The Chase Slate Edge is a no-annual fee card that offers no rewards. Its main benefit is that you can lower your APR each year when you pay off your bills in full.
- 0% Intro APR for 18 months from account opening on purchases and balance transfers. A variable APR of 17.24% – 25.99% after the introductory period ends.
- No Annual Fee
- Potentially Lower Interest Rate by 2% Each Year
- Purchase Protection
- Extended Warranty
- Secondary Rental Car Insurance
Lower Your APR
The main advertised benefit of the Slate Edge rate is that you will will automatically be considered for an APR reduction by 2% when you pay on time and spend at least $1,000 on your card by your next account anniversary, until your APR reaches the Prime Rate plus 9.74%.
Secondary Rental Car Insurance
Secondary rental car insurance covers any damage to a rental car not covered by your primary insurance when you pay for the rental using this card.
Other credit cards offer primary rental car insurance, which pays before your insurance and saves you the hassle of filing multiple insurance claims.
But there are situations where this secondary insurance becomes the primary insurance, including when renting a car outside the U.S. and your personal car insurance does not cover you in that country, or if you don’t have collision insurance.
You still need to maintain liability car insurance to cover damage to another person or property.
Extended Warranty
Credit card extended warranty protection adds up to an additional year of coverage for eligible purchases on manufacturer’s warranties up to 3 years.
Coverage matches the protection provided by the original warranty so that damage or defect would have to be covered by the original warranty for extended warranty coverage.
The maximum coverage is $10,000 per item and $50,000 per cardholder.
For example, if you bought a TV with a manufacturer’s warranty of three years, then this card would extend the warranty for free to the fourth year.
But if the TV comes with a four or five-year warranty, you should consider using an American Express or Citi credit card, which covers warranties up to 5 years.
Purchase Protection for 120 Days
Purchase protection can save you a lot of money if you bought an eligible item that is damaged or stolen within 120-days.
For example, if accidentally dropped your new phone or laptop and broke the screen, you could file a claim to get it replaced if it was purchased within the last 120 days.
Coverage for this benefit is limited to $500 per claim and up to $50,000 per cardholder.
