Chase Slate Edge review: Consolidate credit card debt and lower your APR with this unique card

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At the beginning of the pandemic, Chase pulled the Chase Slate credit card from its product offerings but has now introduced the Chase Slate Edge℠ card in its place. The card is simple in its benefits, but for consumers looking for spending flexibility, it is a solid option to consider.

The card was designed for consumers looking for a break on credit card interest rates and who may want to consolidate credit card debt. And with the holiday season around the corner, it may make sense for some to have an interest-free period on their credit cards.

Here's what you need to know about the Chase Slate Edge card.

This card can help cardholders increase their credit score, consolidate debt and lower the amount they pay in credit card interest. The Slate's 0% APR for 18 months and ability to reduce APR over time can be helpful for those who carry balances month to month. Here are the main perks of the Chase Slate Edge℠:

• 0% Intro APR on purchases and balance transfers for 18 months upon account opening (after, 18.99%–28.99% variable)
• Automatic consideration for 2% APR reduction if you make all payments on time, and spend at least $1,000 by your next account anniversary
• Automatic, one-time review for a higher credit limit when you pay on time and spend $500 in your first six months.

While the main perk of 0% APR expires after the first 18 months, this card may be worth keeping past that for the reduction in interest rate. However, rather than paying interest after the 18 months, you can consider transferring your balance to another 0% APR credit card, or taking out a personal loan which may have a lower rate and save you money in the long term.

The automatic eligibility for a credit line increase can help you increase your credit score, since this would give you a large credit line and therefore likely lower your credit utilization ratio.

The card does not earn any rewards for spending. So if you are in need of a 0% APR credit card with rewards, you may want to consider another card.

The card comes with a few additional benefits:

• Chase purchase protection - Covers purchases for 120 days against damage or theft
• Auto Rental Collision Damage Waiver - If you decline the rental company's collision insurance and charge the entire rental cost to your card, coverage is provided for theft and collision damage.
• Access to Chase’s digital credit tools like Credit Journey and My Chase Plan

If a balance transfer is of interest to you, there is a 3% fee to do so, or a $5 minimum. However, that 3% may be worth paying if you are paying a much higher interest rate elsewhere.

Also, the 3% is a promotional rate during the first 60 days of card membership. After 60 days, that fee becomes 5%, with a minimum of $5.

The card charges a 3% foreign transaction fee for purchases made outside the U.S.

The card does not have an annual fee.

The Chase Slate Edge Card enters an extremely competitive space of balance transfer credit cards and 0% APR credit cards. Here's how it stacks up against the competition.

Chase Slate Edge vs. Chase Freedom Flex®

The Chase Freedom Flex® offers cardholders an introductory 0% APR on new purchases and balance transfers for 15 months (then 18.99% - 28.49% variable). There's an intro balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that it's either $5 or 5% of the amount of each transfer, whichever is greater. Cardholders can earn up to 5% cash back in rotating categories on up to $1,500 worth of purchases in rotating quarterly categories (then 1% thereafter) and a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.

However, if you carry a balance month to month, the Slate Edge card will prove to be a better card for its favorable interest rates and incentives to continue moving the rates downward.

Chase Slate Edge vs. U.S. Bank Visa® Platinum Card

If your goal is to have the longest 0% APR rate as possible, the U.S. Bank Visa® Platinum Card is a better card for you. You will have 0% intro APR on purchases and balance transfers for 18 billing cycles (after, 18.24% - 29.24% variable). Balances must be transferred within 60 days from account opening.

The Chase Slate Edge offers benefits such as purchase protection, extended warranty and rental car coverage. The U.S. Bank Visa Platinum offers cell phone insurance.

The Chase Slate Edge Card is a solid option for someone looking for simplicity and to avoid accruing credit card interest. However, if you plan on spending regularly on the card, it may be advantageous to select a different card to earn credit card rewards.

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Information about the Chase Freedom Flex has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.