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Why Chase Slate Is Better Than Longer Balance Transfer Offers



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chase-slateFor some time now, the Slate® from Chase card has been offering 15 months of interest free financing on new purchases and balance transfers, with no balance transfer fee. In fact, it continues to be the the only credit card with 0% APR promotional financing on balance transfers with no balance transfer fee. All other 0% offers have a fee of 3% or more.

  • Chase Slate named "Best Credit Card for Balance Transfers" two years in a row by Money Magazine
  • $0 Introductory balance transfer fee for transfers made during the first 60 days
  • 0% Introductory APR for 15 months on purchases and balance transfers
  • New Free Monthly FICO® Score and Credit Dashboard
  • No Penalty APR - Paying late won't raise your interest rate (APR). All other account pricing and terms apply
  • $0 Annual Fee
Purchases Intro
Balance Transfers Intro
Regular APR
Annual Fee
Credit Needed

0% for 15 months*

0% for 15 months*

12.99%, 17.99%, 22.99% Variable*

$0

Excellent/Good


At the same time, there are other cards, such as Citi’s Simplicity and Diamond Preferred, that feature 18 months of interest free financing on both new purchases and balance transfers, with a 3% balance transfer fee.

So which is better?

Having no balance transfer fee is better than having an additional three months of financing, and here is why: A 3% balance transfer fee is the same as three months of interest charges, given a rate of 12%.  If the interest rate is higher, that 3% fee is worth even less time.  It just so happens that the lowest rate offered by the Diamond Preferred is 12.99% APR, essentially the same. With the Simplicity, the lowest rate is 12.99%.

Further analysis shows that the no fee offer from Slate is even better. First, the rates offered by Simplicity and Diamond Preferred are the lowest rates given to the most highly qualified applicants. Others will receive rates as high as 21.99%. In addition, the 3% fee is added to cardholder’s balance at the time of the transfer, while the additional three months of interest free financing is only realized 15 months later. Therefore, the cardholder’s balance will be lower, and the last three months of interest charges will be on some fraction of the original balance.

Therefore, the only advantages that Citi’s Simplicity and Diamond Preferred have over Slate is the additional three months of interest free financing on new purchases. Those who are applying for a card in order to save money on their balance transfer should strongly consider Slate, while those who need longer financing on new purchases should think about the Citi cards.

When applicants understand that the cost of balance transfer fees outweigh three extra months of financing, then they can choose the ideal card for their needs.

Editor's Note: This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by the Citi or any of the other companies whose products are featured in this content.

About the author

Jason Steele

Jason Steele is a freelance journalist specializing in personal finance and travel and is recognized as an expert in credit cards. He is a regular contributor to many of the top personal finance sites such as Wise Bread and Money Talks News. His work has been frequently carried on mainstream news outlets such as MSN Money, Yahoo, Finance, and Business insider.

Jason lives in Denver Colorado with his wife and two daughters.

– has written 399 posts.

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