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Credit Card Review: Chase Slate Edge



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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.

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.


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.