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By Jason Steele
August 10, 2021
Chase Slate Edge credit card on a colored background
Courtesy of Chase

Most credit cards don't automatically lower your rate as your credit score improves. But now, Chase has introduced a new card that does exactly that. The new Chase Slate Edge will lower your interest rate every year that you make your payments on-time and use it to spend at least $1,000.

Key Terms

  • Welcome Bonus: Earn a $100 statement credit after you spend $500 on purchases in your first six months
  • Rewards: None
  • Annual Fee: None
  • APR: 14.99% to 23.74% variable APR. Receive a 2% percentage point decrease every year you make your payments on-time and spend at least $1,000. (Minimum APR is Prime plus 9.74 percentage points, currently 12.99%)
  • Promotional Financing Offer: 12 months of 0% APR financing on both new purchases and balance transfers.
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How This Card Works

Although it's not a rewards card, the Slate Edge offers new applicants a $100 statement credit after spending $500 within six months of account opening. New accounts also receive 12 months of interest free promotional financing on both new purchases and balance transfers.

After the first year, the standard interest rate will apply to your balances, which is currently 14.99% to 23.74% variable APR. What makes this card unique is that you can receive a 2 percentage point drop in your interest rate each year that you make your payments on-time and make at least $1,000 of new charges. However, the rate will never drop below the Prime Rate plus 9.74 percentage points (currently 12.99% variable APR based on the Prime Rate of 3.25% as of Aug. 4, 2021).

You'll also get an automatic review for a higher credit limit when you pay on time, and spend $500 in your first six months from account opening. This card comes with several valuable benefits including auto rental collision damage waiver, purchase protection and extended warranty coverage. There's no annual fee for this card.

Advantages

This card breaks new ground by directly rewarding you for paying your bills on time. By automatically giving you a lower interest rate, and offering a higher credit limit, this card evolves with you as your credit improves, so you don't have to apply for new card to get the rate you deserve.

This card is also unusual in that it features a $100 new account bonus, even though it's not a rewards card. Other nice features include 12 months of 0% APR financing on new purchases and balance transfers, and its travel insurance and purchase protection policies. And of course, it's always nice when there's no annual fee.

Disadvantages

This card has a 3% foreign transaction fee imposed on purchases processed outside of the United States, so it's a poor choice for use when traveling internationally.

Alternatives

PenFed Gold Visa Card. The PenFed Gold Visa card offers new account holders a $100 statement credit after spending $1,500 within 90 days of account opening. It also features 12 months o 0% APR on balance transfers, and a low purchase APR of 7.49% to 17.99%. There's no annual fee for this card.

Discover it Cash Back. This card offers new applicants 14 months of 0% APR on new purchases and balance transfers, and a standard APR of 11.99% to 22.99%. The Discover it Cash Back card offers rewards for spending, but not much in the way of benefits. There's no annual fee for this card.

BankAmericard®. This Bank of America card offers 18 months of 0% APR on new purchases and balance transfers. It also offers a standard interest rate of 12.99% to 22.99%, depending on your creditworthiness. There's no annual fee for this card.

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