If you are one of many consumers drowning under the power that is credit card debt, then you are not alone. There are tons of other buyers like you who see no end to their lives as debtors and long to find a more efficient way to pay down the money they owe to creditors. The good news is that the Chase Slate card exists and could help you with your dilemma of owing more than you want to handle.
The Benefits of Slate
Perhaps one of the more significant perks that come with the Chase Slate card is the $0 introductory balance transfer fee. You can move debt from your other credit cards to the Slate card for free for the first 60 days. Thereafter, you can expect to pay up to five percent or $5, whichever is greater, for the transfer. While the notion of paying five percent of $1,000 or more is pretty daunting, it is important to note that many credit card companies charge anywhere from three to five percent per transaction from the start. At least Chase gives you a grace period.
Another benefit of Slate os the zero percent APR period that lasts up to 15 months for transfers. A year should be more than enough time for you to pay down your debt to a point where the 16.49% to 25.24% won’t matter much after the 15-month mark. If not, then perhaps you can save a few dollars with Chase’s $0 annual fee.
Disadvantages of Slate
Some consumers find the 15-month zero percent APR period for transfers a bit too short. Other cars such as the Citi Simplicity give you 18 months to pay down debt before charging up to 25 percent APR on transfers. A few buyers also find the notion of no rewards a deal breaker since other cards, such as the Discover it, let you transfer debt from other creditors while also offering cashback rewards.
Who Should Get the Slate?
Consumers with good credit who are serious about getting out of debt should apply for the Chase Slate card. Those interested parties with fair credit may want to pass on this card since the average person who is approved has good to excellent scores.
You may also want to consider a different option if you are one of many consumers who want to get out of debt while still spending money they lack. Several individuals fall into the trap of thinking that there is such a thing as gradually backing away from credit cards. The truth, however, is that those most successful in their quest to escape debt typically find more relief in going cold turkey rather than trying to find a balance between pleasure and discipline. The Chase Slate card may be the right option if you are among the few determined consumers set on getting out of credit card debt.