credit card advice
If there’s one major drawback to a credit card, it’s probably the high interest rates most charge for carrying a balance month-to-month. Thankfully, options exist for those times when carrying a balance is simply unavoidable, in the form of 0% interest balance transfer and purchase credit cards. A balance transfer allows you to take a balance from one credit card and transfer it to another credit card with a lower interest rate, reducing your monthly payments.
One of the most popular credit cards for balance transfers and interest-free purchasing is the Chase Slate credit card, which has an introductory offer of 0% APR on purchases and balance transfers for a set period. The Slate card is the only balance transfer card that doesn’t charge you a fee to transfer a balance within the first 60 days of activation. In addition, the Chase Slate card has no annual fee and provides access to your monthly FICO score for free.
Fair Credit Required: Reviewers Had Average Score of 640+
When it comes to qualifying for any type of credit, of course, the higher your credit score, the better off you’ll be. That said, you don’t need to have flawless credit to get approved for the Chase Slate credit card. Slate cardholders run the credit score gamut from “fair” to “excellent” credit, with most Credit Karma users carrying Chase Slate cards reporting scores between 601 and 750, and the average user seeing approval with a score between 640 and 670.
In fact, some users reported being approved for a Slate card with credit scores in the 500s, with a full 8% of users queried having a score between 551 and 600.
As with many credit card issuers, Chase looks at more than just your credit score when determining approval, including your overall credit history as well as your personal banking history with Chase. Most (in)famously, Chase has been known to follow what is generally called the “5/24 Rule,” which means you will likely be denied for a Chase credit card if you have opened more than 5 credit cards in the last 24 months.
You Can Apply for Your Chase Slate Card Online
Applying for a Chase Slate card is quick and easy, and can be completed entirely online through the Chase website. The application will require you to provide personal information, such as name and address, as well as financial information, including your annual income. For well-qualified applicants, approval can take just minutes; in some cases, Chase may request more information before a decision can be made.
One thing to keep in mind when considering a Chase Slate card for balance transfers is your available credit limit, as you cannot transfer a balance larger than your approved credit limit. For example, if you need to transfer $1,000, but have only been approved for a credit limit of $500, you will only be able to transfer up to $500 (or less; some issuers automatically leave a “buffer” amount available on the card).
The limit you are approved for will depend on both your income and credit score, with the majority of Credit Karma users reporting an initial credit limit between $1,000 and $5,000, with no users reporting a limit less than $300.
Top Alternative Balance Transfer Options
If you don’t think you will be approved for a credit limit large enough to accommodate the balance you wish to transfer or interest-free purchases you want to make, you may need to consider a different, or additional, balance transfer credit card. Furthermore, it is always a good idea to compare your credit card options to ensure you are getting the best fees and interest rates for which you qualify. See some of our favorite balance transfer cards below.
at Discover Card'ssecure website
- Our Take: "With a ridiculously good deal on balance transfers, low APR's, and a generous cash-back program, we can see why this card is so popular.
- 0% Intro APR on balance transfers for 18 months
- 5% cash back in rotating categories that rotate quarterly, up to $1,500 per quarter when you sign up for the quarterly bonus
- 1% cash back on all your other purchases.
- Matches the cash back you've earned at the end of your first year (only for new cardmembers)
- No limit to the amount of cash back that can be matched"
0% for 6 months
0% for 18 months
11.99% - 23.99% Variable
at Chase'ssecure website
- Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate
- Enjoy new 5% categories each quarter like gas stations, restaurants and drugstores
- Unlimited 1% cash back on all other purchases - it's automatic
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.99-24.74%. Balance transfer fee is 5% of the amount transferred, $5 minimum
- No minimum to redeem for cash back
0% for 15 months
0% for 15 months
15.99% - 24.74% Variable
at Wells Fargo'ssecure website
- Earn 20,000 bonus points after spending $1,000 in the first 3 months
- Earn 3X points at U.S. gas stations, 2X points at U.S. restaurants, 1X point on other purchases
- Redeem points for travel, gift cards, cash redemption options or merchandise through Go Far® Rewards
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Propel American Express® Card
- Earn an annual relationship bonus of 10% on non-bonus rewards points if you maintain a qualifying Wells Fargo account
- 0% Intro APR for 12 months on purchases and balance transfers, then a 13.99%-25.99% variable APR; balance transfer fees apply
0% for 12 months
0% for 12 months
Reconsideration Line May Be a Second Chance for Approval
In the case that an error has occurred during your application process, or you otherwise feel your application should be reviewed a second time, you can call the reconsideration line. By calling a Chase credit analyst via the reconsideration line, you can have a human hand-review your application. You can use the number below to contact a Chase credit analyst between the hours of 7 a.m. to 10 p.m. EST Monday through Friday, 8 a.m. to 10 p.m. EST Saturday, and 9 a.m. to 9 p.m. EST Sunday.
Many seeking to apply for the Chase Slate card are doing so to take advantage of the introductory 0% interest offered by the card and may think to use the reconsideration line to get a larger initial approval limit for that purpose. Unfortunately, there is little evidence suggesting that the reconsideration line can be used to increase your credit limit. If you need to transfer a balance larger than the credit limit for which you’ve been approved, you may need to look into your other balance transfer credit card options.