Chase Slate Edge^℠ Review

Chase launched the Chase Slate Edge^℠ in July 2021. While it’s a fairly no-frills card that doesn’t earn rewards, it does offer consumers an opportunity to build credit for a $0 annual fee, earn a decent sign-up bonus, and enjoy introductory APR periods on purchases and balance transfers. It also comes with a unique program where you can get a chance to lower the card’s regular APR each year.

Though the name is similar, this is a distinct card from the Chase Slate®, for which Chase shut down online applications in April 2020. The Chase Slate® was a popular balance transfer card, and is still available for application in limited ways — such as if you get a targeted offer or apply in a physical Chase branch.

• Good for improving your credit score

  Chase is known as a leader in the credit card world. Its products include popular cashback cards such as the Chase Freedom Flex℠, aimed at applicants with excellent/good credit, and popular travel cards such as the Chase Sapphire Preferred^® Card — aimed at consumers with excellent credit.

  The Chase Slate Edge^℠ offers something new. It’s meant to help consumers work toward financial milestones, and offers a chance to establish a relationship with Chase while improving your credit score.

• Intro APRs on purchases and balance transfers

  The Chase Slate Edge^℠ offers a 0% Intro APR on Purchases for 18 months. After that, a regular APR of 19.49% - 28.24% Variable applies. If you’ve got a big purchase coming up, taking advantage of this intro APR period could allow you to spread out payments over a year without incurring interest charges.

  There’s also a 0% Intro APR on Balance Transfers for 18 months. Then, an APR of 19.49% - 28.24% Variable applies. If you’re struggling to pay off high-interest debt on another credit card, a balance transfer could give you breathing room and help you reach the goal of becoming debt-free.

  Know that there is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days. After, either $5 or 5% of the amount of each transfer, whichever is greater.

• Chance to get a lower regular APR

  When you pay on time and spend $1,000 on your card in an account anniversary year, you’ll be automatically considered for an APR reduction of 2%. Note that the lowest your APR can go is the Prime Rate plus 9.74%, and your final APR reduction could be less than 2%.

• There's no annual fee

  This card charges a $0 annual fee, which is a great feature for a card meant to help build your credit.

• Opportunity for a credit limit increase

  When you pay on time and spend $500 in the first six months of having the card in the first year, Chase will automatically review your account to see if you’re eligible for a higher credit limit.

• There's a balance transfer fee

  The Chase Slate Edge^℠ charges a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days. After, either $5 or 5% of the amount of each transfer, whichever is greater.

• Be prepared for a foreign transaction fee

  If you take the Chase Slate Edge^℠ when traveling abroad, be prepared for a fee of 3% of each transaction in U.S. dollars.

• No rewards program

  This card doesn’t offer any rewards. However, if your primary focus is on improving your credit score, that might not be a big deal.

Compare it to the Discover it^® Secured Credit Card

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Discover it^® Secured Credit Card

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Rates & Fees

Discover it^® Secured Credit Card

Intro Purchase APR N/A

Regular Purchase APR 28.24% Variable APR

Annual Fee $0

Rewards Rate 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically… Read More

Highlights

• No credit score required to apply.
• No Annual Fee, earn cash back, and build your credit history
• Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
• Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
• Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
• Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
• Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
• Click through to Discover’s website to see terms and conditions.

Typical Credit Needed

300 600

Poor/Limited

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The Chase Slate Edge^℠ is not designed for applicants who are new to credit or who have bad credit. If either of those applies to you, a better card is the Discover it^® Secured Credit Card.

The Discover it^® Secured Credit Card requires that you submit a security deposit in the amount of your desired credit limit to the issuer. The deposit protects the issuer if you default on what you owe. With the Discover it^® Secured Credit Card, the deposit can range from $200 to $2,500.

You can get your deposit back if you pay off the card in full and close the account or if Discover decides you qualify to be transitioned to an unsecured card that doesn’t require a security deposit. After you have the card for 7 months, Discover will begin automatic monthly reviews of your account to see if you qualify for such a transition.

The Discover it^® Secured Credit Card also has a rewards program where you can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically. It’s rare for cards aimed at applicants with poor/limited credit to offer rewards, so this program makes the Discover it^® Secured Credit Card stand out from the competition.

And there’s a unique sign-up bonus for new cardmembers: Discover will match all the cash back you’ve earned at the end of your first year.

The Discover it^® Secured Credit Card‘s annual fee is $0.

If you’re looking to build credit history, the Chase Slate Edge^℠ is a fine $0-annual-fee card that offers a chance to do that. It also comes with unique features for lowering your interest rate and increasing your credit limit. Plus, getting the Chase Slate Edge^℠ also provides an opportunity to build a relationship with Chase, which might be useful down the road if you’re hoping to apply for cards such as the Chase Freedom Flex℠ or the Chase Sapphire Preferred^® Card.

However, if you have no credit history or have bad credit, the Chase Slate Edge^℠ isn’t the card you need. A better tool for advancing in your personal finance journey would be a secured card such as the Discover it^® Secured Credit Card, which is designed for customers who have poor/limited credit.

Finally, if you’re looking for a card with no balance transfer fee, the Chase Slate Edge^℠ doesn’t offer that. You might be better off seeing if you can apply for the legacy Chase Slate® in a physical Chase branch.