The Internet has made signing up for credit cards quick and simple. All major banks and credit card providers offer some type of online credit card application process. These applications can be approved in just seconds. If the application needs further consideration to be approved, the person who applied should hear back in an email or letter within one to two weeks.
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While this site will give you an idea of the rates available, but if you want to know what other cardholders think of these cards you can go to a consumer ratings site like JD Power and Associates and Consumer Watchdog.
What is a popular credit card available today?
The Slate card offered by Chase has become a very popular credit card. This card offers a zero percent annual percentage rate for fifteen months, which is almost unheard of. Most of the credit cards that offer these special introductory rates last only six months to one year. This special rate also applies to balance transfers. After the introductory rate has expired, the new interest rate for purchases and balance transfers will be a variable interest rate starting at 16.9%.
The interest rates for cash advances and overdraft advances are higher at 19.24%. This credit card has a penalty annual percentage rate as well. Chase is a bit more severe with their penalty interest rate than other providers. Most providers only apply a penalty rate if the cardholder is late with a payment. With Chase, the penalty interest rate will be applied if the cardholder is late with a payment, goes over their credit limit, or has a payment returned.
Unlike other providers, Chase will apply the credit card penalty interest rate if the cardholder does any of those things on any other account they have with Chase. So if you are late on a payment with another loan or credit card through Chase, the interest rate for your Slate card will be raised to the penalty level. This interest rate is currently 29.99% and will be permanent.
The fees for this credit card are straightforward. Like most of the credit cards offered today, there is no annual fee for the Slate card. The transaction fee for foreign transactions, cash advances, and balance transfers is all 3%. The minimum fee for balance transfers is $5 and for cash advances, the minimum is $10.
The penalty fees for this card are a little higher than average. The balance of the card determines the fee for a late payment. If the balance is less than $100 the fee is $15, a balance between $100 and $250 has a fee of $25, and a card with a balance over $250 will have a late payment fee of $35. There is a $35 fee for having a payment or check returned as well as going over the credit limit.
What is Blueprint?
Another great credit card feature is the Chase Blueprint program. This is a unique program offered by Chase that lets the cardholder choose the way they pay back their credit card balance. To avoid paying interest all together, the cardholder can choose the full pay option and pay the full balance on their card each month.
If the cardholder makes a significantly large purchase and wants to pay it off quicker than other purchases, they can choose the split option. This way the cardholder can save interest by paying off the largest purchase quickly.
The finish it option lets the cardholder pay off their entire balance quickly and in a way that fits their budget and schedule. The cardholder can set up multiple payments in a month and chip away at their balance until it is gone.
With the track it feature, the cardholder can see their spending habits and how much progress they are making in paying off their card. Being able to see how they use their credit card can help the cardholder budget their money more efficiently.
Is this a safe credit card to use?
Like most major providers today, Chase offers special credit card safety features with their cards. There is a zero liability policy that means the cardholder will not be responsible for any purchases made by a thief if their credit card is stolen. This provider also has a fraud protection program that will alert the cardholder to any questionable activity on their card.
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