Credit Cards

Chase Freedom vs Slate Credit Cards Compared [2019 Update]

chase freedom or slate
Written by Nimda

Comparing credit card offers is not an easy task, especially when you begin narrowing down your BEST options. So, if you’re confused between the Freedom® and Chase Slate® credit cards, we won’t blame you. These both cards from the major credit card issuer “Chase” have some exceptional features that really make it difficult to reach a final verdict. Not to mention, both cards offer holders a number of perks, all while being handy cards for everyday use.

The Chase Slate doesn’t really have any competition when it comes to balance transfers and the Chase Freedom seems to be the people’s choice, due to its amazing cash back rewards program. But, in order to get approved for either of these cards, you need a pretty decent credit score. So, which card is the best option for you? Well, take a look at this card comparison review below to find out:

Quick Card Overview: Chase Slate vs Freedom

Key Features Chase Slate® Chase Freedom®
Card Annual Fees $0 $0
Foreign Transaction Fee 0% 3%
Card Rewards Program Cash back Cash back
Signup Bonus with Card This card offers no special signup bonus. Earn a $150 Bonus after spending $500 on purchases within 3 months of opening your account
Intro APR Offer 0% Intro APR for 15 months on purchases and balance transfers, after which the ongoing or average APR is 12.99% – 22.99% 0% Intro APR for 15 months on balance transfers and purchases, after which the ongoing or average APR is 13.99%-22.99%
Who Would Want Each Card?
Bad For: ·         Individuals who are interested in getting a big signup bonus

·         Individuals who aren’t  carrying credit card debt

·         Individuals who want a card for earning rewards

·         Individuals who travel overseas regularly

·         Individuals who don’t like rotating bonus categories

·         Individuals who perform balance transfers regularly

Good For: ·         Individuals who aren’t interested in a big signup bonus

·         Individuals who isn’t interested in receiving rewards

·         Individuals who needs refinancing for paying off high-interest debts

·         Individuals who are looking for a minimum to modest signup bonus

·         Individuals who are looking for cash back rewards with good incentives and deals

·         Individuals who want to finance a large purchase, like car or bike etc

The Rewards of a Chase Slate® Card

  • $0 Annual Fee
  • Fraud Protection
  • E-mail & Text Alerts
  • Zero Liability Protection
  • Free access to your Credit Dashboard and Monthly FICO® Score
  • No Penalty APR – Paying late won’t lead to an increase in your interest rate
  • For balance transfers and purchases made during the first 15 months, holders get to enjoy 0% introductory APR
  • For transfers made during the first 60 days, holders can take advantage of the $0 introductory balance transfer fee.
  • The fee for future balance transfers after the first 60 days your account is open is 3% of the amount transferred (with a minimum of $5).

The Rewards of a Chase Slate® Card

  • No annual fee
  • Holders receive an unlimited 1% cash back on all purchases
  • As long as your account is open, Cash Back ultimate rewards points never expire
  • For balance transfers and purchases made during the first 15 months, holders get to take advantage of a 0% introductory APR. (After the intro period, consumers have to pay a variable APR between 13.99-22.99%)
  • A $25 signup bonus for making your first purchase in the first 3 months or by adding an authorized user.
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • For shopping, holders are protected via Zero Liability Protection, Fraud Monitoring/Alerts, and other built-in security features.
  • Enjoy new 5% cash back on up to $1,500 in combined purchases in bonus categories like Gas Stations, Restaurants, and Select Grocery Stores every 3 months. Other categories include:
Quarter 5% CASH BACK CATEGORY
January – March Starbucks® Stores, Movie Theaters, and Grocery Stores
April – June Overstock.com®, H&M®, Bed Bath & Beyond®, and Restaurants
October – December Kohl’s® and Gas Stations
July – September Amazon.com

The Benefits of a Chase Slate® Credit Card

At first glance, the Chase Slate credit card may seem a little low-end because it doesn’t offer any amazing signup bonuses and neither does it let you earn points for the Ultimate Rewards program. But, this doesn’t mean the card isn’t beneficial. The card is perfect for any holder looking for the best way to pay his/her their debt. Apart from this, here a few other benefits the Slate Card offers:

  • $0 Annual Fee – The Chase Slate can save you lots of cash on balance transfer fees and interest, without you having to pay hefty annual fees. Subsequently, it’s difficult to defeat the Chase Slate, especially if you are looking for a truly cost-effective way to eliminate your debt.
  • No Balance Transfer Fees – The Chase Slate offers cardholders an amazing 0% introductory APR for balance transfer and purchases. It waives the 3% balance transfer fee only if you move your high-interest debt onto the card within 60 days of opening your account.
  • Best for Eliminating Debt – The low interest fee and balance transfer fees make it incredibly possible for holders to eliminate their debts. For example, on a balance of $10,000 with most cards, you would have to pay a $300 fee straight off the bat. That’s a lot of cash on fees, which could be better spent on paying down your balance. Slate helps make this possible!
  • Low APR after 15 Months – There is doubt that you will receive a 0% introductory APR for 15 months after opening your account. In this amount of time, holders can easily eliminate much of their debt balance. Even after the 15 months pass, holders can take advantage of an ongoing APR as low as 12.99%. So, what else could a person ask for?

