It is a veritable jungle out there for people who are looking for credit cards to use for low balance transfers. As you may already know when you are carrying around a high credit card balance, on a line of credit with high interest rates and other fees, it can be almost impossible to pay those hefty balances off. Transferring your high balance to a card with lower interest rates fees can be a great way to get started on your master plan to becoming free from the chains of too much consumer debt. It is important to choose the right credit card to use for your balance transfer, though.
The Chase Slate has become one of the most popular balance transfer credit cards on the market today. But just because the Slate is popular, that doesn’t necessarily mean that it is the right card for you. We decided to investigate what this card has to offer and now we are going to share our findings with you.
What’s Good about the Chase Slate?
Many credit card companies try to entice you to choose their balance transfer cards by offering you 0 percent interest for a short amount of time. The Chase Slate, however, actually offer people 0 percent interest for 15 months. To make things even better, that longer 0 percent term applies to both purchases and balance transfers. It’s a sure bet that the longer no-interest period that the Chase Slate offers is one of its chief selling points.
Chase Slate also allows consumers to transfer their balances without paying any balance transfer fees. This is a very big benefit, as many credit card companies will actually charge you about 3 percent to move your balances to their credit cards. A 3 percent fee on a $5,000 balance would cost you around $150 if you were to choose one of those cards. Slate charges you absolutely nothing, so you don’t have to tack on any addition debt just for the privilege of switching to a card with more affordable interest rates.
Any Drawbacks to the Chase Slate?
There is no such thing as a perfect credit card. As much as we like the Chase Slate, it is important to let you know that it is a balance transfer credit card that is typically only available to people who have good credit scores. Typically, a good credit score is considered to be one that is higher than 660. People who have lower credit scores may feel like they are missing the boat by not being able to qualify for this particular credit card. However, if you have only had a few minor credit problems, say you missed a payment or two, you should still be able to qualify for a Chase Slate credit card.
People who travel frequently are sure to appreciate that Slate also offers Chip and Pin technology. When a card is Chip-enabled, you can safely use it abroad without any worries. So if you plan on taking a vacation or business trip to another country in the future, you may find that the Slate is the ideal credit card to use while you are traveling.
Be sure to use your balance transfer wisely, regardless of the actual credit card that you apply for. Don’t simply rack up more debt. Use the 0 percent introductory period to pay off as much of your debt as you can. That is the whole point of using a balance transfer, and it will definitely help you to get your finances into better shape for the foreseeable future.