-15k | LOW-35k | AMX-19.3k | CHA-10k | PF-8.8k | C-DC-9.7k
Message 15 of 16
New Contributor

Re: Chase Slate Credit Card - Christmas Spirit


@Turbobuick wrote:

Me too. Looks like I need to buy a pack of gum. It's one of my oldest cards with a higher CL, but worthless in my wallet. The semi-positive spin they put on using the card is humorus compared to the past letters of use or lose it. 

 

2018-12-07_104300.jpg


Good to see I have someone else to share a cup of Christmas Cheer with!!! Merry Chistmas to One and All!!! *Please see small print - *Members of Chase Slate Card...

Message 16 of 16