The Slate card is Chase’s answer to a balance transfer card. It offers a 0% APR for 15 months for all balances transferred within the first 60 days. However, once those balance transferred are paid off, or after that introduction period, the card is pretty much useless. It doesn’t earn any reward points, so for most people, it becomes a pretty useless card, especially if you compare it to other cards. While this has been something that we in the credit game have been aware of for a very long time, it looks like Chase is finally realizing this, and is doing something about it.
After a certain amount of time, it looks like Chase will be automatically product changing Slate cardholders to a Freedom Unlimited.
Freedom Unlimited Summary
The Freedom Unlimited is one of the foundations of the Chase Trifecta. The reward rate on this card is pretty straightforward offering 1.5% back on all purchases. Of course, if the Freedom Unlimited card holder also happens to have a Ultimate Reward point credit card, then they can transfer the cash back earned into Ultimate Reward points. Depending on how you redeem those points, it could be much more valuable than the simple cashback you would earn normally.
I think this is a good move for Chase, as it helps its users by giving them a more valuable card once they are done with their balance transfer. Of course, the negative part about this deal is that the consumer wont get a sign up bonus on this card with this product change. Still, if you happen to be over 5/24, you would be able to get a Freedom Unlimited without adding to that count.
What do you think about this product change? Let us know below!