The Best Balance Transfer Card

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Using credit cards to earn lots of miles and points is usually only worthwhile if you can pay off your balances in full every month.  Carrying big balances on your cards is generally not a good idea because you’ll pay more in interest than the miles and points you earn are worth.

But sometimes unexpected expenses, job loss, or illness can cause financial strain, and folks have no choice but to carry a balance on their cards.  So what should you do if you find yourself in this situation?

There’s a great option for folks who have balances on their credit cards and want to save money on interest.  The Chase Slate card lets you transfer balances from other credit cards, has a 0% APR (annual percentage rate) for the 1st 15 months, and does NOT charge a fee for balance transfers in the 1st 60 days of having the card!

You Don't Need a Money Tree to Meet High Credit Card Spending Requirements. You Just Need to Know a Few Tricks!

You Can Transfer Balances to the Chase Slate Card and Pay NO Fees or Interest for the 1st 15 Months

What’s the Deal?

Link:   Chase Slate

I haven’t written much about the Chase Slate card in the past, because it doesn’t have a sign-up bonus and does NOT earn miles, points, or cash back.

But if you’re carrying balances on other credit cards, it could be a good card to consider.  Many cards offer balance transfers, and sometimes have 0% APR promotions, but usually they charge a fee of 5% of the balance.  The Chase Slate is a great deal because there’s NO fee to transfer a balance in the 1st 60 days of having the card!

With this card, you get:

  • No sign-up bonus or rewards for spending, but
  • $0 annual fee
  • 0% Introductory APR for 15 months on purchases & balance transfers.  (After the introductory period ends, currently a variable APR of 15.74% to 24.49% applies)
  • $0 introductory balance transfer fee for transfers made during the 1st 60 days.  (After that, the fee for future balance transfers is 3% of the amount transferred with a minimum of $5.)
  • Purchase protection, price protection, and extended warranty protection
The Best Balance Transfer Card

Transfer Balances From Higher Rate Cards to the Chase Slate and Keep More Money in Your Pocket!

There’s no annual fee, so this could be a good card to keep for a long time to help build your credit history.

And because Chase is a major issuer of miles and points earning credit cards, this could also be a good card for folks just starting out, because you’ll build a relationship with Chase and be more likely to get approved for cards in the future.

Are There Drawbacks?

If you pay your cards off in full every month, this probably isn’t a good card for you, because you won’t earn rewards for spending on the card.

The Best Balance Transfer Card

You Won’t Earn Miles and Points From the Chase Slate Card

And if you’re looking for cards to keep for a long time, there are lots of other no-annual-fee cards that DO have a sign-up bonus and earn miles and points, like the Chase Freedom, American Express EveryDay, or Citi ThankYou Preferred cards.

But if you’re paying high interest rates on other credit card balances, the Chase Slate could save you a lot of money, as long as you can get your balances paid off in 15 months.  After that, you’ll be charged regular interest rates, which vary depending on your credit score.

That said, if you already have a lot of Chase cards, or are thinking of applying for ones that do earn miles and points, there’s a limit to the total number of Chase cards you can have at 1 time.  So don’t apply for this card unless you definitely intend to use the balance transfer option!

What About Other Balance Transfer Options?

Some folks have excellent credit scores and carry credit card debt, but are able to make at least the minimum payment each month.

It may be worth considering doing a balance transfer to other cards that have 0% interest rate promotions, even if they do charge a fee.  But don’t do this unless you know what you’re doing!

For example, the Discover it card doesn’t have a sign-up bonus or earn points, but you can transfer a balance and pay 0% interest for 14 months.  The fee for the balance transfer is 3%.  So if you transferred $5,000, you’d pay $150 in fees (less than you would if you carried that balance on another card and paid regular interest rates).  There’s no annual fee on the card.

After the 14 months is up, you could transfer the balance to another card with no annual fee and a 0% interest promotion, like the Citi ThankYou Preferred card (which does have a sign-up bonus an earn points).  It also has a 3% balance transfer fee.

Because Chase has a limit on the number of credit cards and amount of credit they’ll extend to you, it might be better to pay a small fee and carry the balance with other banks at 0% interest.  That way, you can apply for Chase cards that do have sign-up bonuses and earn miles and points for travel.

But do the math to see if the value of the miles and points from a different Chase card are more than the fees you’d pay to do a balance transfer with other banks!

In any case, the Chase Slate card is definitely the cheapest option for balance transfers!

Bottom Line

The Chase Slate card lets you transfer balances from higher rate credit cards for NO fee in the 1st 60 days of having the card.  And you’ll pay 0% interest on balance transfers and purchases for the 1st 15 months.  There’s no annual fee.

If you’re carrying balances on other credit cards, this card could be a very good deal, because you’ll save money on interest.  But if you don’t need to transfer a balance, this is probably not a good card for you, because it doesn’t earn miles and points.

Do you use balance transfer deals to save money on interest?  Let me know about your experiences in the comments!

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9 responses to “The Best Balance Transfer Card

  1. Why not purchase a high price item, such as a one pay lease on a vehicle, with the Sapphire Preferred to utilize the points. When the points hit your UR account, transfer to this card and take 14 mos to pay the lease off at 0% while benefiting from the points?

  2. Some readers may find it helpful to note that Chase may convert this card to a Chase Freedom if you call to cancel it. That is what happened to me. I had no more use for the card and mentioned to the phone rep that I was interested in earning travel points, so she offered to convert the card. I already have the Sapphire Preferred, so I was glad to be given this option. Now I can bank UR points during next quarter’s Amazon promo when I buy Christmas presents.

  3. This is an awesome post. Thank you!

  4. @JJ – Your strategy will get you points while allowing you time to pay off the purchase interest free. But carrying that balance can lower your credit score which could prevent you from getting that next big sign up bonus. I’m not sure how many points you’d earn from a “one pay lease,” but I doubt it would be more than the 200,000 miles/points you could earn on a four card app-o-rama with a higher credit score. I personally wouldn’t risk carrying a balance for other reasons as well.

  5. Any idea how this would impact your ability to continue getting offers from Chase? I.e. let’s say they give you a 12k CL on this Slate card, and you transfer 4K of debt over to it.. You’re only using 33% of the credit line, so the utilization shouldn’t be high enough to impact your credit score, especially if you’re transferring from another open CL that you’re going to keep open, you would actually be increasing your available credit, but I am just wondering if you would end up being internally restricted by chase from getting new credit offers while carrying this card? I already have 4 cards with Chase, pay them off in full every month, but possibly want to transfer an interest free promotion I got somewhere else and defer for other 15 months.

  6. If I have an American Airlines CC with a balance that I transfer over to the Chase Slate…….would I receive the points/miles to my AA rewards account when the balance is paid/transferred? Or do balance transfers exclude you from bank those points as you technically didnt pay the balance off, only moved it somewhere else?

  7. Can I apply for this card and use the balance transfer to pay off a card that is in my husband’s name? we used his chase sapphire for new furniture purchases.

  8. It is important to note that you CANNOT transfer balances from one Chase card to another. Chase only lets you transfer balances to the Chase Slate from cards held by other banks. I thought I’d transfer over a huge balance I had on my Chase Amazon card but promptly received a paper notice from Chase in my mailbox that the transfer had been declined for this reason.