Connect with us

News

Is The Chase Slate Edge Card Worth It? (2021)

Published

on

In the interest of full disclosure, OMAAT earns a referral bonus for anyone that’s approved through some of the below links. Citi is an advertising partner of OMAAT. These are the best publicly available offers (terms apply) that we have found for each product or service. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, hotel chain, or product manufacturer/service provider, and have not been reviewed, approved or otherwise endorsed by any of these entities. Please check out our advertiser policy for further details about our partners, and thanks for your support!

I spend a lot of time on the blog talking about credit cards that help you maximize your return on spending, whether you’re looking to earn travel rewards or cash back. The catch is that in order to be able to do that, it’s important to have an excellent credit score and pay off all your credit card bills in full.

While OMAAT readers are largely savvy when it comes to maintaining excellent credit, this is something that Americans at large struggle with.

With that in mind, Chase has recently launched the Chase Slate Edge℠, which is at least worth being aware of. This is a replacement for the Chase Slate, which was discontinued for new cardmembers in early 2020.

Who should consider the Chase Slate Edge?

If you have an excellent credit score, no credit card debt, and are already using credit cards with solid rewards structures, then the Chase Slate Edge isn’t for you. You’re already doing a great job, and there are lots of other cards for you to consider.

Instead, this card is for those who are looking to finance a purchase at an attractive rate with a credit card, whether you’re looking to refinance a purchase, or make one in the future.

I want to emphasize that in general I highly recommend not financing purchases with credit cards, especially outside a 0% intro APR period. Credit cards only make sense for those who can spend responsibly, and who aren’t paying credit card financing charges.

The Chase Slate Edge offers 0% intro APR

The main reason to consider the Chase Slate Edge is that it offers 0% intro APR for 12 months from account opening on both purchases and balance transfers. After that period, a variable APR of 14.99 – 23.74% applies.

This can be useful for paying off higher-rate credit cards, or for consolidating balances and paying less interest in the long run. If you can be disciplined about paying off the amount within 12 months, then taking advantage of something like this could make a lot of sense. Otherwise, you’ll want to avoid this.

The Chase Slate Edge has no annual fee

The Chase Slate Edge has no annual fee, so it has that going for it…

The Chase Slate Edge has a $100 welcome bonus

The one exciting aspect of the rewards structure of the Chase Slate Edge is that it offers a welcome bonus of $100 when you spend $500 within your first six months from account opening. That’s a solid bonus when you consider that the card has no annual fee.

The Chase Slate Edge can raise your credit limit, lower your APR

There are a couple of interesting Chase Slate Edge features, though for most people they probably won’t be that valuable:

  • You’ll receive an automatic one-time review for a higher credit limit when you pay on time and spend $500 within the first six months; the benefit of a higher credit limit is that it can lower your credit utilization, which can improve your credit score
  • You’ll be considered for an APR reduction by 2% when you pay on time, and spend at least $1,000 on your card per account anniversary year, until your APR reaches the Prime Rate plus 9.74%

As I said above, I’d highly recommend doing what you can to avoid financing charges beyond a 0% intro APR period, so even with an APR reduction that’s something I’d stay away from, given that you’ll still be paying a lot of interest.

The Chase Slate Edge doesn’t offer any rewards

The biggest drawback of the Chase Slate Edge is that the card doesn’t offer any sort of a rewards structure beyond the welcome bonus. Your spending won’t be rewarded, unlike with most cards. Chase has several cards with no annual fee and a good rewards structure, so be sure to consider those (I’ll talk about some of them below).

What credit score do you need for the Chase Slate Edge?

Even though the Chase Slate Edge is designed for those who have credit card debt and may be working on their credit, unfortunately, you’re unlikely to be approved if you have bad credit. You generally need good or excellent credit to be approved, so I’d expect not to be approved if your score is under 650 (though again, you never know). On top of that, Chase’s typical credit card application rules apply, including the 5/24 rule.

If you ask me, this really limits the potential target market for this card — it’s a card for those with good credit but who also want to finance charges.

Why the Chase Slate Edge probably isn’t worth it

If you’re looking to finance a credit card purchase or make a balance transfer, the Chase Slate Edge could be worth it… maybe.

That being said, I tend to think there are still better options, given the lack of a rewards structure:

Bottom line

The Chase Slate Edge is a new no annual fee card from Chase. The primary feature of this card is that it offers 0% intro APR, but even so, I have a hard time getting exciting about the card.

The card has no rewards structure, and you also generally need a good credit score to get approved for the card. With that in mind, I just don’t see many situations under which this is the best option.

If you want a no annual fee Chase card with a good rewards structure, consider the Chase Freedom Flex or Chase Freedom Unlimited. If you want a no annual fee 0% intro APR card, consider the Citi Double Cash, which has the benefit of also having an industry-leading rewards structure.

What do you make of the new Chase Slate Edge?

Source link

Continue Reading

News

Are Sallie Mae Student Loans Federal or Private?

Published

on

When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

Learn more:

Source link

Continue Reading

News

Tips to do some fall cleaning on your finances

Published

on

Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

Source link

Continue Reading

News

How to Get a Loan Even with Bad Credit

Published

on

Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.

 

 

Source link

Continue Reading

Trending