Updated February 9th, 2012: While Chase Slate is best known for its innovative BluePrint money management tools, consumers searching for balance transfer credit cards will now have a nice financial perk to give Chase Blueprint a try, as the Chase Slate card is now offering a no fee balance transfer promotion with a 0% APR lasting 15 months.
At present, most credit card companies are charging 3% balance transfer fees, so consumers who are wary about paying credit card fees will find that Chase Slate is one of only two major credit cards offering the combination of an above average 0% introductory period on balance transfers and charging no balance transfer fees.
Savings from the Chase Slate No Fee Balance Transfer Fee Offer
Before the credit crisis, a number of credit card companies offered no fee balance transfers. Companies that did charge balance transfer fees tended to limit the maximum amount to $75 per transaction. After the crisis, balance transfer fees jumped. While most have come down to the 3% range, the old $75 maximum no longer applies. Consequently, consumers seeking 0% balance transfers are typically required to spend about $30 for every $1,000 transferred. While this is often a pittance compared to what can be saved by doing a balance transfer, balance transfer fees do add up.
Chase Slate’s no balance transfer fee promotion removes a psychological hurdle that prevents many consumers from utilizing 0% APR balance transfers to their advantage by shaving off the up front cost of these transactions. For example, a consumer who transfers $4,000 to a typical balance transfer card incurs $120 in transaction fees. With Chase Slate, the cost of transferring the same balance drops to zero – an up front savings of $120.
Is Chase Slate the Right Balance Transfer Offer to Choose?
Consumers with good and excellent credit get a 0% APR on balance transfers and purchases for 15 months, which is only three months shorter than the longest offer currently available – the Citi Platinum Card currently offers a 21 month intro period. However, most consumers can save more on fees than they will with an extra 3 months of 0% interest, so in most instances, this is likely the best option available.
You can learn more about Chase Slate below or apply online here.
December 19th, 2011 at 4:34 pm
We have a balance on M/C with USAA, WE used it to get set up a preneed account. starting jan 12 we will start paying interest.So friday we called and apply for chase slate visa card under jacqueline name,how do we check on the status of this.thank you Joe
December 20th, 2011 at 10:09 am
Joseph,
If you were provided with a confirmation number, you can contact Chase via their website and request information on application status for your Slate card.