Chase Slate Edge℠ review: Is its reduced APR feature worth it?

The Chase Slate Edge has a few features that make it a worthy choice compared to other balance transfer cards, such as its intro APR period, issuer-specific perks and complimentary delivery service memberships.

Intro APR offer: Long intro offer and impressive annual reduction feature

The card offers an intro APR period on both balance transfers and purchases, which is comparable to many other top-tier balance transfer cards. The offer increased from its previously low 12-month intro APR period, which not only gives it more value now, but signals it could increase in the future. However, other balance transfer options like the Wells Fargo Reflect® Card and the Citi Simplicity® Card offer longer intro APR periods on balance transfers.

The Slate Edge also brings a fresh new feature to the table that will surely be valuable for cardholders who want to minimize the impact of carrying a balance from time to time.

If you charge $1,000 to your card and make on-time payments, Chase will automatically consider you for a 2 percent ongoing APR reduction each account anniversary year. Your reduction is still based on a variable rate, though, and could currently drop to 18.49 percent at most.

Perks: Great food delivery and Chase-specific perks

Like the issuer’s other credit cards, you receive Chase-specific perks. Chase Offers, a card-linked program to earn extra cash back on activated rotating offers, can squeeze extra value out of your spending and put it toward the annual APR reduction. My Chase Plan can help you keep your balance under control after the zero-interest ends by providing up to 18 months in predetermined installment payments toward eligible purchases of $100 or more (although there is a monthly plan fee instead of interest). Meanwhile, Chase’s host of Credit Journey features provide account management tools like free credit score checks and identity theft monitoring to keep your account safe.

Another nice perk that comes with this card is the complementary DoorDash DashPass membership (must enroll by December 31, 2024). You get the first three months free and then a 50 percent discount for the next nine months. You also receive Instacart+ membership for free for three months if you activate your membership by July 31, 2024. Even though these two perks are only available for a limited time, both memberships add extra value and savings to the Slate Edge.

Like with other balance transfer cards, you shouldn’t expect glitzy perks since any additional features should take a backseat to paying off your balance. The Slate Edge’s credit line increase and yearly APR reduction benefits are part of the main appeal, but it doesn’t quite make up for its loss of a welcome bonus and lack of a rewards program. Plus, you could avoid a couple of its fees completely with other balance transfer cards.

Welcome offer: No longer carries a sign-up bonus

While the card improved its APR offer, it came at the cost of cutting its previous $100 cash welcome bonus. This update is unfortunate, as it may have covered 3 percent intro balance transfer fee ($5 minimum; increases to 5 percent after 60 days) for some cardholders.

Chase currently promotes its welcome bonus as the following: if you spend $500 on your card in the first six months and continue to make on-time payments, your account will automatically be eligible for a credit line increase. This boost could be a big help if you need to take on a big, unexpected expense or build up your credit, but it doesn't have the same value as similar cards that provide a monetary reward. It's a letdown compared to its earlier offer, but there's still optimism that Chase will make another comparable offer in the future.

Rewards: No cash back, points or miles

Previously, the Slate Edge’s most striking disadvantage from other balance transfer cards was its much shorter intro APR length. Most cards designed for consolidating debt bestow 18-month zero-interest periods, but now that the Slate Edge has matched that intro APR length, its only distinguishing features are its higher credit limit account review and APR reduction perks. These give it slightly more staying power than many of its rivals, but these features don’t offer much of a leg up over other cards that deliver ongoing rewards and similar balance transfer periods.

The reality is that many no-annual-fee rewards cards offer around a 15-month intro APR for both purchases and balance transfers around the same ongoing interest rate as well, so you can not only earn rewards on new purchases while paying down your transferred balance, but the card will be more valuable for longer once you've paid off your debt. But if you need the Slate Edge card’s extra three months to pay off your balance, you may be more comfortable with having a balance transfer card with a longer intro APR rather than a rewards card with a shorter intro APR.

Fees: Charges a balance transfer fee and foreign transaction fee

As a balance transfer card, the intro APR periods and the ongoing APR are the most important rates and fees to pay attention to outside the annual fee (which the Slate Edge doesn’t charge). You can keep interest at bay for an entire year and a half with its intro APR on both purchases and balance transfers.

But you will have a 3 percent or $5, whichever is greater, intro balance transfer fee on transfers made within 60 days of account opening. Then, this balance transfer fee jumps to 5 percent after 60 days. Plus, it has a 3 percent foreign transaction fee if you use your card abroad. There are a few cards with no balance transfer fee similar to the original Chase Slate, but they’re usually only available through credit unions, so you’ll have to decide if you want to tackle that fee or choose a different card.

The Chase Slate Edge is among the most competitive balance transfer cards available, but it still lacks long-term value. However, it’s important to consider multiple factors when determining which card is best for your financial situation.

Any rewards credit card that fits your day-to-day spending will pair effortlessly with the Slate Edge since it doesn’t earn ongoing cash back, bonus points or travel miles. If you plan to hang onto the Slate Edge for its low interest rate in case you need to carry a balance occasionally, your rewards card can act as your primary credit card for all other purchases. 

Not every balance transfer card is right for everyone. Here are the type of people the Slate Edge is right for.

The Chase Slate Edge offers more long-term value than the legacy Chase Slate as a low-interest credit card thanks to its annual 2 percent APR reduction feature for eligible cardholders and other unique features. However, the most recent update to the Slate Edge gave up one of its more competitive, identity-centric perks, as it was one of the rare balance transfer cards that previously offered a cash value credit welcome offer. Luckily, it still offers automatic eligibility for a credit line increase if you meet the criteria. This change traded the welcome offer for a much better intro APR offer.

Our proprietary card rating system takes into account a mix of factors when scoring balance transfer and low-interest cards, including each card’s introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more.

While balance transfer and low-interest cards share a similar ratings rubric, we weigh features differently based on how a card is categorized. We categorize cards that carry an especially long intro APR offer on balance transfers as dedicated balance transfer cards, while cards that offer an especially low ongoing APR are considered general low-interest cards. 

Based on its features, we assigned this card a primary category of balance transfer and tailored our ratings accordingly. 

We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on how its key features stacked up against those of other cards in its category. 

Here’s a breakdown of what gave this card its score:

*The information about the BankAmericard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.