Note on Chase Slate balance transfers

[ACG23]

My fiancee and I got a Chase Slate card for wedding costs -- we're applying for new, higher-paying jobs, so the idea was that paying it down a wedding balance 15 months from now would be easier than paying for the wedding now . Then, we'd balance-transfer costs borne on rewards cards to Slate, taking advantage of the low/no BT fee. 

The only problem: Slate doesn't allow balance transfers from another Chase account. I didn't know that, and she only has a Chase Freedom card. 

You have been warned . 

[TheConductor]

But the Slate does have a 0% purchase APR for 15 months, as well as the 0% balance transfer APR.

So make her an authorized user on the Slate if it's not already a joint account, and problem solved!

Will you miss out on a few rewards points?  Yes. But you'll almost certainly save more in compounding interest than the rewards would have been.

Plan B: Have her app for an Amex. Their top-notch purchase protection and return protection will come in handy for all the things she needs to buy for the wedding.

[Anonymous]

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@TheConductor wrote:

But the Slate does have a 0% purchase APR for 15 months, as well as the 0% balance transfer APR.

So make her an authorized user on the Slate if it's not already a joint account, and problem solved!

Will you miss out on a few rewards points?  Yes. But you'll almost certainly save more in compounding interest than the rewards would have been.

Plan B: Have her app for an Amex. Their top-notch purchase protection and return protection will come in handy for all the things she needs to buy for the wedding.

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but no rewards than

[lmashimaru]

I've been wondering if you can transfer between different people say if you had the rewards card and she had the slate is that possible even if both cards are from chase? I was planning to do the same with my fiancee (sorry if this is a dumb question i've never done balance transfers)....

EDIT: Nevermind someone answered the question !

[09Lexie]

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@ACG23 wrote:

My fiancee and I got a Chase Slate card for wedding costs -- we're applying for new, higher-paying jobs, so the idea was that paying it down a wedding balance 15 months from now would be easier than paying for the wedding now . Then, we'd balance-transfer costs borne on rewards cards to Slate, taking advantage of the low/no BT fee. 

The only problem: Slate doesn't allow balance transfers from another Chase account. I didn't know that, and she only has a Chase Freedom card. 

You have been warned . 

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This is standard for all most, if not all lenders. Can't use their money to pay off their cc. 

[TheConductor]

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@Anonymous wrote:

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@TheConductor wrote:

But the Slate does have a 0% purchase APR for 15 months, as well as the 0% balance transfer APR.

So make her an authorized user on the Slate if it's not already a joint account, and problem solved!

Will you miss out on a few rewards points?  Yes. But you'll almost certainly save more in compounding interest than the rewards would have been.

Plan B: Have her app for an Amex. Their top-notch purchase protection and return protection will come in handy for all the things she needs to buy for the wedding.

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but no rewards than

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Reread my post. I addressed that.

You want some more detail?  Here we go:

Let's say you spend $30k on your wedding.  Let's say the rewards card you use to do it has a pretty nice APR of 15%.  After 15 months, your $30k balance will incur over $3,000 in interest. Meanwhile, let's say you earn 40,000 reward points for those purchases. 

Even if you are a point-redemption genius and get a well-above-average 3 cents per point for those rewards, you are spending $3000 in interest to get $1200 in rewards. And this is very much a best-case take on the scenario.

A more likely APR of 18% would mean spending $3700 in interest. And a more likely redemption value is 1.8 cents per point, for only $720 in rewards. Say goodbye to the other $3000.

Which brings us to TheConductor's Law of Credit Card Rewards:

Credit card rewards only have positive net value when you are paying NO interest to get them. 

Otherwise, just like a slot machine that pays out every 5 spins, but still slowly and inexorably sucks away your money, the house always wins.

If you're not able to PIF every month, or keep your balances on 0% cards, then screw the rewards. They're the free drinks the waitress brings you while you lose thousands at the blackjack table. They're an illusion designed to keep you playing the game where the house always wins. 

[Anonymous]

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@TheConductor wrote:

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@Anonymous wrote:

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@TheConductor wrote:

But the Slate does have a 0% purchase APR for 15 months, as well as the 0% balance transfer APR.

So make her an authorized user on the Slate if it's not already a joint account, and problem solved!

Will you miss out on a few rewards points?  Yes. But you'll almost certainly save more in compounding interest than the rewards would have been.

Plan B: Have her app for an Amex. Their top-notch purchase protection and return protection will come in handy for all the things she needs to buy for the wedding.

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but no rewards than

---

Reread my post. I addressed that.

You want some more detail?  Here we go:

Let's say you spend $30k on your wedding.  Let's say the rewards card you use to do it has a pretty nice APR of 15%.  After 15 months, your $30k balance will incur over $3,000 in interest. Meanwhile, let's say you earn 40,000 reward points for those purchases. 

Even if you are a point-redemption genius and get a well-above-average 3 cents per point for those rewards, you are spending $3000 in interest to get $1200 in rewards. And this is very much a best-case take on the scenario.

A more likely APR of 18% would mean spending $3700 in interest. And a more likely redemption value is 1.8 cents per point, for only $720 in rewards. Say goodbye to the other $3000.

Which brings us to TheConductor's Law of Credit Card Rewards:

Credit card rewards only have positive net value when you are paying NO interest to get them. 

Otherwise, just like a slot machine that pays out every 5 spins, but still slowly and inexorably sucks away your money, the house always wins.

If you're not able to PIF every month, or keep your balances on 0% cards, then screw the rewards. They're the free drinks the waitress brings you while you lose thousands at the blackjack table. They're an illusion designed to keep you playing the game where the house always wins. 

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So true but I think they wanted both rewards and no interest 

LOL house always wins in long run but you can win once and not play again if you have that will power or you could hit a big progressive of over a million and not give in all back.. its the luck of the draw, of course the odds of winning a million  are not good but there is a slight chance

[Anonymous]

When I did my Slate balance transfer, I had Chase deposit the money direcly into my checking account.

When the balance transfer deposited in my checking account, I paid my Chase Freedom from my checking.

Hope this helps

[JKSIMMONS]

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@ACG23 wrote:

My fiancee and I got a Chase Slate card for wedding costs -- we're applying for new, higher-paying jobs, so the idea was that paying it down a wedding balance 15 months from now would be easier than paying for the wedding now . Then, we'd balance-transfer costs borne on rewards cards to Slate, taking advantage of the low/no BT fee. 

The only problem: Slate doesn't allow balance transfers from another Chase account. I didn't know that, and she only has a Chase Freedom card. 

You have been warned . 

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No one does this. It wouldn't make sense to. The whole point of a balance transfer is to get you to open an account with them and hopefully capitalize on your debt. It's standard practice that a company will not bt their debt at 0%