Chase Slate vs. Chase Sapphire Preferred
Chase is one of the largest credit card issuers in the United States, and it offers a variety of cards for different needs. For cardholders who are looking to pay off their debt, Chase offers its Slate card, which features several valuable tools to reduce their interest charges and manage their finances. And for those who are in the habit of paying their statement balances in full each month, Chase also offers its Sapphire Preferred card which features a leading travel rewards program.
Let’s take a look at these two cards and see which one is right for you:
The Chase Slate card is a fairly simple card, yet it offers powerful features for customers to manage their finances. First, Slate offers new applicants 15 months of interest-free financing on both new purchases and balance transfers. In fact, it is the only 0% APR promotional financing offer that has no balance transfer fee. There is no fee for balance transfers completed within 60 days of account opening, and a 3% balance transfer fee imposed on subsequent transfers.
After the promotional financing period expires, an APR of 12.99%, 17.99%, or 22.99% will apply, depending on the creditworthiness of the cardholder at the time of application. Furthermore, there is no penalty APR that applies should you happen to miss a payment. Benefits include access to a free monthly FICO Score and a summary of your credit report information, in order to track and manage your credit health. Their Credit Dashboard shows you the reasons behind your score and offers helpful information on ways to manage it.
Another important feature is access to Chase’s powerful Blueprint program. Blueprint allows cardholders to avoid interest charges by paying off some purchases in full each month, while carrying a balance on others. Blueprint also contains advanced budgeting and goal-setting tools. For example, cardholders can specify a monthly payment that they can afford, and Blueprint will calculate how long it will take to pay off their balance. Alternatively, you can choose a time frame for paying off your balance, and Blueprint will calculate the amount that you will need to pay in order to reach your goal; Chase will even print your personalized Blueprint balance on each month’s statement. There is no annual fee for this card.
The Chase Sapphire Preferred card is one of the leading travel rewards credit cards offered in the United States. It features double points for all travel and dining expenses, and one point per dollar spent on all other purchases. Points are earned in Chase’s Ultimate Rewards program, which offers several ways to redeem them. Points are worth one cent each toward cash back, merchandise, or gift cards, and 1.25 cents toward travel reservations made through Chase’s Ultimate Rewards travel center. In addition, points can be transferred to airline and hotel partners including United Airlines, Southwest, British Airways and Hyatt. When these points are transferred to travel partners and redeemed for expensive, last minute tickets, premium class international flights, or luxury hotel stays, it’s often possible to realize several cents in value per point redeemed.
While this card has no promotional financing offer, it does feature a sign-up bonus of 50,000 points after you spend $4,000 on purchases in the first three months from account opening. In addition, new cardholders can earn another 5,000 bonus points after they add their first authorized user who makes a purchase, also within the first three months after account opening. Additional benefits include a host of travel insurance and purchase protection policies, including extended warranty coverage, accidental theft and damage insurance, and lost and delayed baggage coverage.
As a luxury travel card, you have direct access to customer service specialists. Or as Chase proudly boasts “When you call us, our phones are answered by people, not prompts.” This card is also made of metal, which makes it incredibly durable and gives it has a unique, heavy feel. The standard interest rate is 15.99% and Sapphire Preferred customers also have free access to Chase’s Blueprint program. There is a $95 annual fee for this card that is waived the first year, and no foreign transaction fees.
Which card is right for you?
The Chase Slate card is uniquely suited for cardholders who have existing balances on other credit cards, as it is the only card from a major card issuer that does not impose a balance transfer fee on 0% APR transfers. But at the same time, the Sapphire Preferred is not the worst choice for those who are paying down their balance, as it also offers Blueprint and only the most qualified Slate applicants will receive a lower standard interest rate.
Yet the Chase Sapphire Preferred card is primarily designed with travelers in mind, as it has no foreign transaction fees, and offers impressive travel rewards in the Ultimate Rewards program. Depending on whether your goal is paying off your balance or earning travel rewards, the right choice between these two cards will become clear to you.