Reduce debt and raise your credit score: Chase Slate Edge card review
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Chase Slate Edge overview
The Chase Slate Edge is tailored to those consumers who want to improve their financial profile, either by reducing their credit card debt or raising their credit score. This card comes with a lengthy introductory APR period to help you avoid interest for 18 months, plus several other incentives after you make consistent on-time payments. Card rating*: ⭐⭐⭐
But there’s one major caveat: In order to avoid credit card interest fees, you must first pay your balance on time and in full. Therefore, if you currently have credit card debt, your first step should be to prioritize reducing your account balance.
Fortunately, there are tools to help you avoid an exorbitant amount of interest and late fees. One of these is the Chase Slate Edge credit card,, which has no annual fee and is designed specifically for those who want to reduce their existing debt and raise their credit score over time.
Who is this card for?
If you’ve damaged your credit score and are facing credit card debt, know that you’re not alone. According to My Credit Summit, the average household credit card debt in 2021 was $5,525 — and the fees continue to grow the longer you’re unable to pay off your balances.
If you’re a consumer who needs to start reducing your credit card debt, you’re an ideal candidate for the Slate Edge. While you may think applying for another credit card isn’t the way to meet that goal, the Slate Edge comes with an introductory APR offer and other key tools to help you improve your finances.
Related: The best Chase credit cards of 2022
The Chase Slate Edge doesn’t come with a sign-up bonus, but it does offer an introductory APR offer on purchases and balance transfers.
Main benefits and perks
As mentioned, there’s a 0% introductory APR period on purchases and balance transfers for the first 18 months from account opening (then a variable APR of 14.99% to 23.74% applies). This means that you can transfer your account balance from your existing credit cards to the Chase Slate Edge and enjoy a sweet 0% interest rate for a limited time.
While you’ll face an introductory balance transfer fee of $5 or 3% of the amount of each transfer, whichever is greater during the first 60 days (then $5 or 5% of the amount of each transfer, whichever is greater thereafter), this 18-month period gives you time to strategically pay off your balance as quickly as possible without accruing any other interest.
After the introductory period, you’ll face a variable APR of 14.99% to 23.74% on any remaining balance. Fortunately, the Slate Edge will automatically consider you for a 2% APR reduction if you spend $1,000 by your next account anniversary and make on-time payments.
There’s another incentive to pay in a timely manner with the Slate Edge: You’ll enjoy an automatic credit line increase by spending $500 in the first six months. The opportunity to gain an increased credit line is good news for those who need access to a higher limit and want to reduce their debt-to-credit ratio — which factors in for a whopping 30% of your FICO credit score.
Finally, Chase offers user-friendly tools such as Credit Journey and My Chase Plan to help you manage your debt and track your progress toward your financial goals.
To sum it up, while you won’t earn any enticing rewards with this card, it’s more important to focus on reducing your debt and avoid any ancillary fees first — and the Chase Slate Edge delivers the tools you need to do that.
Which cards compete with the Chase Slate Edge?
The Chase Slate Edge’s direct competitor is the Citi® Double Cash Card, which also has no annual fee but offers cardholders the opportunity to earn valuable cash-back rewards. While there’s no sign-up bonus, you earn 1% when you make a purchase and another 1% when you pay off your balance for those purchases. That’s a considerable 2% rewards rate on all your purchases, which can certainly add up to more money in your pocket over time.
The Citi Double Cash also offers a 0% introductory APR on balance transfers for the first 18 months (then a variable APR of 13.99% to 23.99% applies). Balance transfers must be completed within the first four months of account opening.
However, the downside to the Citi Double Cash is that you’ll likely need a good or excellent credit score to qualify. This may put many candidates out of the running to apply for this card. Meanwhile, the Chase Slate Edge is explicitly designed for those looking to rebuild their credit, giving you better approval odds in general.
If you have a low credit score and have trouble getting approved, you may want to consider a secured credit card instead. The Capital One Platinum Secured Credit Card allows you to define your credit limit by putting down a fully refundable deposit of up to $1,000. You’ll be automatically considered for a credit line increase after six months, incentivizing users to hone in on their credit usage strategies and rebuild their credit scores.
A significant downside to this card is that you’ll face a 26.99% variable APR. This means you’ll want to pay your balance on time and in full to avoid this high interest rate. But, if your goal is strictly to rebuild your credit, the Capital One Platinum Secured Credit Card is an excellent tool.
Consumers have faced various financial challenges throughout the pandemic. If one of your immediate goals is to reduce credit card debt, the Chase Slate Edge can be a crucial tool to unlock financial freedom once and for all.
Not only will this card help you rebuild your credit and establish healthy credit habits, but you can then move on to bigger and better credit cards that can help you earn maximum rewards on all of your purchases.
Featured photo by John Gribben for The Points Guy.
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Earn 50,000 bonus miles and 5,000 Medallion® Qualification Miles (MQMs) after you spend $2,000 in purchases on your new card in the first three months of card membership. Plus, earn up to $100 back in statement credits for eligible purchases at U.S. restaurants in the first three months of card membership.
With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.
- Earn 50,000 Bonus Miles and 5,000 Medallion® Qualification Miles (MQMs) after you spend $2,000 in purchases on your new Card in your first 3 months.
- Plus, earn up to $100 back in statement credits for eligible purchases at U.S. restaurants with your card within the first 3 months of membership.
- Earn up to 20,000 Medallion® Qualification Miles (MQMs) with Status Boost® per year. After you spend $25,000 in purchases on your Card in a calendar year, you can earn 10,000 MQMs two times per year, getting you closer to Medallion® Status. MQMs are used to determine Medallion® Status and are different than miles you earn toward flights.
- Earn 3X Miles on Delta purchases and purchases made directly with hotels.
- Earn 2X Miles at restaurants worldwide, including takeout and delivery and at U.S. supermarkets.
- Earn 1X Miles on all other eligible purchases.
- Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. *Payment of the government imposed taxes and fees of no more than $75 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
- Enjoy your first checked bag free on Delta flights.
- Fee Credit for Global Entry or TSA Pre✓®.
- Enjoy an exclusive rate of $39 per person per visit to enter the Delta Sky Club® for you and up to two guests when traveling on a Delta flight.
- No Foreign Transaction Fees.
- $250 Annual Fee.
- Terms Apply.
- See Rates & Fees