Chase Slate Edge Review: A Credit Builder Card with No-Fee and $100 Bonus
Chase has launched a new credit cards called Chase Slate Edge. This is a card that replaces the old Chase Slate card which is no longer available and is aimed at those who have no credit or need to rebuild their credit. The card comes with no annual fee, a $100 bonus and gives cardholders the chance to lower their APR.
We have seen most of these benefits in other cards that are already in the market. Two unique benefits that the Chase Slate Edge card provides, are a credit line review for those who spend $500 and pay all bills on time in the first 6 months and an opportunity to lower the APR by 2% each year after spending at least $1,000 and paying on time. These two benefits incentivize good habits and are geared toward those who want to build better credit, or transfer their current balances to hopefully save on interest. But it will take over a year to see the first APR reduction.
Let’s get into this Chase Slate Edge review and see how these features work in more detail.
- Receive a $100 bonus on your statement when you spend $500 in your first six months from account opening.
- 0% Intro APR for 12 months from account opening on purchases and balance transfers ($5 or 5% fee, whichever is greater). A variable APR applies after that.
- Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first six months.
- LEARN HOW TO APPLY
Chase Slate Edge cardholders will automatically be considered for an APR reduction by 2% when they pay on time, and spend at least $1,000 on your card by your next account anniversary, until your APR reaches the Prime Rate plus 9.74% (currently 12.99% variable APR based on the Prime Rate of 3.25% as of 2/4/2021).
Your final APR reduction could be less than 2% depending on the APR you receive with your card.
- Purchase Protection – Covers your new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account.
- Extended Warranty Protection – Extends the time period of the U.S. manufacturer’s warranty by an additional year, on eligible warranties of three years or less.
- Zero Liability Protection – Rest easy knowing you won’t be held responsible for unauthorized charges made with your card or account information. If you see an unauthorized charge, simply call the number on the back of your card.
- Auto Rental Collision Damage Waiver – Decline the rental company’s collision insurance and charge the entire rental cost to your card. Coverage is provided for theft and collision damage for most cars in the U.S. and abroad. In the U.S., coverage is secondary to your personal insurance.
- My Chase Plan – Chase Slate Edge customers to make equal monthly payments on purchases of $100 or more – with no interest, just a fixed monthly fee.
This product is available to you if you do not have this card and have not received a new cardmember bonus for this card in the past 24 months.
Chase Slate Edge Review: Guru’s Wrap-up
If you have no credit score or need to rebuild your credit, this is a good option. These types of cards rarely comes with a sign-up bonus. The Chase Slate Edge card gives you $100 when you spend $500 in your first six months.
Then you have the option to lower your APR. Every year you pay on time and spend $1,000, your APR goes down by 2%. Currently it can go as low as 12.99% variable APR. That is a great rate for a credit card. Plus you get additional benefits and perks, like extended warranties, auto-rental collision damage waiver and purchase protection. The Chase Slate Edge Card has no annual fee either.
The card is not groundbreaking in any sense. You can find most of these perks and benefits in other cards that are already in the market. It is not a very interesting card overall, but it could find some potential customers in a specific target group that might need the two unique perks that it provides. If you have good credit, you can definitely find better no fee cards. The recently launched Chase Freedom Flex for example is a much better option, with a $200 bonus and 5% rotating quarterly categories.
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