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Updated on Monday, July 9, 2018
If you’re drowning in credit card debt, a balance transfer credit card like the Chase Slate® may help you get out of debt. While the card itself is fairly basic, the balance transfer offer is consistently one of our top picks with its Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.
The Chase Slate® offers a decent 0% Intro APR on Balance Transfers for 15 months. After the intro period ends, a 16.74% - 25.49% Variable APR is in effect. While this is a good offer, you can find cards with intro periods as long as 18 or 21 months — however, they may not offer a $0 intro balance transfer fee.
A great feature of the Chase Slate® is the Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. Completing a transfer within the 60 days allows you to save the typical 3% balance transfer fee other cards may charge. For example, if you transfer a $2,000 balance to a card with a 3% balance transfer fee, you will incur a $60 fee, but if you transfer the same balance to the Chase Slate® within 60 days from account opening, there is no fee.
A balance transfer can be a great way to get out of debt, but there are some terms to be aware of before you complete your transfer:
- Balance transfer fee: Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. Make sure you transfer your balance within the first 60 days from account opening so you can benefit from the $0 intro balance transfer fee.
- Regular purchase APR: If you continue to carry a balance once the intro period ends, you’ll incur a 16.74% - 25.49% Variable APR. Therefore, it’s important to pay off your balance prior the intro period ending so you don’t repeat the same cycle of debt.
- Balance transfer window: The clock starts ticking on your balance transfer offer as soon as you open your card. And, to qualify for the $0 intro balance transfer fee, you need to complete your transfer within 60 days of account opening. So, if you want to benefit from the majority of the 15-month intro period and the $0 intro BT fee, transfer your balance when you open the card or soon after account opening.
- How long the balance transfer takes to process: Chase states most transfers are processed within a week, but some may take up to three weeks. While you’re waiting for your transfer to post, continue making payments on the card that had the debt.
We have a step-by-step guide on how to complete your balance transfer with Chase here, which includes screenshots for each step.
If you’re looking for a longer balance transfer intro period or a card that has more benefits in addition to a good balance transfer offer, check out the alternatives below.
The Amex EveryDay® Credit Card from American Express is our top pick for no-fee balance transfer cards since it also offers a rewards program and wide range of benefits. Cardholders can transfer debt from a non-Amex card to The Amex EveryDay® Credit Card from American Express and utilize the intro 0% for 15 Months (after, 12.99% - 23.99% variable APR). Plus, there’s a $0 balance transfer fee. This offer is similar Chase Slate®. But, where this card shines is the added benefits you receive. You can earn 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases. And, there are a variety of American Express benefits including exclusive entertainment access and free two-day shipping at select merchants with ShopRunner. Terms apply.
If it’s time you’re looking for, the Citi® Diamond Preferred® Card has one of the longest balance transfer offers available with an intro 0% for 18 months on Balance Transfers. Once the intro period ends, a 14.74% - 24.74% (Variable) APR is in affect. This may be beneficial for debtholders who want a long intro period, but keep in mind there’s a balance transfer fee — Balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum.
The information related to the Chase Slate®, The Amex EveryDay® Credit Card from American Express, and Citi® Diamond Preferred® Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.