Slate(SM) from Chase with BluePrint Review
by Mr Credit Card
Chase has just revamped their whole line up of credit card with slick designs and new names. The offering is called officically Slate(SM) from Chase. They did not mention anything but I’ve noticed that they have not placed their traditional Platinum Visa or MasterCard on their site. Hence, I can only assume that the Slate(SM) from Chase is their new “vanilla” credit card. They have also added a couple of new “features” which I’ll review below.
The Slate(SM) from Chase is like the their old vanilla Visa but with a different twist to it. Chase has a built in program called BluePrint that makes life easier to manage one’s credit card. Here is how it works.
What is BluePrint? – I’ve taken a screen shot of the Chase page with some of their so called “features”. Essentially, BluePrint is a set of tools that let’s a cardholder see how long they would take to pay off their balance, and let them set “what if” scenarios. With these tools, it gives card holders a better idea and more importantly a plan to pay off their balance and set a plan.
Pay off larger purchases at your own terms – According to someone I know at Chase, what they are doing is to comply and go above what is required from the latest CARD Act. The most interesting feature is that if you carry a balance, you can set which particular items you would like to pay in full. For those items which you have designated as “pay in full” items, you will not incur finance charges and you will still get your grace period for those items even though you are carrying a balance. This is much better the traditional credit cards where the grace period does not apply and you will incur finance charges on all balances when you do not pay in full.
Pay down your balance faster – Chase is offering a tool for you to pay down your balance faster. Which is a good thing (though here at Ask Mr Credit Card, we always recommend that you pay your balance in full every month). This allows you to set a payment plan if you carry a balance.
Verdict – I think the Slate(SM) from Chase Card will appeal to folks who occasionally carry a balance on their credit card. By setting a pay in full schedule for regular items like groceries, they can avoid incurring finance charges on these items even though they may carry a balance due to other purchases. This is better than the traditional credit cards where every purchase incurs a finance charge and there is no grace period as long as you carry a balance. But with this card (or other Chase credit cards with the BluePrint feature), you do not incur those charges with items that you designate to pay in full.
This card has a 0% introductory APR for balance transfers for 12 or 6 months.
There is also no annual fee with this card, the design is very nice and some folks may actually find the Slate(SM) from Chase with its’ blueprints’ features very helpful.
For those who pay in full or looking for rewards, Chase has a couple of other cards like the Chase Freedom® Visa – $100 Bonus Cash Back, which offers cash back rewards and would be a better choice for many folks.
If you are looking for a vanilla card with low rates, then you should shop around for other cards as they are probably cards with lower rates.
October 2nd, 2009 at 01:04
I think you are missing the most important point of the BluePrint program: my understand is that it lets you to keep the grace period for the selected “pay in full” categories. In other words, the card acts like a charge card for those categories as long as you pay them in full, even if you are carrying an overall balance.
Of course, you can accomplish the same thing by using two cards: one for pay in full and another for carrying balance. But by using one card under BluePrint instead, you can consolidate reward points (which Slate doesn’t have, but it will be useful for Chase Freedom)
I don’t carry balance anyway, but I can see how this program benefit others who do.
October 11th, 2009 at 04:02
[...] Credit Card presents Chase Slate Card with BluePrint Review posted at Ask Mr Credit [...]
April 8th, 2010 at 09:05
As far as minerals go, ‘Slate’ is a far cry from ‘Platnum’, ‘Silver’, or ‘Gold’. Seems like a slam to me and I think I will bury my ‘Slate’ card in the ground where it belongs.
What bozo’s come up with this stuff anyway?
May 14th, 2010 at 14:08
In theory it sounds nice – but in real world application I doubt it will have the intended effect – that is, it will help assist consumers in paying down their cards. Instead, given the attitude towards debt in this country (Just look at all the people walking away from their mortgages because they think it’s an unfair deal even though they can afford the payments — WHO RAISED THESE PEOPLE?) it sounds like the Slate plan will actually have the opposite effect, and instead it will increase the debt — which increases fees which increases Chase’s bottom line. I’ve grown increasingly disappointed with my Chase, and this new slate program is the last straw.
And for the record, I am a financially independent 23 year old who, besides standard student loans, is debt free with immaculate credit. And No, I don’t have a trust fund – I just spend within my means. Live it. Learn it.
May 14th, 2010 at 14:18
good for you that you have no credit card debt. keep up the good work and save!
May 22nd, 2010 at 19:02
We HAD a Platinum VISA! The reason we had Platinum is because we normally made BIG payments in order to keep a zero or low balance. I agree with John! I would rather have the Slate on my floors! I don’t trust a single thing that Chase does (because they are NOT trustworthy), and everytime they make another change to my accounts it drives me further towards another bank. I have already moved one account. Moving accounts with automatic deposits and withdrawals is a pain in the neck, but there does come a time!
May 25th, 2010 at 14:24
In today’s mail, I received notice from Chase that they have “upgraded” my VISA Platinum to Slate with BLUEPRINT. This is something they took the liberty of doing on their own without my foreknowledge. After reading the term and conditions for Slate then comparing it with the terms & conditions for my existing Platinum, it turns out that it’s actually a significant downgrade. Here is why.
