Chase Slate & Barclay CDs are The Best; : Your Best Bet for Balance Transfers? - NextAdvisor Blog

Chase Slate: Your Best Bet for Balance Transfers? - NextAdvisor Blog:

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Chase Slate: Your Best Bet for Balance Transfers?

by Tasha Lockyer January 2, 2015

Updated: November 16, 2015



There are a lot of balance transfer credit cards out there, designed specifically for anyone who is carrying a balance on their credit card and paying high (or any) interest fees each month. In fact, there are so many it can be challenging to determine how one is better or worse than the others. Chase Slate is one of the cards vying for your business, and we took an in-depth look at this card to answer the question “is it any good?” The short answer is yes, it’s a great choice that can save you hundreds or thousands of dollars if you’re currently paying interest on another credit card.  It’s the only card we’ve found with the combination of a lengthy 0% intro APR and no balance transfer fee. The in-depth answer, as well as the card’s pros and cons, is explained below.



The Highlights



Right after the holidays most people have racked up a balance on their credit cards and are wondering how they are going to pay it off. Chase Slate is a strong solution, offering a 15-month 0% intro APR on both balance transfers and purchases. Many cards offer a 0% intro APR, but the best part about Slate is that you won’t pay any balance transfer fees to move your balance(s) onto this card. That’s a huge win, since these fees are typically 3% of the balance you’re transferring, which can add up to big money. For example, if you’re transferring $10,000 you’d probably pay $300 in fees with other cards. With Slate you pay absolutely nothing to transfer your money, and you have 15 interest-free months to make payments against the balance, which can give you even bigger savings. For example, if you were making $700 monthly payments on that $10,000 balance and had a 20% interest rate, it would take you 17 months to pay it off and you’d pay over $1,500 in interest. If you transferred that balance to Slate, you’d pay it off in 15 months with no interest, saving $1,500 and paying absolutely no fees. Just make sure you transfer your balance in the first 60 days to take advantage of the $0 balance transfer fee, as after that time there will be a fee.



In addition to the 0% intro APR on balance transfers, you’ll also pay no interest for 15 months on purchases. This is a great way to make any big (or small) purchases you need and save money on interest fees for over a year. Plus, Slate has no annual fee and a fairly low ongoing APR after the 0% intro APR period which is important if you plan to carry a balance after the 15 months are up.



If you’ve been known to make a late payment or two you’ll appreciate that Slate has no penalty APR. This means your interest rate won’t increase if your payment is delayed. We don’t recommend habitually paying your bill late, but it’s nice to know if it does happens you won’t be penalized for it.



Another huge point in Slate’s favor is that it’s available to those with good credit. A good credit score is typically considered to be above 660. Usually credit cards with the best offers are only available to people with excellent credit histories, but Slate has all the great features offered to excellent credit consumers and is open to those with merely good credit. So if you’ve missed a payment or two, or had some other minor hits on your credit report you will likely still qualify for this card. Of course, Slate also considers other factors like your annual salary and wages, your other annual income and a review of your debt, but in general those with good credit have a good shot.



World travelers will appreciate that Slate now offers Chip and PIN technology. Chip-enabled cards are usually required when traveling outside the U.S., and if your card doesn’t have one you might not be able to use it when traveling internationally.



Things To Consider



Chase Slate is a smart way to gradually pay down your balance over the course of the 15-month 0% intro APR period, and after the no-interest period is up it continues to offer reasonable ongoing APRs. However, if you think you might be carrying your balance for a prolonged time, Barclaycard Ring Mastercard might be a better solution for you. It doesn’t have a 0% intro APR period, but features no balance transfer fee, no annual fee and a one of the lowest ongoing APRs we’ve ever seen – 8.00% .



If a 15-month 0% intro APR isn’t quite enough, but you think you can pay down your balance in under 2 years, consider Citi Simplicity. It has an incredibly lengthy 21-month intro APR on balance transfers and purchases, which would give you an extra 6 months of 0% APR breathing room. There is a 3% balance transfer fee, but those 6 extra months might make it worthwhile.



Slate’s chip-enabled card makes it easy to travel internationally, but there is a 3% foreign transaction .

from; NextADvisor

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