Chase Introduces Slate Edge – a No Annual Fee Credit Card With an Interest Rate Designed to Go Down

Rhea-AI Summary

Chase has launched the Slate Edge credit card to assist customers in achieving their financial objectives. The card features an annual percentage rate (APR) that decreases with on-time payments, a 0% introductory APR for the first year, and no annual fee. Customers can earn a $100 statement credit by spending $500 in the first 6 months, and they are automatically considered for an APR reduction and credit line increase based on their payment history. This card responds to consumer demands for tools that improve financial health.

Positive

• 0% Intro APR for the first year.
• $100 statement credit for spending $500 in the first 6 months.
• Reduction in APR with timely payments, potentially reaching the Prime Rate plus 9.74%.
• Automatic credit line increase evaluation based on timely payments and spending.

Negative

• None.

Today Chase announced Slate Edge, a new type of credit card designed to help customers reach their financial goals faster. Slate Edge is a unique card designed with an APR rate built to decrease annually in response to on time payments in addition to other features like evaluation to raise a cardmember’s credit limit and a 0% intro APR offer for the first year – all with no annual fee.

Chase Slate Edge (Photo: Business Wire)

“Consumers want tools to help take them to the next level of their financial journey and we designed Slate Edge to enable cardmembers to reach their goals faster,” said Kristen Bowdoin, General Manager of Chase Freedom and Slate. “We’re giving cardmembers an edge to tackle ‘what’s next’ on their financial to-do list and put their best foot forward.”

Slate Edge offers a compelling suite of benefits, including:

• 0% Intro APR for 12 months upon account opening (3% balance transfer fee);
• $100 statement credit when you spend $500 in the first 6 months;
• Automatic consideration for annual 2% purchase APR reduction when you pay on time, and spend at least $1,000 by the next account anniversary until your APR reaches the Prime Rate plus 9.74%
• Automatic one-time evaluation for a credit line increase when you pay on time, and spend $500 in the first 6 months;
• Access to Chase’s digital credit tools like Credit Journey and My Chase Plan

After an uncertain year, customers are seeking opportunities to improve their financial health. Additional survey data indicated:

• Over 30% of all consumers said buying a car or home would motivate them to take action to improve credit score;
• 34% of Gen Z and Millennial consumers said understanding how to improve their credit score is a major challenge;
• 20% of all consumers say they are not taking any action to improve their credit score.

Slate Edge prompts customers to take simple steps to put their goals within reach.

For more information visit Chase’s website: Slate Edge.

About the 2021 Chase Slate Credit Survey

The 2021 Chase Slate Credit Survey was conducted on behalf of Chase Card Services by TRUE Global Intelligence, the in-house research practice of FleishmanHillard. The 10-minute survey was fielded online from June 28 to July 6, 2021, among 1,000 U.S. consumers aged 18+, and included oversamples of 500 Black Americans, 500 Hispanic Americans, 500 Young Adults aged 18-34 and 500 active or retired military personnel for a total sample of 3,000 consumers. The general population sample was weighted by gender, age, race/ethnicity and geographic region to ensure a representative sample based on Census Bureau data.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.7 trillion and operations worldwide. Chase serves more than 60 million American households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 44 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210719005797/en/

FAQ

What is the Chase Slate Edge credit card?

The Chase Slate Edge is a new credit card designed to help customers improve their financial health with benefits like a decreasing APR and a 0% introductory APR for the first year.

What are the benefits of the Chase Slate Edge card?

Benefits include a $100 statement credit for spending $500 in the first 6 months, automatic APR reduction with on-time payments, and access to digital credit tools.

What is the introductory APR for the Chase Slate Edge?

The Chase Slate Edge offers a 0% introductory APR for 12 months upon account opening.

How can I qualify for an APR reduction on the Chase Slate Edge?

You can qualify for an annual 2% APR reduction by making on-time payments and spending at least $1,000 by your account anniversary.

Is there an annual fee for the Chase Slate Edge credit card?

No, the Chase Slate Edge credit card has no annual fee.