Chase is reducing my grace period from 25-days on VISA Platinum to 21-days on Slate, which translates into at least 3 additional billing cycles per year. Also, Chase is jacking up the APR to 17.25% on Slate from the 8.9% I had on the VISA Platinum, despite me having a 786 FICO score. Further, I have never missed any payments in 12+ years; I routinely utilize less than 4% of my available credit limit; my bills are faithfully paid on time and in full each month; and other than my monthly credit card charges I am completely debt free. In the end, there are no justifications for Chase to make these changes, other than it being a blatant attempt to set the screws to consumers.
But that’s okay because for several months I have read and heard about numerous other consumers that Chase has treated this way. As a result, I have been laying in wait for them to do this to me. As a result, the end of the road between me and Chase arrived today. I went down the street and opened a checking, savings and VISA Platinum account with a credit union. I ended up getting a 7.25% fixed rate VISA with 25 to 30 days grace period. Then I came home and booted Chase to the curb. Chase can stick that in their pipe and smoke it!
May 26th, 2010 at 19:37
Based on the information Brian posted previously, it appears I have received the same notification from Chase. My Platinum Visa is also being changed to a Slate card. The terms & conditions are adversely changing also. The rates are markedly going up; the fee schedule has increased; and the grace period has been reduced. None of it makes sense because my lowest FICO score is 774. The other two scores are 778 and 781. (The Experian score was provided to me by a small locally owned bank that I have done business with for years.)
My debt consists of a bi-weekly mortgage, 4 of 6 credit cards are actively used, and 4 student loans. My debt-to-income (DTI) ratio is very favorable. After the mortgage payments, monthly living expenses, credit card bills and student loans are paid, I still have 79% of discretionary monthly net income remaining. I have no history of late or missed payments. I seldom use no more than 2.5% from the $28,900 total in credit card limits, and the balances are habitually paid in full and on time. In 2 years, $46,000 in student loans have been reduced to $9,800, which puts me 10+ years worth of payments ahead on the 15-year payback schedule. So the changes being imposed by Chase are completely unwarranted.
I agree with the other people who are sick of Chase and their predatory practices. I opened a Visa Platinum account today at a local credit union. I received a $18,000 credit limit, plus 6.25% variable rate APR, which is based on the prime rate + 3% margin. It isn’t one of those cards with an introductory teaser either. The 6.25% APR is good for purchases and cash advances. Balance transfers up to $15,000 are available at 1.9% for 12 months. The grace period is 26-days and there isn’t an annual fee for the card. Best of all I can pay it online or walk-in to one of their local offices and pay on the spot.
Good riddance and adios to Chase.
June 5th, 2010 at 12:53
After Chase took over Washington Mutual / Providian, they got rid of a really good feature on WaMu Visa Cards: free automatic updates to your TransUnion credit score online every month so you could track your progress.
Admittedly, WaMu’s business model was going after high-risk customers, which is part of the reason they got into trouble.
On the other hand, can someone explain to me why Chase, after they took over my WaMu / Providian Visa (originally PayPal Visa), cut my limit in half and jacked up my annual rate to over 27% (from 11%), citing bad risk? If I had a FICO score of, say, 600, OK, but I have a score with all the major credit bureaus of around 750. Go figure.
In my experience, big organizations like J.P Morgan / Chase / Bear Stearns / Washington Mutual / Providian / Chemical Bank / Manufacturers Hanover / BankOne / etc. tend to be inefficient and slow, especially after their most recent takeover, hostile or not. Their customer service is rude and often “outsourced” and treats you like they in turn have been treated by their powerful, aggressive (speak I don’t care for small accounts) employer: like crap.
My local credit union serves me much better. With them, it’s the little things that count, for example, they submit a positive entry to all three credit bureaus each and every month, even if my accounts with them have no activity.
So my motto is: for small things like rewards programs – the only reason I’m still with Chase Visa is to get THEM to pay ME through the rewards program – go to a big bank. For big things like mortgages and car loans, go to a local credit union where you will be treated like royalty, and they will think twice before reposessing you or calling in their loans, because to them you are not just a small account but maybe an average or even a big account.
Chase credit cards just plain suck. Avoid them unless, and only unless, you are absolutely sure it’s just a “fun” card you will pay off completely every month – at least 10 days in advance — and collect bonus points with. I actually overpay my account with them by $50 to $100, maintaining a debit balance with them. Otherwise you will get slammed by them right and left.
August 23rd, 2010 at 15:08
I have this Slate card How dod i know what my credit limit is?
August 30th, 2010 at 15:32
The Chase Slate credit card is absolutely useless. If you are planning to apply for it, please dont. They did give me a 0% rate for 12 months, but without my knowledge, they decreased my credit limit by 2100 dollars. This was just all of a sudden. I have excellent credit and I have never missed a payment. My FICO score should be 740+. This is the only card I had a balance on. They are using unfair practices to make money. Bottom Line – dont get a CHASE anything. They are total rip offs.
September 8th, 2010 at 13:26
Can you imagine trying to look up the number to call on the back of the card in a low light situation? It is almost impossible to read even with the light at my desk. The designer of this card should be shot. Everything written on the back of it is practically illegible. I appreciate the information on the Slate card provided here and will look for one to change to as soon as I can.