What Is The Difference Between Chase Slate And Chase Freedom?

June 18, 2014, Written By Natalie Rutledge
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If you are searching for a credit card, you have two excellent choices with the Chase Freedom® and the Chase Slate® cards. Both cards have a number of perks you can use to your benefit, in addition to being great cards for everyday use. The cards have low interest rates for customers with strong credit scores and a good history of paying off their debts. You will need to have a high credit score to be approved for either of these cards. Let’s look at the differences and similarities between these cards, and how you can maximize them to fit your individual needs.

Similarities

The biggest similarity between the Chase Slate® and Chase Freedom® credit cards is that both require a strong credit score to obtain. If you have poor or even fair credit, you probably aren’t going to be approved for either of these cards. Both credit cards come with a strong introductory offer—you will pay 0% interest for the first 15 months of card ownership, no matter which card you choose. You’ll also find that neither card has an annual fee. If you are looking for credit cards that don’t have many administrative or annual fees, then you’ve chosen right ones with the Chase Slate® and Chase Freedom® credit cards.  Both cards have variable interest rates as well which are fairly reasonable.

Differences

While these cards have similarities, they also have some stark differences that need to be explained. First is the difference in interest rates. While both cards have a variable interest rate, the Chase Slate® card has set variable rates of 12.99%, 17.99% and 22.99%. However, the APRs for the Chase Freedom® card can be anywhere between 13.99% and 22.99%. While both cards have an introductory offer of 0% APR for 15 months, the Chase Freedom® card also provides a $100 bonus after you make $500 in purchases within the first three months of card ownership. While the Chase Slate® card does not have a rewards program, the Chase Freedom® card has a very robust one—with the Chase Freedom® card, you’ll earn 1% back on all eligible purchases in addition to 5% cash back on revolving categories that change each quarter—up to $1,500 spent during that quarter. The Chase Slate® card’s biggest advantage over the Chase Freedom® card is that it is a balance transfer card—during the first 60 days of card ownership, you can transfer any balance without a balance transfer fee. However, with the Chase Freedom® card, there is a balance transfer fee with each transfer made.

Which Should You Choose?

The card you choose should be based on what kind of purchases you personally make. If you are making credit card purchases daily, and you want the flexibility provided by a rewards program, then you should definitely go with the Chase Freedom® card. The Chase Freedom® card will allow you to earn cash back on everyday purchases—that’s not an option with the Chase Slate® card. However, some people don’t use credit cards to make many purchases. Some individuals use credit cards to make balance transfers and to help improve their overall credit profile. If you are interested in making balance transfers, especially to a card with a 0% APR for the first 15 months, then the Chase Slate® card might be your best option. It allows for no cost balance transfers during the first 60 days of card ownership. If you want to make balance transfers, then the Chase Slate® card is going to be intriguing, as the Chase Freedom® card charges you for every balance transfer that you make. Whichever card that you choose, you are going to find that there are benefits and drawbacks. That’s why you’ll have to choose based on your personal needs.

At the end of the day, you really can’t go wrong with either of these credit cards. You will need a strong credit history to get approved for either card, and you’ll also need to keep up with your payments once you obtain the card to maintain a low interest rate. Which card you choose should be based on your own personal preference and usage. If you are interested in using a credit card that gives you the option to do no-cost balance transfers, then you should go with the Chase Slate® card. If you are more interested in a card that will allow you to earn bonus points on your everyday purchases, then you should go with the Chase Freedom® card. The rewards program that comes with the Chase Freedom® card is significant, and for many, that’s what tips them in that direction. But everybody uses credit cards for different reasons, so make sure that you are selecting a card that best fits your lifestyle and your purchase patterns. These are both strong credit cards that provide you with a number of different, quality options.



The information contained within this article was accurate as of June 18, 2014. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at [email protected]
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