Chase Freedom Unlimited℠ vs. Slate®

Chase Freedom Unlimited℠ vs. Slate®

June 30, 2016         Written By Jason Steele

It’s hard to be everything to everyone, but that doesn’t stop many from trying. Chase has an extraordinary lineup of credit cards that offer everything from frequent flyer miles and cash back to 0% APR promotional financing offers. For many years, the Chase Slate card has featured extraordinary terms for its promotional financing offer while its new Chase Freedom Unlimited® offers both promotional financing and competitive cash back rates.

Let’s take a look at these two cards, and see which one makes sense for you.

Chase Freedom Unlimited®

Chase has offered its popular Freedom card for many years, which features 5% cash back each quarter on featured categories of purchases, with limits, and 1% cash back on all other purchases. But since some reward card users do not want to have to worry about which purchases are eligible for the bonus cash back and when they’ve reached their limits, Chase introduced its Chase Freedom Unlimited® which offers 1.5% cash back on all purchases, all the time, with no limits.

New applicants currently receive a $150 cash back bonus after spending $500 on new purchases within three months of account opening, and an additional $25 after adding an authorized cardholder who makes a purchase during the same time period.

This Chase Freedom Unlimited® also offers 0% APR introductory financing for 15 months on both new purchases and balance transfers, with a 5% balance transfer fee. If the balance transfer is made within the first 60 days of being an account holder, the balance transfer fee is only 3%. After the promotional financing period expires, the standard interest rate will apply which is 16.49% - 25.24% Variable, depending on your creditworthiness when you applied for the card, with no penalty APR.

There is no annual fee for this card.

Chase Slate®

Chase SlateWhile it doesn’t offer any rewards, the Chase Slate stands out in the market due to its offer of 15 months of 0% APR promotional financing on both new purchases and balance transfers, with no fee for balance transfers completed within 60 days of account opening. After the promotional financing rate expires, the standard interest rate will apply, which is a variable APR of 13.24%, 18.24%, or 23.24%, depending on your credit when you applied. And unlike many cards, there is no penalty APR.

Slate cardholders also receive a free monthly FICO Score and Credit Dashboard as part of Chase’s Credit Score & More benefit. This online dashboard shows you a summary of your credit report information as well as the reasons behind your score and suggestions to manage your credit health.

Slate cardholders can also use the Blueprint feature to help save money on interest charges and pay off their balance sooner. There is no annual fee for this card.

Which card is right for you

The Chase Freedom Unlimited® is designed for reward credit card users who want to earn a competitive, and predictable amount of cash back on all their transactions, without worrying about bonus categories and limits. While this card also has a strong  promotional financing offer, it is primarily a rewards credit card. Like other reward cards, it’s best used by people who avoid interest charges by paying each month’s statement balance in full. The Freedom Unlimited card also offers a generous sign-up bonus.

On the other hand, the Chase Slate card is one of the only credit cards offered with 0% financing on balance transfers, with no balance transfer fee, while the Freedom Unlimited has a 5% balance transfer fee. That’s a difference of $250 on a transfer of $5,000.

But let’s look at this another way. Those who are planning on transferring a balance of under $3,000 will actually receive a sign-up bonus from the Freedom Unlimited that is worth more than the cost of its 5% balance transfer fee. So for these cardholders, the Freedom Unlimited will actually end up costing less when accounting for both the sign-up bonus and the 5% balance transfer fee.

But ultimately, the Slate card is most suited for those who are struggling to pay off an existing balance. It’s a simple card with no rewards for spending, but its no-fee balance transfer offer make it ideal for the millions of Americans who struggle with credit card debt. The Freedom Unlimited is the card for those who don’t have debt and are looking to maximize rewards. Depending on which type of credit card user you are, Chase has a strong product for you.

Note: The information for the Chase Slate has been collected independently by LowCards.com. The product details on this page have not been reviewed or provided by the bank advertiser.

The information contained within this article was accurate as of June 30, 2016. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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jasonsteele

About Jason Steele

Jason Steele is a journalist that covers credit cards, travel and consumer credit. As one of the nation's leading experts in credit cards, Jason has contributed to dozens of travel and personal finance outlets including NerdWallet, Credit Karma and the Points Guy, where he serves as the Senior Points and Miles Contributor. Jason has also been widely quoted in mainstream media in outlets such as the Washington Post, the USA Today and Bloomberg Business Week. Jason is also the founder and producer of CardCon, which is the annual Conference for Credit and Credit Card Media.