Chase offers a wide array of credit cards with features aimed at very specific consumers needs. While the majority of these cards are designed to please high spending travelers, two of the best promotions Chase offers are aimed at consumers looking to save money with 0% interest rates.
These two cards are Chase Freedom and Chase Slate, both of which offer attractive 15 month 0% APR promotional financing offers that apply to purchases and balance transfers. However, choosing between these cards isn’t all that easy, as both products offer a unique benefit that can have a large impact on how much consumers save.
$100 Cash Back Vs. No Balance Transfer Fees
Chase Slate (review) is currently the only major credit card that charges no fees on 0% APR balance transfers. In contrast, the Freedom card carries a standard 3% balance transfer. However, the Freedom card (review) offers a $100 cash back sign up bonus that can be more valuable than the Slate card’s balance transfer fee waiver and lucrative cash back rewards program. This makes choosing between the two a little more complicated than it might appear on the surface.
Determining if Chase Slate or Chase Freedom is Your Best Choice
A consumer would have to transfer a balance of at least $3,333 to save $100 in fees and earn more than the Freedom card’s sign up bonus. Clearly then, most people who intend to transfer a balance above that amount should apply for the Slate card.
However, those who are near the $3,000 mark should weigh options carefully. In a previous article, our site demonstrates how Freedom cardholders can earn as much as $175 in cash back rewards this fall. The first $100 comes from the sign up bonus (earned as long as $500 in purchases are made in 3 months), while the remaining $75 is available to cardholders who maximize the 5% bonus reward spending categories between now and the end of December.
Earning this extra $75 shouldn’t be difficult for many consumers, as 5% cash back categories include travel purchases from hotels and airlines as well as shopping done at Best Buy and Kohl’s. Consequently, if a consumer earns the full seventy five dollars in cash back from spending, the point at which Slate offers more savings than Freedom jumps $5,832, as a 3% fee on this size transfer is $175 on the nose.
A final factor to consider is your long term credit card goals. If simply getting out of debt is the main priority, it may be best to avoid the temptation to spend and earn rewards and simply go with Slate. However, because Freedom offers 1% cash back on all purchases and the chance to earn up to $75 four times a year through 5% bonus cash back, Freedom does offer more value over the very long term.
You can learn more about each offer and, if interested, apply online below.