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 an evaluation to raise a cardmember’s credit limit and a 0% intro APR offer for the first year – all with no annual fee.
“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.