The Downside

  • No rewards – Since the Chase Slate credit card is actually a low-cost tool for eliminating your debt, it doesn’t really offer any rewards programs. This means, if you’re looking for a card that earns rewards on a regular basis, you might want to consider another option. There are plenty of cards out there that offer an amazing introductory interest rate on purchases and balance transfer, while also giving you the ability to earn points or cash backs on your spending.
  • High Credit Requirements – In order to get approved for a Chase Slate credit card, holders are required to have a pretty decent credit score. This again, is an obstacle for people who are looking for a low-cost tool for eliminate their debt. Subsequently, you might have to browse for alternatives in order to refinance your balance, especially if your credit is below average. There is no arbitrary credit limit as it’s based on individual circumstances.
  • O% APR Doesn’t Last for Long – While the Chase Slate does offer an amazing introductory 0% APR, it isn’t exactly the longest available on the market today. This means, if your goal is strictly to stretch your interest-free payments, you might find other better options elsewhere.
  • Inability to Transfer Debt from Chase Accounts – Card holders that already have a chase account or are looking to eliminate their debt from another chase account cannot transfer debt to the Slate Card. Where’s the justice in that?

The Benefits of a Chase Freedom® Card

With the introductory 0& APR on purchases and balance transfer for 15 months, $150 bonus offer, and rotating 5% cash back categories, it’s not really a surprise why the Chase Freedom card is one of the best and most popular reasonable cash back credit cards. Best part of all: you don’t have to pay any annual fee whatsoever. To understand more, let’s take a look at the benefits and downside of the card:

Account

  • Low Credit Requirements – Applying for the Chase Freedom doesn’t necessarily require you to have excellent credit. This makes it the best option, especially if you’re just starting out or applying for your first ever credit card.
  • Chase Ultimate Rewards Points – With the Chase Freedom card you can gain huge value on merchandise. You have access to the Chase Ultimate Rewards site, which is an online storefront offering you up to 10% of cash backs on purchases that are made online. This is fairly standard for rewards credit card options.
  • Rotating Reward Categories – One of the main benefits of Chase Freedom is that its rotating categories often include places where individuals make everyday purchases. Not to mention, each quarter includes broad categories like gas stations, restaurants, grocery stores etc. You can even receive cash back offers for companies like Amazon.com and Starbucks.

Shopping

  • Return Protection – If a retailer refuses to take back an item or accept a return, cardholders can be reimbursed up to $250 per item (however, only within 30 days of purchase).
  • Price Protection – If you purchase an item and later find it being advertised for a lesser price at a different retailer, you can be reimbursed up to $500 per item (within 90 days).
  • Purchase Protection – This incentive covers card holders for new purchases against theft and damage for $50,000 per account, 120 days, and up to $500 per claim.
  • Zero Liability Protection – This incentive means you won’t be held responsible for any unauthorized or fraudulent charges made with your account information or card.
  • Chip-and-Signature Technology – For better accessibility in foreign countries and increased security, the Chase Freedom features the latest EMV-enabled chip-and-signature technology.
  • Extended Warranty Protection – This incentive offered by Chase typically extends an original manufacturer’s warranty for eligible warranties by up to 1 year, regardless of the existing duration.

Travel

  • Travel and Emergency Assistance Services – This incentive provides help when away from home. This includes medical and legal referrals.
  • Roadside Dispatch/Roadside Assistance – For Visa card, holders can simply dial 1-800-VISA-TOW to receive any kind of help on the road. For MasterCard, you can call the customer service number at the back of the card to receive roadside assistance services.
  • Auto Rental Collision Damage Waiver – In circumstances of theft or damage to rental vehicle, you can receive coverage from Chase Freedom.

The Downside

  • You have to opt in to rotating awards every quarter – In order to qualify for the 5% rotating rewards offered by Chase Freedom, you need to log into your account and active the rewards after every quarter (or three months). Subsequently, if you miss the deadline, you may not be able to take advantage of the rewards and will get stuck with the 1% cash back incentive. However, even so you have until the 14th day of the third month to activate the rewards. This gives card holders plenty of time.
  • Not a Good Option for Travelling – Like many major cash back rewards cards, the Chase Freedom typically offers a foreign transaction fee of 3%. Therefore, it may not exactly be the best card option if you have to travel overseas regularly. You may find better travel value on other cards like the Discover IT.

Which Card Should You Choose?

Thankfully, Chase is known as one of the better credit card companies out there. The card you choose generally depends on your needs and what kind of purchase you personally make. This is because the Chase Slate and Freedom cards are designed to accommodate TWO incredibly different purposes.

For one, if you are making credit card purchases daily and want the flexibility offered by an excellent rewards program, the Freedom Card is definitely a decent all-rounder.

Primarily Interested in Rewards? The Chase Freedom card offers 0% APR on purchases for the first 15 months, a potentially lucrative ongoing rewards programs that changes every quarter, and a pretty modest signup bonus. Not to mention, it doesn’t charge any type of annual fee whatsoever.

Primarily Interested in Low Maintenance and Eliminating Debt? The Chase Slate, on the other hand, is the better choice for individuals who want a low-cost tool to finance expenses and eliminate debt.

Unlike other cards, the Chase Slate offers an unparalleled combination of a lengthy 0% introductory term without any annual or balance transfer fees. Subsequently, if you are interested in making balance transfers or purchases, especially to a card with a 0% APR for the first 15 months, then the Chase Slate® card might be your best option.

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Nimda

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