Slate Card With Blueprint by Chase Bank
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This card allows you to pay off recurring monthly charges without being charged interest, while establishing a plan to pay off larger balances. The program is complicated and may confuse most people. That could lead to higher balances, higher finance charges, and penalties.
About the Card
Who the Slate By Chase Card Is For
Credit Card Review
The payment plan behind this card is a good idea. Many people need to know just how much carrying a credit card balance is costing them and how long it will take them to pay it off.
You'll get a grace period on on smaller, everyday new purchases (like gasoline, groceries, etc.) even if you already have a balance. Meanwhile, you'll pay off larger purchases (TVs, computers, etc.) according your chosen payment schedule.
According to the card's website, your monthly statement will separate your "full pay" purchases - the everyday purchases you elect to pay off in full without incurring interest - and "split" purchases - the larger purchases you elect to pay off over time (which do incur interest). For bigger purchases, you choose a monthly payment or "goal date" when you want to have the balance paid off. Chase "does the math" and sets up a payment plan (the "Blueprint") for you.
However, as more purchases are added to your balance, your billing statement will likely get more confusing and you won't be sure how much you need to pay each month to avoid paying interest on your "full pay" purchases while keeping current on your "split" purchases.
The bank is asking you to place a lot of faith in it to set up a payment plan that works to your advantage. Do you really want to put that much trust in your credit card company?
Remember: The more complicated the card, the better it usually is for the bank and the worse it is for you. If you don't understand it, avoid it.
Recommendation
If you must carry a balance on your larger purchases, get the lowest rate card you can find and carry the balance on that and pay it off as quickly as you can. For your everyday purchases, use cash or a debit card, or get a rewards credit card that you can pay off in full every month.
Visit Their Website
Visit Their Website
This card allows you to pay off recurring monthly charges without being charged interest, while establishing a plan to pay off larger balances. The program is complicated and may confuse most people. That could lead to higher balances, higher finance charges, and penalties.
About the Card
Who the Slate By Chase Card Is For
- People who carry credit card balances.
Pros
- No interest on selected "everyday" new purchases if you pay them in full each month, even if you already have a balance.
- Separates recurring everyday purchases from "larger" purchases.
- Helps you set a budget and repayment plan for larger purchases.
Cons
- Too complicated and confusing.
- High interest rates.
Slate by Chase Credit Card Rewards
- None
APRs
- 0% for the first 12 months on purchases and balance transfers for "Elite" (excellent credit) and "Premium" (good credit) pricing.
- After the first 12 months, variable starting at 13.24% for Elite pricing or 17.24% for Premium pricing; 22.24% from day one for Standard pricing (medium or weak credit).
- Penalty interest rate: 29.99%.
Fees
- No annual fee.
- Balance transfer fee: 3 percent of balance.
- Late fee: $15.00 if the balance is less than $100.00; $29.00 if the balance is between $100.00 and $250.00; $39.00 if the balance is $250.00 or more.
- Over-the-limit fee: $39
- Return check or return payment fee: $39
Credit Card Review
The payment plan behind this card is a good idea. Many people need to know just how much carrying a credit card balance is costing them and how long it will take them to pay it off.
0% Interest on Certain Purchases
You'll get a grace period on on smaller, everyday new purchases (like gasoline, groceries, etc.) even if you already have a balance. Meanwhile, you'll pay off larger purchases (TVs, computers, etc.) according your chosen payment schedule.
Chase Makes Your Payment Plan
According to the card's website, your monthly statement will separate your "full pay" purchases - the everyday purchases you elect to pay off in full without incurring interest - and "split" purchases - the larger purchases you elect to pay off over time (which do incur interest). For bigger purchases, you choose a monthly payment or "goal date" when you want to have the balance paid off. Chase "does the math" and sets up a payment plan (the "Blueprint") for you.
However, as more purchases are added to your balance, your billing statement will likely get more confusing and you won't be sure how much you need to pay each month to avoid paying interest on your "full pay" purchases while keeping current on your "split" purchases.
The bank is asking you to place a lot of faith in it to set up a payment plan that works to your advantage. Do you really want to put that much trust in your credit card company?
Is the Chase Slate Credit Card Too Complicated?
Remember: The more complicated the card, the better it usually is for the bank and the worse it is for you. If you don't understand it, avoid it.
Recommendation
If you must carry a balance on your larger purchases, get the lowest rate card you can find and carry the balance on that and pay it off as quickly as you can. For your everyday purchases, use cash or a debit card, or get a rewards credit card that you can pay off in full every month.
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