Chase Slate reintroduced with 21-month 0% APR: Should you apply?

Chase has reintroduced one of its most popular balance transfer credit cards, albeit with a few changes. The Chase Slate® Credit Card was removed from the bank’s lineup around the spring of 2020, but it recently returned and is available for application. The Chase Slate card offers a low intro APR for just under two years, which is one of the longest periods available on the market.

A balance transfer card can be a great tool for those struggling with credit card debt, as it gives you some breathing room before you start accruing interest again and lets you pay down your principal directly.

CNBC Select covers what you need to know about the Chase Slate, who should consider applying and alternative 0% intro APR credit cards to consider.

The Chase Slate offers one of the longest 0% intro APR periods on the market, with 21 interest-free months on purchases and balance transfers. When this period ends, a variable APR of 18.24% to 28.24% will apply. Ideally, almost two years will be long enough to pay down most, if not all, of your debt.

To highlight the power of a 0% Intro APR card, let’s say you have $10,000 in credit card debt at the average interest rate of 22.30%. Even if you make $500 monthly payments toward that debt, it would still take you 26 months to pay off — and you’d pay $2,619 in total interest in the process.

Instead, you could move that debt to the Chase Slate card. While you’ll pay a 5% balance transfer fee ($500), you can make the same $500 monthly payments and pay off your debt in just 21 months with zero interest charges. (Balance transfer fee is either $5 or 5% of the amount of each transfer, whichever is greater.)

The exact amount you’ll pay each month depends on how much debt you owe and the corresponding balance transfer fee, but using a balance transfer card like the Chase Slate can often save you hundreds or thousands in interest.

The Chase Slate is primarily geared toward those carrying credit card debt and looking to reduce interest charges while paying it down.

This no-annual-fee card doesn’t earn rewards or come with many other benefits, but it does have a few perks worth mentioning. As a partner benefit, you can take advantage of a complimentary six-month membership to DoorDash’s DashPass when you activate by Dec. 31, 2027. This membership includes $0 delivery fees and lower service fees on eligible orders. Just note that after six months of membership, you’ll be automatically enrolled in DashPass at the current monthly rate.

You also get access to a few (fairly typical) protections, like purchase protection, extended warranty protection and auto rental coverage. If you’re looking for a credit card that’s loaded with statement credits or travel perks, the Chase Slate probably isn’t your best option.

If you’re interested in a 0% APR card but want a slightly longer debt payoff period, consider the U.S. Bank Shield™ Visa® Card. This card comes with a 0% intro APR for 24 billing cycles (two full years), giving you a few additional months compared to the Chase Slate. After the intro period, you’ll be charged a 16.99% to 27.99% variable APR.

The U.S. Bank Shield card also carries a $0 annual fee, and you can earn a $20 annual statement credit for 11 consecutive months of purchases. Plus, the card offers cell phone protection of up to $600 when you pay your monthly bill with the card.

If you’re searching for a 0% APR card that also earns rewards, the Citi Double Cash® Card earns an unlimited 2% cash back on purchases (1% when you buy and 1% when you pay) and offers a welcome bonus for new cardmembers.

It’s worth noting that the 0% intro APR period is a bit shorter at 18 months (17.49% to 27.49% variable APR after). But, this could be a good option if you’re dealing with a slightly smaller amount of debt that can be paid off more easily. Plus, the card earns flat-rate rewards that compete with the best cash back credit cards on the market, meaning it’ll bring value to your wallet long after your debt is paid off.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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