The Chase Slate balance transfer fee is $0 for transfers made within 60 days of opening an account. After that, Slate’s transfer fee is 5% (min. $5).
All in all, considering the 15-month 0% APR on both purchases and balance transfers and its $0 annual fee, Chase Slate is one of the best credit cards on the market for balance transfers. Few balance transfer cards offer a lengthy introductory rate and a $0 balance transfer fee. And on top of that, Chase Slate charges a $0 annual fee. That only sweetens the deal further. You will need a minimum of good credit in order to get approved for Chase Slate.
Make sure you’re aware of when Slate’s introductory rate expires. Any transferred balance remaining at the end of the 0% promotional period will be charged interest at Slate’s regular APR, which is 17.24% - 25.99% (V).
A balance transfer does not affect your credit score directly. Balance transfers aren’t flagged on your credit reports, and credit scoring companies don’t specifically factor them into their evaluation criteria. However, a balance transfer can lead to changes in your financial profile that will affect your credit score.
For example, a balance transfer can lead to a high … read full answercredit utilization rate. Generally, you’ll want to use up less than 30% of a card’s credit limit. A balance transfer can wind up consuming much more than that, which isn’t great for your credit score.
In the best-case scenario, you’ll transfer your balance to a card with a credit limit much higher than the amount you need to transfer as well as pay off the original credit account in full. Then, the transferred balance won’t max out your new card, and you’ll be able to bring your old card’s utilization to zero.
Making payments on time is a crucial part of both maintaining a good credit score and using a balance transfer to your credit score’s advantage. Paying off the balance that you transfer and avoiding unnecessary debt in the future will also positively affect your credit score.
A credit card balance transfer is a good idea if you have good or excellent credit and make an affordable payment plan prior to applying. You generally need good credit or better to get a 0% balance transfer credit card. And most balance transfer cards have very high regular APRs, making it important to repay what you owe before the 0% period ends.… read full answer
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