Credit card issuers are continuing to revamp their credit card offerings to adapt not only to cardholder spending patterns but also to desires for more financial stability.

These updated offerings are taking shape in the form of brand new credit cards and even relaunches or rebrandings of legacy cards. This time around, Chase’s Slate card is getting a makeover and has re-emerged as the Chase Slate Edge℠ .

Much like the legacy Slate card, the Slate Edge card incentivizes cardmembers to pay down their credit card debt even faster. With this version of the card, help doesn’t just come by way of a low-interest balance transfer offer: There’s also the potential to get a lower APR.

If you meet the right conditions, you could be eligible for an APR reduction and an increased credit limit. The only catch? You’ve got to use the card responsibly and make timely payments.

What does the new Slate Edge offer?

Card details:

  • Rewards rate: N/A
  • Welcome offer: N/A
  • Annual fee: $0
  • Purchase intro APR: 0 percent APR for 18 months from account opening
  • Balance transfer intro APR: 0 percent Intro APR for 18 months upon account opening
  • Regular APR: 15.74 percent to 24.49 variable

Additional benefits of the Slate Edge card:

  • Automatic consideration for 2% APR reduction if you spend $1,000 by your next account anniversary and make timely payments
  • Automatic eligibility for a credit line increase if you spend $500 in the first six months and make timely payments
  • Access to Chase’s digital credit tools like Credit Journey and My Chase Plan

What’s different about the Slate Edge card?

Chase is jumping on the bandwagon to offer users several card features that incentivize users to pay down debt and use their cards responsibly.

For instance, the Citi® Double Cash Card gives cardholders cash back when making purchases and then when those purchases are paid off. The Upgrade Visa® Card with Cash Rewards also offers rewards when cardholders make payments.

The Slate Edge is following suit, but with slightly different card features, to encourage responsible credit card use and help cardholders improve their financial standing in the long term.

Welcome bonus

The Slate Edge card does not offer a welcome bonus at the moment.

Decreasing APR

Although the Slate Edge card doesn’t offer rewards, it does offer plenty of tools to help cardholders pay down debt, obtain a better APR and even increase their credit limit. By simply spending $1,000 in the first three months of opening your account and making timely payments, your APR could go down by 2 percent.

You can then decrease your APR by a further 2 percent every year you meet the requirements until you hit a minimum of 13.74 percent APR.

Credit line increase

You’ll get automatic eligibility for a credit line increase if you spend $500 in the first six months and make timely payments. If you transfer a balance or make a big purchase, an increased credit limit could be quite useful.

Balance transfer

Although it’s not an entirely new feature for this card’s relaunch, it’s another tool that can help you get out of debt faster—especially if you’ve got other high-interest debt you need to pay down. If you decide to transfer a balance, there’s an intro 3 percent fee ($5 minimum, which increases to 5 percent after sixty days), and you’ll get an intro APR offer for 18 months after opening your account.

Who should get the Slate Edge card?

If you’re struggling with paying down your credit card debt and would like the chance to get more favorable credit card terms, like a lower APR, this card could be for you.

The option to increase your credit limit could decrease your credit utilization ratio (if you keep your balance low) and potentially have a net positive effect on your credit score.

Meanwhile, as you continue making on-time payments with your Slate Edge card to qualify for better terms, Chase will continue providing positive information about your payment history to the credit bureaus—another plus for your credit score.

Another great use case for this card includes large purchases and balance transfers. With an intro APR offer for the first 18 months, you could have the time you need to pay down your balance.

If you fall into any of these categories, the Slate Edge could help you reach some of your financial goals by helping you improve your credit score and pay down debt more quickly.

Note, current Chase Slate cardholders will not be automatically migrated to the new Slate Edge. You’ll need to either call the issuer about a product change or apply separately for the new product.