The average U.S. household has $6,662 in credit card debt with an interest rate of 13.61% APR, according to a recent Student Loan Hero study.
Assuming a minimum payment of $133 — or 2 percent of the balance — it'd take you a little more than six years to pay off that debt. Plus, you'd pay $3,239 in interest along the way.
In some situations, the combination of high interest rates and low minimum monthly payments might mean you'll never pay off your credit card completely.
To help you pay off your debt faster and with less interest, the Chase Slate credit card offers a 0% APR promotion and no upfront balance transfer fee. Depending on your credit situation and how much debt you have, though, it might not be the best fit for you.
Here's what you need to know about this credit card with our latest Chase Slate review.
The Chase Slate offers a 0% APR for 15 months on both purchases and balance transfers. It also comes with no balance transfer fee if you make the transfer within 60 days of opening the account.
Many balance transfer cards charge a balance transfer fee of 3 percent to 5 percent, so getting a card with no fee could save you hundreds of dollars upfront. For example, if you have $10,000 in credit card debt, you'd pay between $300 and $500 on many other balance transfer cards.
The card also offers free access to your FICO score, allowing you to monitor how your score changes over time.
One big drawback to the card is the fact that your balance transfer can't be more than $15,000 or your available credit, whichever is lower. So, if you get a $15,000 credit limit and have $20,000 in debt, you'll have to find another way to get a lower interest rate on the remaining $5,000.
Plus, Chase Slate doesn't offer any credit card rewards, so it doesn't provide a lot of value once the 0% APR promotion is over.
As of December 2017, once the 0% APR promotion ends, your interest rate will be between 15.99% and 24.74% APR for the Chase Slate credit card, depending on your creditworthiness.
The average credit card interest rate is 16.15% APR, according to a November 2017 report by CreditCards.com. So, unless your credit and financial profile are stellar, it's likely you'll get an above-average interest rate.
That said, the card doesn't charge a penalty APR on late payments. With other cards, the penalty APR can be much higher than the regular purchase APR, making it even harder to get ahead on your debt.
The card also doesn't charge an annual fee, so you don't have to worry about losing money on the card.
There's no minimum required credit score to get the Chase Slate, but it's generally targeted to people who have at least fair to good credit.
Chase also doesn't publish a minimum income requirement, but it's legally required to ensure that you have the ability to repay whatever debt you incur on the card.
You can access your Chase Slate account through Chase's website or the Chase mobile banking app. As of November 2017, the app has 4.6 out of 5 stars on both the Apple App Store and the Google Play Store.
If you're interested in applying for the card, head to the Chase Slate landing page and click on "Apply Now." If you already have an account with Chase, you'll have the option to log in so Chase can populate the application with the information it has on file.
If you don't, the application still takes only a few minutes to complete. You'll start by sharing your name and address.
Next, you'll enter some financial information, including what type of bank accounts you have, your residence status, and your income and employment information.
Finally, you'll fill out some information to keep your application and account secure, including your phone number, email address, date of birth, Social Security number, and mother's maiden name.
Once you've entered all of your information, you'll be asked to review Chase's terms and conditions. At this point, you'll also be able to add an authorized user and initiate a balance transfer request.
Then, you can submit the application and get a response within a minute. If the application is pending further review, you'll typically get a response within seven to 10 business days.
There are mixed reviews about the Chase Slate credit card on Credit Karma.
If you have any questions about the Chase Slate before or after the application process, you can reach its customer service team at 1-800-432-3117. Alternatively, you can reach out to its social media team via Facebook or Twitter.
Chase Slate review: Should you get the card?
Although Chase Slate's waived balance transfer fee is a solid offer, it isn't unique. The BankAmericard credit card also offers that feature.
Chase Slate's lack of rewards is another concern. The Citi Double Cash offers a 0% APR promotion on balance transfers for 18 months and solid rewards that can easily make up for the balance transfer fee.
Whichever card you choose, check out several credit cards with a 0% APR promotion before making a decision. As you compare features and fees, you'll be in a better position to determine which card is best for your needs.